The European Commission (EC) adopted the work program for 2022. The work program contains new legislative initiatives across the six headline ambitions of President von der Leyen's Political Guidelines, including the initiatives to achieve a climate-neutral Europe by 2050 and to follow up on the path to deliver on the digital transformation in European Union by 2030. The Annexes to work program include lists of the new policy and legislative initiatives, the Regulatory Fitness and Performance program (REFIT) initiatives to simplify existing regulation, the priority pending proposals, and the intended withdrawals of pending proposals for the financial sector.
In the work program, the key new initiative for the financial sector in European Union is regarding a European Cyber Resilience Act (legislation, impact assessment, third quarter of 2022). EC plans to propose the European Cyber Resilience Act to establish common cyber-security standards for products. In terms of pending initiatives, the priority proposals relevant for financial sector include the proposal for a regulation on:
- Regulation on artificial intelligence (the Artificial Intelligence Act) and certain amending European Union legislative acts
- Regulation on European data governance (the Data Governance Act)
- Regulation on digital operational resilience for the financial sector (amending Regulations 1060/2009, 648/2012, 600/2014, and 909/2014)
- Regulation on a pilot regime for market infrastructures based on distributed ledger technology
- Regulation on markets in crypto-assets and amending of the Directive 2019/1937 on whistleblower protection
Keywords: Europe, EU, Banking, Insurance, Securities, Cyber Risk, Artificial Intelligence, Operational Resilience, Cryptoassets, Work Program, Distributed Ledger Technology, Data Governance Act, European Cyber Resilience Act, Digital Operational Resilience Act, Regtech, Crypto Asset Regulation, EC
Previous ArticleECB Amends Guideline on Procedures for Collection of AnaCredit Data
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
The European Banking Authority (EBA) Single Rulebook Question and Answer (Q&A) tool updates for this month include answers to 10 questions.
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.