EU and Britain agree deal on bank-tech rules
EU and British regulators have signed an agreement to co-operate on rules aimed at making the financial sector’s digital operations more resilient.
It aims to improve co-operation between the authorities to oversee critical third-party technology providers, known at CTPPs, as required by the Digital Operational Resilience Act (DORA).
The memorandum of understanding between the European Supervisory Authorities (EBA, EIOPA, and ESMA) and the Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) was signed at the weekend.
‘Clear principles’
The EU bodies say that the memorandum establishes clear principles and procedures for co-operation, information-sharing, and co-ordination of oversight activities between the relevant authorities.
To 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.
Before signing the agreement, the EU authorities carried out an assessment that found that Britain’s confidentiality and professional-secrecy regime was equivalent to that in DORA.