DNB reaches agreement with Google about right to examine

News
Datum 1 juli 2016

DNB and Google recently agreed that cloud computing contracts with financial institutions will include a provision about DNB’s right to examine.

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Cloud computing is a type of outsourcing increasingly used by financial institutions.  Like any other type, it must meet all the statutory requirements under the Financial Supervision Act (Wet op het financieel toezicht – Wft).

Statutory requirement
Financial institutions are not allowed to use a cloud provider’s services if that cloud provider does not grant DNB the right to examine. This is a statutory provision.  

Google
Google and DNB recently reached agreement about the exact wording of the contractual clause, which Dutch financial institutions can now include in their contracts. This means that they can now comply with statutory requirements when using Google’s cloud services.

Previous agreements with cloud providers
Over the past period, we reached agreement with various other large cloud providers, ensuring that they include a standard clause in their contracts with financial institutions. They are Microsoft, Salesforce.com, AWS, KPN, Jitscale, Box, IBM, Oracle, Rackspace, SAP, SRXP and Vellance B.V. Financial institutions are subject to several other statutory requirements if they use cloud services. These are listed in

  • DNB Cloud Computing Circular 6 december 2011 (Dutch only)
  • A full overview of cloud providers and the services that are subject to our right to examine can be found here of 6 December 2011 (Dutch only)

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