ESMA has published a consultation on cloud outsourcing guidelines which is open until 1 September 2020. ESMA aims to publish the final report on the Guidelines by Q1 2021 and they will apply from 30 June 2021. 

The guidelines will be of particular interest to asset managers, investment firms and credit institutions which carry out investment services, plus cloud service providers to the sector.

The guidelines are generally "consistent" with the revised EBA guidelines on outsourcing arrangements in February 2019, and the recent guidelines published by EIOPA in February 2020. 

Digital transformation continues apace in the FS sector and the Covid-19 crisis will have caused many in the investment community to focus on accelerating their move to cloud.  They will need to be mindful of the new rules.