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

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    News

    EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions

    EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).

    January 06, 2022 WebPage Regulatory News
    News

    EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges

    The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.

    January 05, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7860