Featured Product

    EU Agencies Issue Updates on DORA, ESAP, and Crowdfunding Regulation

    May 26, 2023

    The European Supervisory Authorities (ESAs) published a discussion paper on their joint advice to the European Commission (EC) on proposals to specify criteria for critical information and communication technology (ICT) third-party service providers and to determine the oversight fees levied on such providers under the Regulation on Digital Operational Resilience Act (DORA). Additionally, EC welcomed the political agreement reached between the European Parliament and the Council on the proposal for a European Single Access Point (ESAP) and approved the merger between Credit Suisse and UBS, also concluding that the merger would not significantly reduce competition in the markets where their activities overlap within the European Economic Area. Finally, the European Securities and Markets Authority (ESMA) updated the questions and answers (Q&A) on the European crowdfunding service providers for business Regulation.

    The discussion paper on ESAs’ joint advice to EC in context of DORA is aimed to consult market participants, in an open and transparent manner, on the proposals of ESAs toward the specific issues listed in the EC Call for Advice. With regard to the criteria for critical ICT third-party service providers, a number of relevant quantitative and qualitative indicators have been proposed for each of the criticality criteria, along with the necessary information to build up and interpret such indicators. The discussion paper notes that these proposals relate to the identification of indicators relevant to assessing criticality and not to the methodology for that assessment, including the materiality and interaction of the different criteria. The expected type and total number of critical ICT third-party service providers, the details of the designation procedure, and the related methodology are explicitly excluded from this discussion paper and shall be defined at a later stage in the context of the implementation of the oversight framework. The discussion paper also presents proposals in relation to the amount of the fees levied on critical ICT third-party service providers and the way in which they are to be paid. ESAs expect market participants to provide feedback on the proposals by June 23, 2023. ESAs will consider the feedback in finalizing the joint technical advice to EC, which is expected to be delivered by September 30, 2023.

    Another key development is the political agreement on the proposed ESAP, which builds on the EC proposal presented in the Capital Markets Union Package of November 2021. The ESAP will offer a single access point for public financial and sustainability-related information about European Union companies and investment products. This will give companies more visibility toward investors, opening up more sources of financing particularly for small companies in small capital markets, in line with the Digital Finance Strategy of EC. The ESAP will also provide an easy access to the corporate sustainability reporting published by companies, which will support the objectives of the European Green Deal.    

     

    Related Links

     

    Keywords: Europe, EU, Banking, DORA, ICT, Q&A, ESAP, Regtech, Crowdfunding Service Providers, Third Party Providers, Operational Resilience, Credit Suisse, UBS, EC, ESAs

    Related Articles
    News

    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

    March 20, 2024 WebPage Regulatory News
    News

    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.

    March 18, 2024 WebPage Regulatory News
    News

    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

    March 18, 2024 WebPage Regulatory News
    News

    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.

    March 07, 2024 WebPage Regulatory News
    News

    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

    March 05, 2024 WebPage Regulatory News
    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
    RESULTS 1 - 10 OF 8957