Sławomir Szepietowski and Filip Windak from Bird & Bird Warsaw’s Finance and Financial Regulation practice have prepared an article for OneTrust DataGuidance entitled: "Information processing by supervised entities using public or hybrid cloud computing services."
The Polish Financial Supervision Authority (PFSA) applies local regulations on cloud outsourcing rather than the ones prepared by the European Banking Authority (EBA). The PFSA's statement on this topic, issued on 23 January 2020, provides guidance for entities supervised by the PFSA, such as banks, payment institutions, pension funds, insurance companies, and investment firms. Although the EBF guidelines and the PFSA's announcement are not diametrically opposed, the Polish version of the regulations contains requirements reflecting the specific nature of the Polish market.
In the article, our lawyers discuss these differences from the perspective of cloud solution providers for the Polish financial services sector and European players with branches in Poland, considering pan-European implementation of globally applied services.
Read the Report here >