Featured Product

    FCA to Comply with EBA Guidelines on ICT and Security Risk Management

    June 25, 2020

    FCA published a statement on its intention to comply with the EBA guidelines on information and communication technology (ICT) and security risk management for credit institutions, investment firms, and payment service providers. The guidelines, which were published in November 2019, enter into force on June 30, 2020. In its statement, FCA also points out that it is in the process of consulting on new requirements to strengthen operational resilience in the financial services sector. FCA expects to publish the final rules on operation resilience in the first quarter of 2021, including providing further information on the links between its operational resilience policy and the EBA guidelines.

    In March 2020, FCA had extended the comment period for its consultation (CP19/32) on operational resilience until October 01, 2020. Firms and financial market infrastructures are not expected to be required to meet requirements resulting from this consultation before the end of 2021. While operational resilience remains a top priority for FCA, PRA, and BoE, the later publication date and implementation timetable are intended to alleviate burden on firms and financial market infrastructures in the wake of the COVID-19 outbreak. FCA welcomes feedback from firms to its consultation and their experiences in embedding the requirements of the EBA guidelines. 

    All credit institutions, investment firms, and payment service providers will be expected to make every effort to comply with the EBA guidelines. Firms should also refer to the EBA "further guidance" on the use of flexibility in relation to COVID-19 and the implementation of the guidelines on ICT and security risk management. Consistent with the EBA "further guidance," FCA will apply reasonable supervisory flexibility when assessing the implementation of the ICT and security management guidelines, given the ongoing COVID-19 crisis.


    Related Links

    Effective Date: June 30, 2020

    Keywords: Europe, EU, UK, Banking, Securities, Insurance, FMI, COVID-19, Operational Resilience, Cyber Risk, CP 19/32, PRA, BoE, FCA

    Featured Experts
    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267