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On 21 July 2022 the Bank of England, the PRA and the FCA publishedDiscussion Paper 22/3 - Operational resilience: Critical third parties to the UK financial sector (DP22/3). DP22/3 sets out how the financial services regulators could use new powers proposed under the Financial Services and Markets Bill (FSM Bill) to assess and strengthen the resilience of material services provided by critical third parties to the UK financial services sector. Publication of DP22/3 marks an early step on the road to the introduction of a new designation regime for third party providers in respect of the material services they provide to the financial services sector.Read more
We have updated our Operational Resilience timeline to include key recent developments from the UK, EU, Hong Kong, Singapore, Australia and international standard setting bodies. Operational resilience is the ability to 'prevent, adapt, respond to, recover and learn from operational disruptions'. Read more
Following the HKMA’s 21 April 2021 circular highlighting the additional guidance issued by the BCBS on 31 March 2021, namely the Principles for Operational Resilience and the Revised Principles for Sound Management of Operational Risk, the HKMA launched a consultation on 22 December 2021 on a new proposed Supervisory Policy Manual module OR-2 (Operational Resilience) and proposed amendments to existing SPM modules TM-G-2 (Business Continuity Planning) and OR-1 (Operational Risk Management) in order to align with the BCBS’s operational resilience guidance. Read more
The latest edition of our Regulation in Focus podcast series features two former regulators in conversation about operational resilience – Andrew Procter from Herbert Smith Freehills and Michael Sicsic from Sicsic Advisory. Read more
In this blog post, we round-up key forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected to happen in February and March 2022. Read more
When the UK authorities published their final policy on operational resilience at the end of March 2021, it was broadly acknowledged – including by the PRA itself – that the operational resilience landscape would continue to develop. The latest act on the UK stage is the PRA's proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to Capital Requirements Regulation (CRR) firms to holding companies. Read more
Just over a year ago, the European Commission published its Digital Finance Package which included the proposed Regulation on markets in cryptoassets (MiCA), Regulation on digital operational resilience (DORA) and the Regulation on DLT-based market infrastructures (DLT pilot regime). Read more
On 4 October 2021, the Securities and Futures Commission (SFC) published a circular (with appendices) and a report on operational resilience and remote working. Read more
The option to participate in collective assurance activities is welcome, but this article which was originally published in the September 2021 edition of Butterworths Journal of International Banking and Financial Law makes the case for more guidance. Read more
