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
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514