Cloud Service Providers consultation meeting on standard contractual clauses for cloud use by financial institutions, Brussels - Main contents
| date | March 19, 2020 |
|---|---|
| city | Brussels, Belgium |
| location | European Commission (DG CONNECT), Avenue de Beaulieu  |
The European Commission is currently working together with stakeholders, supervisors and regulators to define standard contractual clauses for outsourcing agreements between financial institutions and cloud service providers.In light of the outbreak of COVID-19 disease, the European Commission has taken precautionary measures.
This meeting will still take place on the indicated date and time, but will be open for remote participation only.
Attention: modification of time slot to 13:30 - 15:30 !
As announced in the Fintech Action Plan, the purpose of this action is to raise legal certainty for financial entities and cloud service providers regarding cloud use in the financial sector, especially in the context of financial services regulation. The EU-wide application of the standard contractual clauses should lead to supervisory convergence of prudential supervision of financial institutions across the spectrum of the financial services market.
From December 2019 to March 2020, the Commission performs an Online Public Consultation on digital operational resilience, which also covers the work on standard contractual clauses. In parallel, the Commission organises targeted stakeholder consultation sessions. During these meetings, stakeholders, regulators and the legal drafting team of the Commission will discuss the specific work on standard contractual clauses.
Stakeholders from representing cloud service providers are invited to join the following meeting:
Consultation meeting for Cloud Service Providers, 19 March (13:30-15:30), Brussels
This meeting is intended for representatives of enterprises that provide cloud services to financial institutions. The meeting will offer the opportunity to discuss the work on standard contractual clauses for cloud use by financial institutions with the Commission and its legal team. Access to the meeting will be on the basis of first come, first serve. Room capacity is 60 persons.
Separate consultation meetings will be held for financial institutions and regulators.
(Consultation meeting for Financial Institutions: will take place on 25 March 2020, Brussels)
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Last update: 13 March 2020
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