Featured Product

    EC Welcomes Adoption of Digital Services Package

    July 05, 2022

    The European Commission (EC) welcomes the adoption of the Digital Services Package, which includes the Digital Services Act and the Digital Markets Act proposed by EC in December 2020. Also published was a summary of the opinion of the European Data Protection Supervisor on the proposed EC regulation for a high common level of cybersecurity at the entities and agencies in European Union.

    Digital Services Package. The Digital Services Act sets out a standard for accountability of online platforms and its scope covers various online intermediary servicesThese online intermediary services include cloud computing services; online platforms such as online marketplaces, app stores, collaborative economy platforms and social media platforms; and very large online platforms that reach over 10% of the 450 million consumers in EU. Also part of this package is the Digital Markets Act, which will apply to gatekeepers—companies that create bottlenecks between businesses and consumers and sometimes even control entire ecosystems—made up of different platform services such as online marketplaces, operating systems, cloud services, or online search engines. The Digital Markets Act establishes a set of narrowly defined objective criteria for qualifying a large online platform as a “gatekeeper.” These gatekeepers will be subject to a number of clearly defined obligations and prohibitions. The adoption of the Digital Services Package in the first reading by the European Parliament follows the political agreement that has been reached by the co-legislators on the Digital Markets Act on March 24, 2022 and the Digital Services Act on April 23, 2022. EC will enforce these rules for the largest online platforms active in EU. Following this adoption, text for both the Acts must now be formally adopted by the European Council. Finally, the Digital Services Act and the Digital Markets Act are expected to be published in the Official Journal of the European Union in Autumn 2022.

    Opinion on Proposed Cybersecurity Rules. The European Data Protection Supervisor welcomes the aim of the EC proposal to improve the cybersecurity posture of the Union Institutions, bodies, offices and agencies. The European Data Protection Supervisor recommends adding in the proposal that its minimum security requirements should be at least equal or higher than the minimum security requirements of the entities of Directive on security of network and information systems (NIS Directive) and NIS 2.0 proposal. Further, the European Data Protection Supervisor strongly advises that the proposal, or at the very least a delegated act to be adopted subsequently by EC, must clearly provide a legal ground for the processing of personal data by Cybersecurity Center (CERT-EU) and the EU entities. The European Data Protection Supervisor also advises that the proposal provide for close cooperation between the CERT-EU and the European Data Protection Supervisor, when addressing incidents resulting in personal data breaches, or when addressing any significant vulnerabilities, incidents, or major attacks, that have the potential to result in personal data breaches. The European Data Protection Supervisor also strongly recommends that the proposal provide for the supervisor's participation in the Interinstitutional Cybersecurity Board (IICB).

     

    Related Links


    Keywords: Europe, EU, Banking, Insurance, Securities, Digital Services Act, Digital Markets Act, Regtech, NIS, CERT-EU, Cyber Risk, Online Marketplaces, Cloud Computing, Data Providers, Platform Businesses, European Parliament, EC

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588