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Brussels, |
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Cyber Resilience
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On 14 December 2022, EU adopted a Regulation that stands as a cornerstone of the Digital Finance package. Crafted to harness the potential of digital finance while counteracting inherent risks, this Regulation echoes the Commission's commitment to steer Europe into the digital era, fostering an economy attuned to contemporary needs.
On 22 February 2024, the Commission adopted 2 Delegated Regulations:
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In addition, on 13 March 2024, the Commission adopted 3 other Delegated Regulations:
- Commission Delegated Regulation supplementing Regulation (EU) 2022/2554 with regard to regulatory technical standards specifying the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents
- Commission Delegated Regulation supplementing Regulation (EU) 2022/2554 with regard to regulatory technical standards specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers
- Commission Delegated Regulation supplementing Regulation (EU) 2022/2554 with regard to regulatory technical standards specifying ICT risk management tools, methods, processes, and policies and the simplified ICT risk management framework
A Holistic Approach to Digital Finance
At the heart of this transformative initiative lies the Digital Finance Strategy for the EU financial sector. With the objective of ensuring that Europe embraces the digital revolution, the strategy emphasizes the ascendancy of innovative European firms, offering the perks of digital finance to both consumers and businesses. This initiative encompasses multiple dimensions, each calibrated to address distinct facets of the financial landscape:
1. Revitalizing Payment Services:
The proposal, a pivotal component of the digital finance arsenal, seeks to reinvigorate payment services for the digital epoch. Delving deep into the transformation of the Payment Services Directive (PSD2) into the more encompassing PSD3, accompanied by the introduction of the Payment Services Regulation (PSR), the proposal's essence revolves around fortifying the battle against payment fraud, enhancing consumer rights, and augmenting transparency, particularly in the realm of ATM charges.
2. Catalyzing Crypto-Assets Framework:
Recognizing the rising prominence of crypto-assets and blockchain technology, the proposal introduces a distinct regulatory framework tailored to navigate this intricate sphere. Central to this approach is the establishment of a pilot regime for Distributed Ledger Technology (DLT) market infrastructure, conceived to infuse legal certainty, galvanize innovation, and ensure the confluence of consumer protection and market integrity.
3. Elevating Operational Resilience:
With the digital metamorphosis ushering in opportunities and vulnerabilities, the proposal addresses operational resilience in this new landscape. This dimension seeks to fortify financial systems against digital-era exigencies, ensuring their continued performance and stability.
4. Clarifying Financial Services Rules:
The digital finance package doesn't stop at the proposal under scrutiny; it extends to encompass a directive aimed at elucidating and amending select EU financial services regulations. This step ensures coherence and clarity amidst the dynamic digital landscape.
EU plans a Resilient Financial Future
This legislative text represents a crucial juncture in shaping Europe's financial landscape for the digital age. It resounds with the EU's overarching vision of a dynamically innovative, secure, and consumer-centric financial ecosystem. By facilitating secure data sharing, amplifying innovation, and fortifying consumer protection, this Regulation cements the EU's role as a global pacesetter in navigating the digital transformation within the financial sector.
As Europe stands poised to embrace the digital era, this text symbolizes the steadfast commitment to riding the wave of change, steering the financial sector towards a resilient and progressive future.
Recognizing the rising prominence of crypto-assets and blockchain technology, the proposal introduces a distinct regulatory framework tailored to navigate this intricate sphere. Central to this approach is the establishment of a pilot regime for Distributed Ledger Technology (DLT) market infrastructure, conceived to infuse legal certainty, galvanize innovation, and ensure the confluence of consumer protection and market integrity.
3. Elevating Operational Resilience:
With the digital metamorphosis ushering in opportunities and vulnerabilities, the proposal addresses operational resilience in this new landscape. This dimension seeks to fortify financial systems against digital-era exigencies, ensuring their continued performance and stability.
4. Clarifying Financial Services Rules:
The digital finance package doesn't stop at the proposal under scrutiny; it extends to encompass a directive aimed at elucidating and amending select EU financial services regulations. This step ensures coherence and clarity amidst the dynamic digital landscape.
EU plans a Resilient Financial Future
This legislative text represents a crucial juncture in shaping Europe's financial landscape for the digital age. It resounds with the EU's overarching vision of a dynamically innovative, secure, and consumer-centric financial ecosystem. By facilitating secure data sharing, amplifying innovation, and fortifying consumer protection, this Regulation cements the EU's role as a global pacesetter in navigating the digital transformation within the financial sector.
As Europe stands poised to embrace the digital era, this text symbolizes the steadfast commitment to riding the wave of change, steering the financial sector towards a resilient and progressive future.
