Digital operational resilience for the financial sector and amending regulations

  • Financial entities: Include, but not limited to, credit and payment institutions, electronic money institutions, investment firms, crypto-asset service providers, alternative investment fund managers, management companies, insurance undertaking and intermediaries, credit rating agencies, audit firms, securities, trade and securitization repositories, crowdfunding service providers.
  • ICT third-party service providers: Include, but are not limited to, cloud computing services, software, data analytics, and data centers.
  • On account of breach of any regulations or any misleading activity identified and reported then the lead overseer from the following authorities listed below are responsible to inspect online and off-line.
  • The European Banking Authority (EBA)
  • The European Securities and Markets Authority (ESMA)
  • The European Insurance and Occupational Pensions Authority (EIOPA)
  • The financial entities in order to conduct an investigation, collect all the required documents as per articles 32, 33, 34, and 35 which contain guidelines regarding the request of information, general investigation, and oversight and following up and also charging the fees for oversight respectively.
  • In regards to penalties overseer has the right to impose administrative penalties and criminal penalties.

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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