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August 31, 2018

ECB published its opinion (CON/2018/39) on critical infrastructures, cybersecurity, and covered bonds. This opinion was issued in response to a request from the Ministry of Finance of the Slovak Republic and it focuses on the provisions of the draft law related to the Law on critical infrastructure, the Law on cybersecurity, and the Law on banks.

In its opinion, ECB supports the aim of Directive (EU) 2016/1148 to ensure a high common level of network and information security across EU and to achieve a consistent approach in this field across business sectors and member states. ECB understands that the Slovak component of the TARGET2 payment system, the Slovak and Interbank Payment System (SIPS), and the system operated by First Data Slovakia would all be exempt from the application of Law on critical infrastructure and the Law on cybersecurity as amended by the draft law, if the result achieved is the same or a higher level of network and information system security than is achieved by compliance with the Law on cybersecurity. ECB understands that TARGET2-Securities (T2S) services would be exempt from the scope of the Law on critical infrastructure and the Law on cybersecurity. 

On March 12, 2018, EC published a legislative proposal for a Union framework on covered bonds. The Slovak authorities are invited to take the proposal into account in the Slovak legislative process, as appropriate. In its opinion, ECB supports the provisions on the composition of the cover pool, under which base assets must form a minimum share and supplementary assets may only represent a maximum share of the cover pool. Those limitations are important for the regulation of the composition of the cover pool to ensure its homogeneity and to facilitate investor ability to conduct due diligence. ECB recommends that, before the adoption of the draft law, the Slovak authorities analyze the possible impact of the exclusion of the liquidity buffer from the calculation of the minimum limits on base assets and maximum limits on supplementary assets. ECB emphasizes the importance of homogeneity in the cover pool, particularly to ensure sufficient representation of base assets.


Related Link: ECB Opinion (PDF)


Keywords: Europe, EU, PMI, Banking, Securities, Critical Infrastructure, Opinion, CON/2018/39, Cyber Security, Covered Bonds, TARGET2, ECB

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