EBA Issues Final Guidelines on Major Incident Reporting Under PSD2
EBA published the final guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The guidelines set out the criteria, thresholds, and methodology to be used by payment service providers to determine whether an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home member state. The guidelines will apply from January 13, 2018.
EBA published the final guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The guidelines set out the criteria, thresholds, and methodology to be used by payment service providers to determine whether an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home member state. The guidelines will apply from January 13, 2018.
The final guidelines provide the template that payment service providers are required to use for this notification and the reports they have to send during the lifecycle of the incident, including the timeframe for sending reports. The guidelines also establish a set of criteria that competent authorities must use as primary indicators when assessing the relevance of a major operational or security incident to other domestic authorities in the context of the PSD2. The guidelines, which are in accordance with Article 96(3) of Directive (EU) 2015/2366 on PSD2, were developed in close cooperation with ECB and are addressed to payment services providers and competent authorities in the 28 EU member states.
Related Links
PSD2 Related Standards and Guidelines
Effective Date: January 13, 2018
Keywords: Europe, EU, PMI, PSD2, Guideline, Major Incident Reporting, EBA
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