Featured Product

    EBA Revises Guidelines on Major Incident Reporting Under PSD2

    June 10, 2021

    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 Depending on the outcome of these negotiations, EBA guidelines may eventually be repealed when the DORA regulation applies, which is currently estimated to be in 2024 or later.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
    Related Articles
    News

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News
    News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News
    News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News
    News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News
    News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News
    News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News
    News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News
    News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957