Hello,
No, the remote file server in this case would be the source and the server where CPS is installed can be defined as the destination. In CPS, you need both the source and the destination in order to run a job. The data can then be also protected with Backup exec.
In order to understand the complete functioning of CPS, you can refer to the CPS admin guide. Here is the link for the download:
Symantec Backup Exec Continuous Protection Server (tm) 10d Administrator's Guide (English)
http://support.veritas.com/docs/279483
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Regards.