Outsourcing of tasks to third parties is becoming increasingly common in the financial sector. Financial institutions operating in the Netherlands that outsource activities to third parties remain responsible for compliance with the provisions regarding those activities made in or pursuant to financial supervision legislation. On the other side, the conditions attached to outsourcing of activities are becoming more severe. Our lawyers have in-depth experience in making a materiality assessments prior to outsourcing activities and advice and draft outsourcing agreements. Our recent work includes:
- Advising a Dutch licensed bank on outsourcing of IT;
- Advising and drafting an outsourcing agreement for the outsourcing of IT by a pension administrator.