The European Commission (EC) adopted the work program for 2022. The work program contains new legislative initiatives across the six headline ambitions of President von der Leyen's Political Guidelines, including the initiatives to achieve a climate-neutral Europe by 2050 and to follow up on the path to deliver on the digital transformation in European Union by 2030. The Annexes to work program include lists of the new policy and legislative initiatives, the Regulatory Fitness and Performance program (REFIT) initiatives to simplify existing regulation, the priority pending proposals, and the intended withdrawals of pending proposals for the financial sector.
In the work program, the key new initiative for the financial sector in European Union is regarding a European Cyber Resilience Act (legislation, impact assessment, third quarter of 2022). EC plans to propose the European Cyber Resilience Act to establish common cyber-security standards for products. In terms of pending initiatives, the priority proposals relevant for financial sector include the proposal for a regulation on:
- Regulation on artificial intelligence (the Artificial Intelligence Act) and certain amending European Union legislative acts
- Regulation on European data governance (the Data Governance Act)
- Regulation on digital operational resilience for the financial sector (amending Regulations 1060/2009, 648/2012, 600/2014, and 909/2014)
- Regulation on a pilot regime for market infrastructures based on distributed ledger technology
- Regulation on markets in crypto-assets and amending of the Directive 2019/1937 on whistleblower protection
Keywords: Europe, EU, Banking, Insurance, Securities, Cyber Risk, Artificial Intelligence, Operational Resilience, Cryptoassets, Work Program, Distributed Ledger Technology, Data Governance Act, European Cyber Resilience Act, Digital Operational Resilience Act, Regtech, Crypto Asset Regulation, EC
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