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Pillsbury - Global Sourcing Practice

An Update on Cloud Computing in the Financial Sector

Pillsbury - Global Sourcing Practice on

In 2023, we summarized the U.S. Department of Treasury report that raised concerns about the growing reliance of financial institutions (FIs) on cloud computing. Treasury highlighted structural imbalances and regulatory blind...more

Pillsbury - Internet & Social Media Law Blog

U.S. Department of the Treasury Confronts the Risks to the Financial Sector Associated with Cloud Computing

Pillsbury - Internet & Social Media Law Blog on

On February 8, 2023, the U.S. Department of the Treasury released a report citing its “findings on the current state of cloud adoption in the sector, including potential benefits and challenges associated with increased...more

BCLP

Cloud, Data Centre Sale-Leasebacks and the Pandemic - Accelerating Trends for UK and European Regulated Firms

BCLP on

The COVID-19 pandemic has accelerated the two linked trends of financial institutions transferring their IT infrastructure to the cloud and selling their self-owned data centres in order to lease back only the reduced space...more

Morgan Lewis - Tech & Sourcing

Coalition of European Banks Calls for Model Cloud Services Terms

Morgan Lewis - Tech & Sourcing on

The European Cloud User Coalition (ECUC) published a paper (the Position Paper) on May 17 recommending, among other matters, the adoption of “model clauses” for the long-term compliant use of cloud technologies....more

A&O Shearman

Financial Stability Board Publishes Reports on Implications of BigTech and Cloud Services

A&O Shearman on

The Financial Stability Board has published two reports on: (i) BigTech in finance and (ii) third-party dependencies on cloud services. The reports form part of the FSB’s ongoing work to analyze structural changes within the...more

Latham & Watkins LLP

FSB Concerns Over Cloud Concentration in Financial Services Continues

Latham & Watkins LLP on

The FSB is reviewing cloud provider concentration risk in the latest example of regulator concern over reliance on leading cloud providers by financial services institutions. The Financial Stability Board (FSB), an...more

Pillsbury Winthrop Shaw Pittman LLP

Cloud Computing by EU Financial Institutions Gets a New Rule Book

Pillsbury Winthrop Shaw Pittman LLP on

Financial institutions should take note of, and make every effort to comply with, the European Banking Authority’s new cloud computing guidance which will be effective from 1 July 2018. In order to clarify EU-wide...more

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