Erscheinung:24.09.2019 BaFin‘s Guidance on outsourcing to cloud service providers now available in English
The supervisory Guidance on outsourcing to cloud service providers, which BaFin published in German in November 2018, is now also available in English. It represents a joint assessment by BaFin and the Deutsche Bundesbank of outsourcing to cloud service providers.
The Guidance is addressed to credit institutions, financial services institutions, insurance undertakings, pension funds, investment services enterprises, capital management companies, payment institutions and e-money institutions.
It does not, however, establish any new requirements, but reflects current supervisory practice in such instances of outsourcing. For example, it makes transparent how supervisors view various wordings in contractual clauses. In addition, BaFin and the Deutsche Bundesbank want to foster awareness among supervised enterprises of how to deal with cloud services, and the supervisory requirements this entails (see BaFinJournal April 2018). These requirements remain unaffected.
Thus, outsourcing is not permitted to result in a situation where the responsibility of the supervised enterprise’s management board for the outsourced activities and processes is delegated to the cloud service provider. Where activities and processes are outsourced, the supervised enterprise continues to be responsible for compliance with the statutory provisions applicable to the supervised enterprise.
