The Commission de Surveillance du Secteur Financier (CSSF) has recently announced on 17 February 2023 the publication of a new notification template for critical or important ICT outsourcing. The new template is effective from 20th February 2023 and replaces the previous notification template for outsourcing of material IT activities.
This update is in line with the guidelines set out in Circular CSSF 22/806 on outsourcing arrangements. The new template has been designed to align the terminology and structure of the notification with the circular.
The notification period and communication channels remain unchanged, and In-Scope Entities must use the new template to notify the CSSF of critical or important ICT outsourcing arrangements from 20th February 2023 onwards.
However, to avoid penalizing entities that are well advanced in the preparation of notifications based on the previous template, In-Scope Entities may use the previous template during a transitional period until 20th March 2023. After this date, the new template will be the only acceptable notification format.
It is important for In-Scope Entities to comply with the instructions and forms set out in the circular. Failure to do so may result in penalties or other consequences. In case of any questions or concerns, In-Scope Entities are advised to liaise with their usual contact person within the CSSF.
In conclusion, this new notification template for critical or important ICT outsourcing arrangements is an important development in the financial sector. The CSSF's efforts to standardize and improve communication regarding ICT outsourcing arrangements will contribute to greater transparency and security in the financial sector.
- The notification template for outsourcing of material IT activities is available here
- The CSSF communication is available here
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