European Supervisory Authorities and their counterparts in the United Kingdom have signed a memorandum of understanding, aiming to enhance the oversight of critical ICT third-party service providers.<\/p>\n
The agreement involves the EBA, EIOPA and ESMA along with the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority.<\/p>\n
This specific agreement enhances the cooperation between the authorities to oversee critical ICT third-party service providers as required by the Digital Operational Resilience Act.<\/p>\n
The Memorandum of Understanding establishes clear principles and procedures for cooperation, information sharing and coordination of oversight activities between the relevant authorities responsible for European Union and United Kingdom oversight.<\/p>\n
The agreement aims at enhancing third-party risk management and contributing to the overall operational resilience of the financial sector in the European Union and United Kingdom through strong cross-border cooperation.<\/p>\n
The legal basis for the document shows it has been prepared in accordance with DORA Articles 36, 44, and 49, which cover the oversight powers of the authorities.<\/p>\n
These specific articles also address international cooperation and financial cross-sector exercises, communication and cooperation.<\/p>\n
To exchange information with a third-country authority, the authorities must ensure that the confidentiality and professional secrecy regime in the third country is equivalent to that in the European Union.<\/p>\n
The European authorities conducted an assessment that confirmed the United Kingdom confidentiality and professional secrecy regime\u2019s equivalence with that in the act before signing the agreement.<\/p>\n
\u201cThe MoU establishes clear principles and procedures for cooperation, information sharing and coordination of oversight activities between the relevant authorities responsible for EU CTPPs\/UK CTPs oversight\u201d the organisations stated.<\/p>\n
\u201cThe MoU aims at enhancing third-party risk management and contributing to the overall operational resilience of the financial sector in the EU and UK through strong cross-border cooperation\u201d the authorities added.<\/p>\n
\u201cTo exchange information with a third-country authority, the ESAs must ensure that the confidentiality and professional secrecy regime in the third country is equivalent to that in the EU\u201d the regulators noted.<\/p>\n
\u201cTherefore, before signing this MoU, the ESAs conducted an assessment that confirmed the UK confidentiality and professional secrecy regime\u2019s equivalence with that in DORA\u201d the official announcement confirmed.<\/p>\n","protected":false},"excerpt":{"rendered":"European Supervisory Authorities and their counterparts in the United Kingdom have signed a memorandum of understanding, aiming to…\n","protected":false},"author":2,"featured_media":376504,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[59,57,58,50,56,54,55],"class_list":["post-376503","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/376503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=376503"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/376503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/376504"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=376503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=376503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=376503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}