EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe. The signatory member states agree to work together toward deploying resilient and competitive cloud infrastructure and services across Europe. A secure and competitive cloud offering is essential for providing the trustworthy data processing infrastructure and services. EC also highlighted that a European Alliance on Industrial Data and Cloud will be launched by the end of the year. Within this Alliance, interested member states, industries, and relevant experts will work together to design the detailed business, investment, and implementation plan to deploy the next-generation cloud capacities for the public and private sectors.
Member states recognize the need for additional investment, enhanced synergies across national initiatives, and a coordinated strategy to lead the cloud uptake in the private and public sectors across Europe. In particular, as agreed in the Declaration, the joint actions of member states will focus on:
- Combining private, national, and EU investment in deploying competitive, green, and secure cloud infrastructures and services. This will mean pursuing the next steps, together with industry and experts, to shape the European Alliance on Industrial Data and Cloud. This Alliance will enable the development of several workstreams, including joint investment in cross-border cloud infrastructures and services, European marketplaces for cloud services, and EU cloud rulebook.
- Defining a common European approach on federating cloud capacities, by working toward one set of joint technical solutions and policy norms to foster pan-European interoperable EU cloud services.
- Driving the take-up of more secure, interoperable, and energy-efficient data centers and cloud services, particularly for small and medium enterprises, startups, and the public sector.
Keywords: Europe, EU, Banking, Insurance, Securities, Cloud Computing, Cloud Rulebook, Cyber Risk, Regtech, EC
Previous ArticleBoE Publishes Reporting Schedule for Statistical Returns
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
US Agencies (FDIC, FED, and OCC) issued a joint statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, to facilitate an orderly LIBOR transition.
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS, endorsed a coordinated approach to mitigate COVID-19 risks to the global banking system.
HM Treasury extended the consultation period on Phase II of the Future Regulatory Framework (FRF) Review, from January 19, 2021 to February 19, 2021.
ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
PRA published the policy statement PS23/20 on the calculation of stressed value at risk (sVAR) and risks not in value at risk (RNIV) under the market risk framework.
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.