On 4 February 2019, the MFSA issued a circular on Banking Rule BR/14 which circular notifies credit institutions of the inclusion of an Annex to the BR in relation to the outsourcing to cloud service providers. The amendments to the BR came into force with immediate effect. The MFSA issued another circular to notify Financial Institutions of the same. Basically the scope of the Annex is to implement the EBA Recommendations on Outsourcing to Cloud Service Providers (EBA/REC/2017/03) which were issued by the EBA on 20 December 2017 and applicable as of 1 July 2018. The Annex is a 'copy and paste' from the EBA Recommendations, pages 12 to 19.
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