Olswang Asia works with the Asia Cloud Computing Association (ACCA) to publish a report on cloud regulation for the financial services industry
International technology, media and telecommunications law firm Olswang Asia worked with the ACCA to produce a recently released report that calls for greater regulatory clarity if cloud computing is to be more widely adopted by the Financial Services Industry (FSI).
Olswang Asia Partner Ian Ferguson, who contributed to the report, said: “We were proud to work with the ACCA to publish this report, which sheds light on the current regulatory landscape in the Asia cloud computing space. It’s clear that perceived regulatory challenges are the main hurdle to cloud adoption by businesses in highly regulated sectors, such as those in financial services. We hope that the report and its recommendations further the use of this technology in the region in the future.”
The report, to which Olswang Asia Associate Matthew Hunter also contributed, compares regulations in 14 Asia-Pacific markets in nine specific areas, such as processes for adopting cloud and data use limitations. It also calls for five key recommendations to be enacted by policy makers to improve the conditions for cloud computing adoption:
- Regulations should be technology neutral. There should not be separate regulations for the use of cloud services.
- Regulations should set out a clear process that should be followed for the adoption of cloud services (as if it were any other form of outsourcing) and approval for the use of cloud services should not be required.
- The transfer of data to other jurisdictions should be permitted, subject to appropriate safeguards (e.g. security, business continuity, access and audit).
- Regulations should only identify the key issues that should be addressed in outsourcing contracts that include cloud services. They should not be prescriptive of the terms of an outsourcing contract that includes cloud services.
- The use of independent third party audits should be an acceptable alternative to audits carried out by FSIs and the regulators.
“FSIs can maximise the benefits of cloud computing by ensuring that they are familiar with the regulatory landscape, and able to assess the degree to which the Cloud Service Providers offering fits into the regulatory landscape,” said Lim May-Ann, ACCA Executive Director.
Olswang Asia is a pre-eminent advisory on cloud services. From its hub in Singapore, the firm’s team of experts in the technology, media and telecoms sectors provides a full range of legal advice on corporate and commercial deals, regional regulatory advice, IP and dispute resolution, including international arbitration. Olswang Asia has been continuously ranked Tier 1 by Chambers & Partners and Legal 500.
Olswang Asia advises local and international organisations, including the ACCA, BBC Worldwide, Courts, Dentsu Aegis Networks, Disney, Hailo, LinkedIn, Microsoft, Optitune, Philippine Long Distance Telephone Company, UBS, Vodafone and Yatanarpon Teleport.
For more information, read the full ACCA report here.
Olswang LLP is an international law firm and a European leader in technology, media, telecommunications and real estate. The firm comprises of over 700 people including more than 120 partners, across eight international offices. Olswang is part of a ‘best friends’ network of leading independent law firms throughout the world.
FT Innovative Lawyers Awards 2014: Most innovative law firm in value resourcing
The Times Top 50 Employers for Women 2014
Managing IP Global Awards: Europe Copyright Firm of the Year 2014
Acquisition International Finance Awards: Investment Fund Tax Advisory Firm of the Year – Spain 2013
International Association of Outsourcing Professionals: 2014 World’s Best Outsourcing Advisor
The Lawyer Management Awards: Finalist – HR team of the year 2013
Camden in Bloom Awards: Best Community Project 2013
Finance Monthly Awards 2013: Data Protection Law Firm of the Year
European Outsourcing Association Awards 2013: European Outsourcing Advisory of the Year
M&A International Global Awards 2013: TMT Law Firm of the Year, Germany
M&A International Global Awards 2013: Real Estate Law firm of the Year, Germany
World Finance Legal Awards 2013: Best Property Firm in Germany
immobilienmanager.AWARD 2012: Category “sharing networks and know how”, Germany
Belgian Legal Awards 2012: Competition and Antitrust Law Firm of the Year, Belgium
Lexis Nexis Taxation Awards 2012: Taxation Team of the Year