Featured Product

    EBA Consults on Clarifications for Regulatory Standards on SCA and CSC

    June 13, 2018

    EBA published an Opinion on the implementation of the regulatory technical standards on strong customer authentication (SCA) and common and secure communication (CSC). The regulatory standards were published in the Official Journal on March 13, 2018 and will legally apply from September 14, 2019. EBA also published a consultation paper on the draft guidelines to clarify a number of issues identified by market participants in relation to the regulatory technical standards on SCA and CSC. Comments to the consultation must be submitted by August 13, 2018.

    The Opinion focuses on the implementation of the standards while the consultation paper proposes a pragmatic and consistent approach to the four conditions to be met to benefit from an exemption from the fallback option envisaged under Article 33(6) of the regulatory standards. The Opinion is addressed to the national competent authorities while the draft guidelines aim to provide clarity for all parties involved (account servicing payment service providers or ASPSPs, competent authorities, and EBA) in a pragmatic way and allow competent authorities to perform a speedy assessment, especially during the time when the bulk of the exemption requests will be received. 

    In the Opinion, EBA clarifies a number of issues identified by market participants and competent authorities to assist in this implementation. The Opinion conveys views of EBA in some pressing areas identified by the market and competent authorities, including on the exemptions to SCAs, consent, the scope of data sharing, and requirements for Application Programming Interfaces (APIs) and dedicated interfaces to take into account. The Opinion clarifies that when determining which method(s) to use to perform the authentication procedure, the ASPSP needs to ensure that all methods of strong customer authentication offered to its customers can be supported when using the API.

    Going forward, EBA will provide further clarification on the interpretation of the regulatory technical standards on SCA and CSC through its online Interactive Single Rulebook and Q&A tools, which are to be extended to the queries related to the revised Payments Services Directive (PSD2), including the associated EBA technical standards and guidelines.

     

    Related Links

    Comment Due Date: August 13, 2018

    Keywords: Europe, EU, Banking, PMI, Opinion, Guideline, Regulatory Technical Standards, SCA, CSC, Single Rulebook, Q&A, PSD 2, EBA

    Related Articles
    News

    EC Rule on Contractual Recognition of Write Down and Conversion Powers

    The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.

    September 17, 2021 WebPage Regulatory News
    News

    APRA Issues Further Guidance on Application of Securitization Standard

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.

    September 16, 2021 WebPage Regulatory News
    News

    SRB Provides Update on Approach to Prior Permissions Regime

    The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.

    September 16, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits

    The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.

    September 15, 2021 WebPage Regulatory News
    News

    PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes

    The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).

    September 15, 2021 WebPage Regulatory News
    News

    Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics

    The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.

    September 15, 2021 WebPage Regulatory News
    News

    HKMA Endorses Industry Guidance to Support LIBOR Transition

    The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).

    September 14, 2021 WebPage Regulatory News
    News

    OCC Issues Booklet on Supervision of Problem Banks

    The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.

    September 13, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7481