UK Financial Services and Markets Bill: new rules for 'critical third parties' (September 2022)
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Introduction
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The UK Financial Services and Markets Bill includes proposals to regulate cloud service providers and other designated ‘critical third parties’ supplying services to UK regulated firms and financial market infrastructures. HM Treasury would have powers to designate service suppliers as ‘critical’ and the UK regulators would have new powers directly to oversee designated suppliers, which would be subject to new minimum resilience standards.
The proposals are similar to but different from the planned EU Digital Operational Resilience Act.
