CSSF Issues Circular on Guidelines for Managing ICT and Security Risk
CSSF published a circular (20/750) that implements the EBA guidelines on management of information and communication technology (ICT) and security risks. In this circular, CSSF explains that it has integrated the EBA guidelines into its administrative practice and its regulatory approach to promote the convergence of supervisory practices in this area at the European level. The circular specifies that content of the ICT guidelines also corresponds to the expectations of CSSF concerning the risk management measures and the control and security mechanisms, as mentioned in the Law, dated April 05, 1993, on the financial sector and the Law, dated November 10, 2009, on payment services. The circular came into force on the date of its publication—that is, August 25, 2020.
The annex to the circular provides the EBA guidelines on management of ICT and security risks. The guidelines set out expectations on the way in which all financial institutions should manage their internal and external ICT and security risks. The guidelines provide financial institutions with a better understanding of supervisory expectations for the management of these risks, covering sound internal governance, information security requirements, ICT operations, project and change management, and business continuity management.
Related Links (in French)
Effective Date: August 25, 2020
Keywords: Europe, Luxembourg, Banking, ICT Risk, Operational Risk, Proportionality, EBA, CSSF
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
ISSB Standards May Become Effective from January 2024
The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.