UK designates four major global cloud services and technology providers as CTPs

HM Treasury has announced the designation of four major cloud services and technology providers as critical third parties (CTPs) under the Financial Services and Markets Act 2023, with effect from 13 July. The designation brings these providers within a new oversight regime under which the Bank of England, UK Prudential Regulation Authority and UK Financial Conduct Authority will jointly oversee the critical services they provide to the UK financial sector. The regime is intended to strengthen operational resilience as financial institutions become increasingly reliant on cloud and technology providers, enabling regulators to gather information, assess resilience and, where necessary, make and enforce CTP-specific rules.

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