Breakfast briefing: Cloud computing in the financial sector

CMS Budapest kindly invites you and your colleagues to the forthcoming closed presentation of the CMS Budapest Breakfast Seminar Series.

The Hungarian National Bank (“MNB”) has issued a new recommendation on the use of community and public cloud services. The goal of the authority is to give financial institutions practical guidance to manage risks arising out of the use of community and public cloud services and consistently apply the relevant laws and regulation. The recommendation will replace the former executive circular of the Hungarian Financial Supervisory Authority in a similar matter.  NB’s approach on cloud services is more practical in several issues than the Hungarian Financial Supervisory Authority’s. Now financial institutions and cloud service providers can enjoy more flexibility than earlier to set up the frames of their cooperation.

The goal of our business breakfast is to clarify the questions arising from the recommendation and as well as practical alternatives with the industry players and with the help of the authority in order to make the use of could services easier. Our major topics to discuss: legal compliance, location for data storage, subcontractors in services, audit rights in practice, possibilities for exit from the cloud, data privacy issues.

Participation in the breakfast is free of charge, but subject to registration. There are a limited number of seats available that are filled up in the order of registration.