EBA Revises Guidelines on Major Incident Reporting Under PSD2
EBA published revised guidelines on major incident reporting under the Payment Service Directive (PSD2). The revised guidelines are estimated to reduce the reporting burden for payment service providers and will apply as of January 01, 2022. EBA acknowledged the ongoing negotiations on the EC proposal for an EU regulatory framework on digital operational resilience (DORA), which contains a proposal to harmonize and streamline the reporting of information and communication technologies (ICT)‐related incidents across financial sector in EU. Depending on the outcome of these negotiations, EBA guidelines may eventually be repealed when the DORA regulation applies, which is currently estimated to be in 2024 or later.
The revised guidelines optimize and simplify the reporting process and templates, focus on incidents with significant impact on payment service providers, and improve the meaningfulness of information to be reported. In light of the comments received on the consultation on these guidelines (published on October 14, 2020), EBA agreed with some of the proposals and their underlying arguments and introduced the following changes to the guidelines:
- The classification criterion was changed from "Breach of security measures" to "Breach of security of network or information systems." This change, which is the most substantive, is aimed at narrowing down the scope of the criterion, avoiding any overlap with other classification criteria, and providing a more tangible criterion that does not require complex assessment and implementation.
- Unnecessary steps were removed from the reporting process, allowing more time for the submission of final report to reduce the reporting burden on payment service providers.
- EBA further simplified and optimized the standardized reporting template, with these changes expected to lead to a reduction of reportable incidents by more than 10% and to facilitate payment service providers in their reporting of major incidents.
- EBA clarified the process and timeline for classification of major incidents, the meaning of the term duration of an incident, and other aspects in the guidelines, mainly in the instructions on how to fill out the incident reporting template.
The revised guidelines apply in relation to the classification and reporting of major operational or security incidents in accordance with Article 96 of PSD2 and are addressed to payment service providers and the competent authorities under PSD2. The original guidelines on major incident reporting were developed in 2017 in close cooperation with ECB and have applied since January 2018.
Related Links
Effective Date: January 01, 2022
Keywords: Europe, EU, Banking, PSD2, Reporting, Payment Service Providers, Incident Reporting, Cyber Risk, DORA, Operational Resilience, Operational Risk, EBA
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
Danish FSA to Implement Net Stable Funding Ratio in DenmarkNext Article
EBA Revises List of Validation Rules for ReportingRelated Articles
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.