News & Analysis as of

Financial Institutions Cloud Service Providers (CSPs)

Pillsbury - Global Sourcing Practice

An Update on Cloud Computing in the Financial Sector

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

Latham & Watkins LLP

DORA: Just Over Three Months Until Take Off

Latham & Watkins LLP on

The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation. With effect from 17 January 2025, a broad range of EU...more

Orrick, Herrington & Sutcliffe LLP

Treasury official discusses AI and cloud computing at Gov2Gov summit

On October 24, Assistant Secretary for Financial Institutions at the U.S. Department of Treasury Graham Steele delivered remarks at the Gov2Gov Summit to discuss the benefits and risks of artificial intelligence (AI) and...more

Pillsbury - Internet & Social Media Law Blog

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

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

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

Jones Day

Model Terms Demanded for Cloud Service Agreements with European Banks

Jones Day on

An interest group of EU banks that was formed to assist European financial institutions with their use of public cloud technology recently suggested model terms for the compliant use of cloud technology. On May 17, 2021,...more

Jones Day

Getting Cautious on Cloud Outsourcing: ESMA Consults on Proposed Guidelines

Jones Day on

The Situation: On June 3, 2020, the European Securities Market Authority ("ESMA") published a consultation paper on Outsourcing to Cloud Service Providers ("Proposed Guidelines"), which will apply to any institution under the...more

Latham & Watkins LLP

EIOPA Issues Final Guidelines on Outsourcing

Latham & Watkins LLP on

The final guidelines create new obligations for insurers that will impact cloud outsourcing arrangements. On 6 February 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published its final...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

Latham & Watkins LLP

What EBA’s Outsourcing Guidelines Mean for Financial Institutions

Latham & Watkins LLP on

The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. On 25 February 2019, the European Banking Authority (EBA)...more

A&O Shearman

European Banking Authority Publishes Revised Guidelines on Outsourcing Arrangements

A&O Shearman on

The European Banking Authority has published revised Guidelines on outsourcing arrangements. The guidelines are intended to update and replace outsourcing guidelines issued in 2006 (by the EBA's predecessor, the Committee of...more

Morgan Lewis

European Banking Authority Issues Recommendations for Outsourcing to Cloud Service Providers

Morgan Lewis on

European financial institutions (competent authorities, credit institutions, and investment firms as defined in EU Regulation No. 575/2013, collectively Institutions) have been instructed to comply with the European Banking...more

Pillsbury Winthrop Shaw Pittman LLP

Cloud Computing by EU Financial Institutions Gets a New Rule Book

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

A&O Shearman

European Banking Authority Publishes Recommendations on Outsourcing by Financial Institutions to Cloud Service Providers

A&O Shearman on

The European Banking Authority has published its final report on Recommendations on outsourcing by financial institutions to cloud service providers. The EBA has developed the Recommendations on its own initiative as part of...more

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