The European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) published, on Monday 7 February, a joint report with measures to ensure that the EU’s regulatory and supervisory framework remains fit for the digital age.
The recommendations issued by the three authorities cover various elements, such as strengthening consumer protection in a digital context, convergence in the classification of cross-border services, the fight against money laundering and terrorist financing or the use of social media in financial services.
This report is a response to the European Commission’s February 2021 call for evidence on digital finance. It aims to complement the provisions of the draft Regulation on the Digital Operational Resilience Act (DORA) initiated to address the risks associated with information and communication technologies (ICT) in the financial services value chain (see EUROPE 12841/2). In fact, the report recalls that the ‘DORA’ proposal is not intended to address other risks that may arise from the reliance of financial institutions on third party providers and thus proposes solutions to address them (see EUROPE 12656/2).
See the report: https://aeur.eu/f/7s (Original version in French by Anne Damiani)