Featured Product

    EC Consults on Certain Crypto-Asset and Operational Resilience Issues

    December 19, 2019

    EC launched two public consultations: one seeks views on the suitability of the existing regulatory framework for crypto-assets including “stablecoins” and the other requests feedback on how the existing legislative framework can be improved to ensure that the financial sector can deal with cyber-attacks and other risks arising from increasing digitization. The feedback from the public consultations will feed into the impact assessment of EC on possible upcoming initiatives. The comment period for both consultations ends on March 18, 2020, as mentioned in the EC Press Release.

    To promote digital finance in Europe, while adequately regulating its risks, in light of the mission letter of Executive Vice President Dombrovskis, EC services are working toward a new Digital Finance Strategy for EU. Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in EU while addressing its risks and ensuring a true level playing field, making the EU financial services regulatory framework more innovation-friendly, and enhancing the digital operational resilience of the financial system. EC may consult further on other issues in this area in the coming months. The consultation on the: 

    • EU Regulatory Framework for Crypto-assets seeks feedback from stakeholders on whether and how to classify crypto-assets. It concerns both crypto-assets that fall under existing EU legislation (those that qualify as "financial instruments" under Markets in Financial Instruments Directive (MiFID) II and those qualifying as "e-money" under e-money directive or EMD2) and those that do not. 
    • Digital Operational Resilience is aimed to gather stakeholder views on the need for legislative improvements within the financial services acquis with a view to harmonize rules across EU in a proportionate way to make the financial sector more secure and resilient while alleviating compliance and administrative burdens. EC services would welcome stakeholder input in four main areas—requirements on information and communications technology (ICT) and security risk management in the legislative acquis applicable to the financial sector, incident reporting requirements, digital operational resilience testing framework, and oversight of ICT third-party providers to the financial institutions.

     

    Related Links

    Comment Due Date: March 18, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Crypto-Assets, Stablecoins, Regulatory Framework, Fintech, Operational Risk, Cyber Risk, EC

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6964