BaFin and EBA Compliance: Atlassian has taken the next steps to master Cloud compliance

nw - 5 min read
Wordpress editor

Today Atlassian announced that all European financial services customers making a qualified cloud purchase can be provided with an EU Financial Services Addendum (EU FSA). The EU FSA is a contract addendum to the Atlassian Subscription Agreement (ASA) that provides customers with additional terms to ensure all regulatory guidelines are met, which is required to migrate customers to the cloud.

As Atlassian is officially able to comply with the outsourcing regulations of the European Banking Authority (EBA) and the German Federal Financial Supervisory Authority (BaFin) through a signed EU FSA, this measure has now been realized to the benefit of affected financial services customers.

Accordingly, Atlassian is authorized to unlock EU financial services customers who have specified EBA and/or BaFin compliance as a cloud blocker by offering the EU FSA to their Atlassian Subscription Agreement.

Who is essentially eligible for EU FSA and what about financial services clients located outside of Europe?

In principle, banks and insurance companies operating in the European Economic Area or the UK, as well as local/regional banks and large multinational banks present in the EEA (e.g. Morgan Stanley, Natwest and Deutsche Bank) are eligible for the EU FSA.

In addition, selected fintech companies may qualify for approval based on their service portfolio.

Until the change is effective for U.S. and Australian financial services companies, there are still some steps to be taken within the implementation of financial services compliance. This is expected to take place in the 2nd half of fiscal year 2022.

What are the benefits and additional permissions for the client by concluding the EU FSA with Atlassian?

By concluding the EU-FSA, additional rights are granted to both Atlassian and the client, which in combination with the ASA provide more certainty within both parties in complying with the EBA guidelines and BaFin guidelines.

The following rights become effective upon signing the EU FSA:

  • Broad audit rights for the customer and its auditors and regulators, at the Atlassian-level and downstream for our most important service provider, AWS;
  • Enhanced record-keeping and notification obligations for Atlassian;
  • Requirement for Atlassian to cooperate with the customer’s regulators;
  • Continuity of service after bankruptcy or termination.

 

To learn more about the EBA and BaFin regulations and Guidelines, visit the linked pages.

If you have any further questions, please feel free to contact our experts.

Das könnte Ihnen auch gefallen

Mit unserem Blog halten wir Sie immer up-to-date und informieren Sie über die neusten Entwicklungen im Bereich Atlassian Tools
und Infobip Lösungen.
Important price changes for existing Atlassian customers

Atlassian just announced new prices to its Advantaged Pricing Plan for Servers and Data Center, effective February 15th 2022. In this article, we have outlined all upcoming changes and how you can respond to them. So what changes are expected? Price increases for server and Data Center licenses in the Advantaged Pricing Plan Discontinuation of […]

venITure is sponsoring Atlassian Team '22!

It's finally about to happen: Atlassian Team '22 (formerly known as Atlassian Summit) is currently scheduled to take place this April as an in-person event in Las Vegas! We are thrilled to be a part of this year's event as a sponsor along with other great partners! The event will provide great opportunities to network […]

Jira Align Update: Improved OKR Experience

Today, the new OKR Experience in Jira Align was officially released by Atlassian. Within the release (10.104), an entirely new and improved visual representation of the Objective trees was realized. The new experience offers some helpful features and representations that provide the user with valuable and insightful information at first glance. Why the visual representation […]

Contact experts
crossmenu