Featured Product

    EBA Consults on Clarifications for Regulatory Standards on SCA and CSC

    June 13, 2018

    EBA published an Opinion on the implementation of the regulatory technical standards on strong customer authentication (SCA) and common and secure communication (CSC). The regulatory standards were published in the Official Journal on March 13, 2018 and will legally apply from September 14, 2019. EBA also published a consultation paper on the draft guidelines to clarify a number of issues identified by market participants in relation to the regulatory technical standards on SCA and CSC. Comments to the consultation must be submitted by August 13, 2018.

    The Opinion focuses on the implementation of the standards while the consultation paper proposes a pragmatic and consistent approach to the four conditions to be met to benefit from an exemption from the fallback option envisaged under Article 33(6) of the regulatory standards. The Opinion is addressed to the national competent authorities while the draft guidelines aim to provide clarity for all parties involved (account servicing payment service providers or ASPSPs, competent authorities, and EBA) in a pragmatic way and allow competent authorities to perform a speedy assessment, especially during the time when the bulk of the exemption requests will be received. 

    In the Opinion, EBA clarifies a number of issues identified by market participants and competent authorities to assist in this implementation. The Opinion conveys views of EBA in some pressing areas identified by the market and competent authorities, including on the exemptions to SCAs, consent, the scope of data sharing, and requirements for Application Programming Interfaces (APIs) and dedicated interfaces to take into account. The Opinion clarifies that when determining which method(s) to use to perform the authentication procedure, the ASPSP needs to ensure that all methods of strong customer authentication offered to its customers can be supported when using the API.

    Going forward, EBA will provide further clarification on the interpretation of the regulatory technical standards on SCA and CSC through its online Interactive Single Rulebook and Q&A tools, which are to be extended to the queries related to the revised Payments Services Directive (PSD2), including the associated EBA technical standards and guidelines.

     

    Related Links

    Comment Due Date: August 13, 2018

    Keywords: Europe, EU, Banking, PMI, Opinion, Guideline, Regulatory Technical Standards, SCA, CSC, Single Rulebook, Q&A, PSD 2, EBA

    Related Articles
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    FDIC Letter on Submission of Call Reports by End of January 2020

    FDIC, in a letter to financial institutions, announced that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2019 report date must be submitted to the Central Data Repository of the relevant US agencies by January 30, 2020.

    January 13, 2020 WebPage Regulatory News
    News

    EBA Consults on Calculation of Own Funds Requirements for Market Risk

    EBA is consulting on the draft regulatory technical standards for calculation of the own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4489