Featured Product

    ECB Consults on Cyber Resilience Oversight Expectations for FMIs

    April 10, 2018

    ECB launched a public consultation on the draft expectations for cyber resilience oversight for financial market infrastructures. ECB is calling on FMIs and other interested parties to give their input. Comments are due by June 05, 2018.

    The cyber resilience oversight expectations are based on the global guidance on cyber resilience for FMIs from an oversight perspective. This guidance was published by the CPMI-IOSCO in June 2016. FMIs were required to apply the guidance immediately. Overseers have been working to develop an oversight approach for assessing the FMIs within their jurisdiction against the guidance. The cyber resilience oversight expectations serve three key purposes:

    • They set out clear criteria against which the overseers assess the FMIs for which they are responsible, helping them to determine the FMIs’ level of resilience against cyber threats
    • They provide FMIs in the euro area with concrete steps to implement the guidance and enhance their cyber resilience over a prolonged period of time
    • They provide the basis for a meaningful discussion between the FMIs and their respective overseers

    Cyber resilience is an important aspect of the operational resilience of FMIs and efficient operation of FMIs is essential for maintaining and enhancing financial stability. If not properly managed, FMIs can be sources of financial shocks, such as credit losses. They can also be a major channel through which these shocks are transmitted across domestic and international financial markets.

     

    Related Links

    Comment Due Date: June 05, 2018

    Keywords: Europe, EU, Banking, PMI, FMI, Cyber Resilience, Cyber Risk, ECB

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796