Question 1

What is the purpose of this consultation paper?

Accepted Answer

This paper seeks feedback on draft Regulatory Technical Standards (RTS) concerning the outsourcing of critical functions to cloud service providers (CSPs) under MiFID II.

Question 2

Who is the intended audience for these draft RTS?

Accepted Answer

The draft RTS are intended for financial entities that outsource or intend to outsource critical or important functions to cloud service providers.

Question 3

What are the key areas covered by the draft RTS?

Accepted Answer

The draft RTS cover risk assessment, due diligence, contractual requirements, oversight responsibilities, information security, operational resilience, and exit strategies for cloud outsourcing.