EBA Issues Final Guidelines on Major Incident Reporting Under PSD2
EBA published the final guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The guidelines set out the criteria, thresholds, and methodology to be used by payment service providers to determine whether an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home member state. The guidelines will apply from January 13, 2018.
EBA published the final guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The guidelines set out the criteria, thresholds, and methodology to be used by payment service providers to determine whether an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home member state. The guidelines will apply from January 13, 2018.
The final guidelines provide the template that payment service providers are required to use for this notification and the reports they have to send during the lifecycle of the incident, including the timeframe for sending reports. The guidelines also establish a set of criteria that competent authorities must use as primary indicators when assessing the relevance of a major operational or security incident to other domestic authorities in the context of the PSD2. The guidelines, which are in accordance with Article 96(3) of Directive (EU) 2015/2366 on PSD2, were developed in close cooperation with ECB and are addressed to payment services providers and competent authorities in the 28 EU member states.
Related Links
PSD2 Related Standards and Guidelines
Effective Date: January 13, 2018
Keywords: Europe, EU, PMI, PSD2, Guideline, Major Incident Reporting, EBA
Previous Article
Frédéric Visnovsky of ACPR on Interest Rate Risk in the Banking BookRelated Articles
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
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.
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
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.
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
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).
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.
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.
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.
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.
