11/10/2023 0 Comments Microsoft word trial 2015They amend the various operational risk or risk management requirements foreseen in Directives 2006/43/EC, 2009/65/EC, 2009/138/EU, 2011/61/EU, EU/2013/36, 2014/65/EU, (EU) 2015/2366 and EU/2016/2341 of the European Parliament and of the Council, by introducing precise cross-references in those provisions and thus attain legal clarity. Detailed explanation of the specific provisions of the proposalĪll Articles relate to and complement the proposal for a regulation on digital operational resilience.See the explanatory memorandums of the proposals for regulation on markets in crypto assets, temporary regime on DLT market infrastructures and, digital operational resilience. LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY Both proposals also respond to calls from the CMU High-Level Forum to establish clear rules for the use of crypto asset (recommendation 7) and to put in place new rules on cyber resilience (recommendation 10). The proposal would also support policies aimed at recovering from the coronavirus, as it would ensure that increased reliance on digital finance goes hand in hand with operational resilience. A legislative framework strengthening the digital operational resilience of the Union’s financial entities is consistent with these policy objectives. This proposal, similar to the proposals for regulation it accompanies, is part of a broader ongoing work at European and international level aimed at (i) strengthening the cybersecurity in financial services and address broader operational risks, and (ii) providing a clear, proportionate and enabling EU legal framework for crypto-asset service providers.Īs stated by President von der Leyen in her Political Guidelines, 5 and set-out in the Communication ‘Shaping Europe’s digital future’, 6 it is crucial for Europe to reap all the benefits of the digital age and to strengthen its industry and innovation capacity, within safe and ethical boundaries.Īs regards crypto assets, this proposal is closely linked with wider Commission policies on blockchain technology, as crypto-assets, as the main application of blockchain technologies, are inextricably linked to the promotion of blockchain technology throughout Europe.Īs regards operational resilience, the European strategy for data 7 sets out four pillars - data protection, fundamental rights, safety and cyber-security - as essential pre-requisites for a society empowered by the use of data. Consistency with existing provisions in the policy area.The particular reasons for this proposal for a directive is that, in order to provide legal certainty as regards crypto assets and achieve the objectives of strengthening digital operational resilience, it is necessary to establish a temporary exemption for multilateral trading facilities and amend or clarify certain provisions in existing EU financial services directives. The reasons for, and objectives of, the two sets of legislative measures have been set out in the explanatory memoranda of the proposal for a regulation on a pilot regime for distributed ledger technology market infrastructures, proposal for a regulation on markets in crypto assets and proposal for a regulation on digital operational resilience, respectively, and apply here as well. In addition to this proposal, the package also includes a proposal for a regulation on markets in crypto assets 2, a proposal for a regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) 3 and a proposal for a regulation on digital operational resilience for the financial sector 4. The digital finance package includes a new Strategy on digital finance for the EU financial sector 1 with the aim to ensure that the EU embraces the digital revolution and drives it with innovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses. It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people. This proposal is part of a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.
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