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    Eversheds Sutherland appointed by the GFMA to advise on response to IOSCO new proposed principles on outsourcing

    Eversheds Sutherland has been appointed by the Global Financial Markets Association (GFMA) to work alongside its three trade associations – AFME, ASIFMA and SIFMA – to advise on and help prepare a consolidated response to the outsourcing consultation paper recently issued by the International Organisation of Securities Commissions (IOSCO).

    The GFMA represents the common interests of the world’s leading financial and capital market participants, to provide a collective voice on matters that support global capital markets.

    On 28 May 2020, the IOSCO – the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector - issued a consultation paper (CR01/2020) on proposals to update its existing outsourcing principles in relation to certain regulated entities that outsource functions to service providers.

    The paper follows IOSCO’s review of developments in outsourcing and a survey of credit-rating agencies (CRA) and the adoption of outsourcing, including the use of cloud computing.

    Over the coming months, Eversheds Sutherland and the GFMA will be collating feedback from the respective trade associations’ global members and submitting the response to IOSCO in early October.

    The global Eversheds Sutherland team is led by Simon Gamlin, Partner and head of the firm’s technology group. The team comprises Partners Craig Rogers (UK), Michael Steinig (US), Vincent Denoyelle (France), Dr. Lutz Schreiber (Germany), Of Counsel Rhys McWhirter (Hong Kong) and Senior Associate Nal Townley (UK).

    Simon Gamlin, said:

    “This is a wonderful opportunity to work alongside the GFMA, and to play our part in helping to represent the voices and views of those within the financial services markets on key matters such as this. We look forward to drawing on and applying our collective knowledge, experience and technical legal capability to help shape the global standards within the outsourcing industry.”

    For further information on the IOSCO’s consultation paper and proposals, please see here.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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