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    EBA Finalizes LCR Standards; ESAs to Work on Cyber Incident Framework

    January 27, 2022

    The European Banking Authority (EBA) published the final report on amendments to the implementing technical standards on currencies with constraints on the availability of liquid assets in the context of the liquidity coverage ratio (LCR). The amendments, which are in accordance with the Capital Requirements Regulation (575/2013), remove the Norwegian Krone (NOK) from the list of currencies with constraints. Thus, no currency will be recognized as having constraints on the availability of liquid assets. The draft standards will be submitted to the European Commission for endorsement before being published in the Official Journal of the European Union. In another development the European Supervisory Authorities (ESAs) welcomed the recommendation from the European Systemic Risk Board (ESRB) for the creation of a pan-European systemic cyber incident coordination framework—also called EU-SCICF.

    In its recommendation, ESRB had called on ESAs to prepare for the gradual development of this pan-European framework to support an effective and coordinated response at the European Union level, in case of a major cross-border cyber incident with the potential for a systemic impact. The recommendation states that preparatory work for the gradual development of the framework should include an assessment of its resource requirements, with the recommendation setting out some concrete steps for ESAs. The ESRB recommendation also proposed for the ESAs, in consultation with the European Central Bank (ECB) and ESRB, to conduct a mapping and subsequent analysis of the current impediments as well as legal and other operational barriers for the effective development of the pan-European systemic cyber incident coordination framework. This framework endorses the potential coordination roles of ESAs, as envisaged in the European Commission’s proposed Digital Operational Resilience Act (DORA).

     

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    Keywords: Europe, EU, Banking, Insurance, Securities, Basel, Reporting, Liquidity Risk, LCR, CRR, Implementing Technical Standards, Cyber Risk, EU-SCICF, Cyber Incident Coordination, Operational Resilience, DORA, Operational Risk, Systemic Risk, ECB, ESRB, EBA, ESAs

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