Outsourcing arrangements – Overview of prior CSSF approval or notification requirements following the 2022 legislative developments
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Jean-Christian Six
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Dara Ingallo
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Andrei Costica
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Helena Finn
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Following the publication of various new or revised CSSF Circulars, CSSF FAQs and CSSF notification forms in the course of 2022, we have summarised below the key questions to address in order for a Luxembourg regulated actor of the financial sector to determine whether it must obtain CSSF prior approval in respect of or notify in advance any of the following activities to the CSSF:
- planned, new material/critical or important outsourcing arrangements;
- material changes to existing material/critical or important outsourcing arrangements; or
- changes to outsourcing arrangements that lead to an outsourced function becoming material/critical or important.
This publication also provides summary indications on the notification forms to be used and the notification deadlines to be complied with.