General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Insights

OFR Adopts Data Collection Rule on Centrally Cleared Repo Transactions

OFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.

February 20, 2019 WebPage Regulatory News

FHFA Finalizes Rule on Federal Home Loan Bank Capital Requirements

FHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.

February 20, 2019 WebPage Regulatory News

SRB Publishes Framework for Performing Valuations in Resolution

The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.

February 19, 2019 WebPage Regulatory News

US Agencies Extend Consultation Period for the Proposed SA-CCR

US Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.

February 18, 2019 WebPage Regulatory News

FED Extends Consultation Period for Stress Testing Rule

FED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.

February 15, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: Third Update for February 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

February 15, 2019 WebPage Regulatory News

SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBS

SEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.

February 15, 2019 WebPage Regulatory News

FSB Report Examines Financial Stability Implications of Fintech

FSB published a report that assesses fintech-related market developments and their potential implications for financial stability.

February 14, 2019 WebPage Regulatory News

US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECL

US Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.

February 14, 2019 WebPage Regulatory News

FASB Proposes Taxonomy Improvements for the Credit Losses Standard

FASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers).

February 14, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2617