Featured Product

    FCA to Comply with EBA Guidelines on ICT and Security Risk Management

    June 25, 2020

    FCA published a statement on its intention to comply with the EBA guidelines on information and communication technology (ICT) and security risk management for credit institutions, investment firms, and payment service providers. The guidelines, which were published in November 2019, enter into force on June 30, 2020. In its statement, FCA also points out that it is in the process of consulting on new requirements to strengthen operational resilience in the financial services sector. FCA expects to publish the final rules on operation resilience in the first quarter of 2021, including providing further information on the links between its operational resilience policy and the EBA guidelines.

    In March 2020, FCA had extended the comment period for its consultation (CP19/32) on operational resilience until October 01, 2020. Firms and financial market infrastructures are not expected to be required to meet requirements resulting from this consultation before the end of 2021. While operational resilience remains a top priority for FCA, PRA, and BoE, the later publication date and implementation timetable are intended to alleviate burden on firms and financial market infrastructures in the wake of the COVID-19 outbreak. FCA welcomes feedback from firms to its consultation and their experiences in embedding the requirements of the EBA guidelines. 

    All credit institutions, investment firms, and payment service providers will be expected to make every effort to comply with the EBA guidelines. Firms should also refer to the EBA "further guidance" on the use of flexibility in relation to COVID-19 and the implementation of the guidelines on ICT and security risk management. Consistent with the EBA "further guidance," FCA will apply reasonable supervisory flexibility when assessing the implementation of the ICT and security management guidelines, given the ongoing COVID-19 crisis.

     

    Related Links

    Effective Date: June 30, 2020

    Keywords: Europe, EU, UK, Banking, Securities, Insurance, FMI, COVID-19, Operational Resilience, Cyber Risk, CP 19/32, PRA, BoE, FCA

    Related Articles
    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
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8952