EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey. The focus of the survey is on mapping and understanding the existing regtech solutions, identifying the main barriers and risks for use of regtech solutions, identifying potential ways to support the uptake of regtech across EU. A key aim of the survey is to inform the relevant future policy discussion. Response period for the survey ends on September 30, 2020, with EBA expecting to report on the use of regtech solutions in the first half of 2021.
Feedback from financial institutions and ICT third-party providers is essential to better understand the extent and the impact of the use of technology-enabled innovation (regtech) for regulatory, compliance, and reporting requirements by regulated institutions. To this end, EBA has prepared two separate regtech questionnaires for the survey. One is to be completed by the financial institutions and the other one by ICT third-party providers. Both questionnaires contain a general part that is aims to collect aggregate information on all types of regtech solutions in use and a more detailed part that aims to take a closer look at individual regtech solutions in the following areas of focus:
- Supervisory reporting
- Creditworthiness assessment
- Compliance with security requirements and standards (information security, cyber-security, and payment services)
- Monitoring of the business relationship and/or transaction monitoring with respect to anti-money laundering and combating the financing of terrorism
Results of this survey will be used to report on the current regtech landscape and, where relevant, will inform the broader work on supervisory reporting. However, the regtech industry survey will not lead to any specific policy considerations or recommendations regarding the use of regtech for supervisory reporting. The survey should be completed online, in accordance with the instructions available in the section of EBA website dedicated to the regtech industry survey. After the review of the responses, EBA may further investigate specific areas of regtech via follow-up interviews with financial institutions and ICT third-party providers. The responses to the survey will not be published on a stand-alone basis, but will be only referred to in an aggregate form, in compliance with confidentiality requirements.
Comment Due Date: September 30, 2020
Keywords: Europe, EU, Banking, Regtech, Cyber Risk, ICT, Third Party Providers, Reporting, AML/CFT, Credit Risk, EBA
APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
ESMA announced that it will recognize three central counterparties (CCPs) established in the UK as third-country CCPs, from January 01, 2021.
PRA published Version 02.04 of the PRA110 liquidity metric monitoring tool (PRA110 LMM tool).
FSB confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) as the International Governance Body for the globally harmonized identifiers used to track over-the-counter (OTC) derivatives transactions, with effect from October 01, 2020.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
EBA launched the seventh annual transparency exercise for banks in EU.
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to 32 questions.
MAS published amendments to the Notice 652 on net stable funding ratio (NSFR), along with the related reporting template.
EC published the action plan to enhance the Capital Markets Union in EU over the coming years.