ECB Consults on Cyber Resilience Oversight Expectations for FMIs
ECB launched a public consultation on the draft expectations for cyber resilience oversight for financial market infrastructures. ECB is calling on FMIs and other interested parties to give their input. Comments are due by June 05, 2018.
The cyber resilience oversight expectations are based on the global guidance on cyber resilience for FMIs from an oversight perspective. This guidance was published by the CPMI-IOSCO in June 2016. FMIs were required to apply the guidance immediately. Overseers have been working to develop an oversight approach for assessing the FMIs within their jurisdiction against the guidance. The cyber resilience oversight expectations serve three key purposes:
- They set out clear criteria against which the overseers assess the FMIs for which they are responsible, helping them to determine the FMIs’ level of resilience against cyber threats
- They provide FMIs in the euro area with concrete steps to implement the guidance and enhance their cyber resilience over a prolonged period of time
- They provide the basis for a meaningful discussion between the FMIs and their respective overseers
Cyber resilience is an important aspect of the operational resilience of FMIs and efficient operation of FMIs is essential for maintaining and enhancing financial stability. If not properly managed, FMIs can be sources of financial shocks, such as credit losses. They can also be a major channel through which these shocks are transmitted across domestic and international financial markets.
Related Links
Comment Due Date: June 05, 2018
Keywords: Europe, EU, Banking, PMI, FMI, Cyber Resilience, Cyber Risk, ECB
Previous Article
EC Held Digital Day 2018 to Build a Strong Digital Single MarketRelated Insights
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
FSB Report Examines Financial Stability Implications of FintechFSB published a report that assesses fintech-related market developments and their potential implications for financial stability.
February 14, 2019
WebPage
Regulatory News
|
|
News
US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECLUS Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.
February 14, 2019
WebPage
Regulatory News
|
|
News
FED Issues Correction in Historical Dataset in its 2019 Stress TestsFED identified an error in the historical dataset used in its 2019 stress tests and issued a correction.
February 13, 2019
WebPage
Regulatory News
|
|
News
OCC Consults on Company-Run Stress Test Requirements for BanksOCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
February 12, 2019
WebPage
Regulatory News
|
|
News
CFTC Extends Comment Periods for Trade Execution Requirement ProposalsCFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.
February 12, 2019
WebPage
Regulatory News
|
|
News
BCBS Updates Instructions for Basel III Monitoring ExerciseBCBS updated instructions for Basel III monitoring for the collection of December 2018 data from the participating banks.
February 12, 2019
WebPage
Regulatory News
|
|
News
OCC Proposes to Renew Information Collection Under Stress Test RuleOCC is proposing to renew its information collection titled “Annual Stress Test Rule” (OMB Control No: 1557-0311). Comments must be received on or before March 13, 2019.
February 11, 2019
WebPage
Regulatory News
|
