- Luxembourg’s financial sector watchdog, the CSSF, has published a circular, providing detailed regulation about the outsourcing of cloud computing infrastructure services. The 19-page document, which has been one year in planning, sets the regulatory framework for subcontracting based on cloud infrastructure provided by an external service provider. “Until now we have been unable to address such issues because the largest cloud vendors did not change their contracts and did not provide the ability to audit their systems,” said David Hagen, senior advisor to the CSSF, in charge of monitoring information systems and support PSFs.
- Concept store Galeria Inno may abandon plans to open shop in the capital’s new commercial space, Royal Hamilius. According to the Luxemburger Wort, La Baie D’Hudson, which is among the owners of the chain, is considering withdrawing its project because of construction delays. It was originally expected to open in May 2018.
- Luxembourg has pledged €11 million for the country’s NGOs between 2017 and 2020 to develop projects tackling climate change in developing countries. Furthermore, Luxembourg budgeted €120 million to finance climate change mitigation and adaptation measures in developing countries between 2014 and 2020.
- The head of Deka Bank’s Luxembourg subsidiary Patrick Weydert is to step down as managing director after 13 years, for personal reasons, according to the Luxemburger Wort.
- Swiss private bank Hottinger & Cie has been bought by Iteram. The latter, which launched two years ago, specialises in alternative multi-management and real estate and has around €910 million of assets.