Featured Product

    ECB Opinion on Critical Infrastructure, Cybersecurity and Covered Bond

    August 31, 2018

    ECB published its opinion (CON/2018/39) on critical infrastructures, cybersecurity, and covered bonds. This opinion was issued in response to a request from the Ministry of Finance of the Slovak Republic and it focuses on the provisions of the draft law related to the Law on critical infrastructure, the Law on cybersecurity, and the Law on banks.

    In its opinion, ECB supports the aim of Directive (EU) 2016/1148 to ensure a high common level of network and information security across EU and to achieve a consistent approach in this field across business sectors and member states. ECB understands that the Slovak component of the TARGET2 payment system, the Slovak and Interbank Payment System (SIPS), and the system operated by First Data Slovakia would all be exempt from the application of Law on critical infrastructure and the Law on cybersecurity as amended by the draft law, if the result achieved is the same or a higher level of network and information system security than is achieved by compliance with the Law on cybersecurity. ECB understands that TARGET2-Securities (T2S) services would be exempt from the scope of the Law on critical infrastructure and the Law on cybersecurity. 

    On March 12, 2018, EC published a legislative proposal for a Union framework on covered bonds. The Slovak authorities are invited to take the proposal into account in the Slovak legislative process, as appropriate. In its opinion, ECB supports the provisions on the composition of the cover pool, under which base assets must form a minimum share and supplementary assets may only represent a maximum share of the cover pool. Those limitations are important for the regulation of the composition of the cover pool to ensure its homogeneity and to facilitate investor ability to conduct due diligence. ECB recommends that, before the adoption of the draft law, the Slovak authorities analyze the possible impact of the exclusion of the liquidity buffer from the calculation of the minimum limits on base assets and maximum limits on supplementary assets. ECB emphasizes the importance of homogeneity in the cover pool, particularly to ensure sufficient representation of base assets.

     

    Related Link: ECB Opinion (PDF)

     

    Keywords: Europe, EU, PMI, Banking, Securities, Critical Infrastructure, Opinion, CON/2018/39, Cyber Security, Covered Bonds, TARGET2, ECB

    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5649