DORA is now live, without any transitional provision.
A wide range of rules applicable for managing ICT risks, including risks linked to ICT third-party service providers, applies from today. DORA applies to nearly all financial entities in the EU, with very few exemptions for smaller institutions. For the first time, it also covers major unregulated
On 17 January 2025, the European Banking Authority (EBA) issued a press release stating that it had repealed its guidelines on major incidents reporting under the revised Payment Services Directive (PSD2) due to the application of harmonised incident reporting under the Digital Operational Resilience Act (DORA) from 17 January
On 17 January 2025, the Prudential Regulation Authority (PRA) announced that, following consultation with HM Treasury, it was delaying the implementation of Basel 3.1 in the UK by one year until 1 January 2027.
The PRA states that the delay is to allow more time for greater clarity to emerge about the United
On 16 January 2025, the Financial Stability Board (FSB) issued a report on the assessment of climate-related vulnerabilities.
The report is part of the FSB’s Roadmap to Address Climate-related Financial Risks and describes a framework and analytical toolkit to assess climate-related vulnerabilities using a forward-looking approach. It also includes some metrics that can
On 16 January 2025, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a joint report on recent developments in crypto-assets, analysing decentralised finance (DeFi) and crypto lending, borrowing and staking.
As regards DeFi the joint report finds, among other things, that:
On 16 January 2025, the European Banking Authority (EBA) issued its Peer Review on the application of proportionality under the Supervisory Review and Evaluation Process (SREP).
Proportionality is an important part of the SREP enabling Member State competent authorities (NCAs) to adapt the scope, frequency and intensity of the
On 16 January 2025, the European Banking Authority (EBA) issued a consultation paper on draft guidelines on environmental, social and governance (ESG) scenario analysis.
The draft guidelines are addressed to Member State competent authorities and to financial institutions as defined in Article 4(1) of Regulation No 1093/2010 which are also institutions
On 16 January 2025, the Payment Systems Regulator (PSR) published an updated strategy setting out its commitments for the next two years.
The updated strategy sets out the following 3 core commitments that the PSR will focus on for the remainder of the strategy term:
On 16 January 2025, the Bank of England (BoE) published a speech on ‘Joining the dots’ between stress tests, delivered by its executive director for financial stability strategy and risk, Nathanael Benjamin, at The City UK.
The speech outlines the BoE’s new approach to stress testing banks and developments in stress tests in
On 15 January 2025, the Bank of England (BoE) published a statement on its input, together with the Commodity Futures Trading Commission (CFTC), into a report on initial margin transparency and responsiveness in centrally cleared markets.
The BoE explains that it and the CFTC have co-chaired international work on centrally cleared