On Nov. 15, EBA, EIOPA, ESMA set out timeline to collect information.
EBA, EIOPA, ESMA (ESAs, European supervisory authorities) announced a decision concerning the reporting by competent authorities to ESAs of information necessary for the designation of critical ICT third-party service providers (CTPPS).
Also follows EBA, EIOPA, ESMA Apr. 2024 voluntary dry run exercise, see #208122.
Overview of Decision
General framework for annual reporting to ESA of information for CTPP designation.
Includes timelines, frequency/reference dates, general procedures for submission of info, quality assurance and revisions of data, confidentiality and access to information.
As the deadline for first submission of registers of information to ESAs is set for Apr. 30, 2025, ESAs expect competent authorities to collect registers of information from financial entities under their supervision in advance, following their own timelines.
Although implementing technical standards on the registers of information have not been adopted by EU CMSN, ESAs note that the essential part of the requirements for registers of information is publicly available, see ESAs Final Report in Jan. 2024.
Any potential changes in the registers following the rejection by the EU CMSN and ESAs Opinion on the rejection should be limited.
ESAs encourage financial entities to anticipate as much as possible the preparation of their registers, especially for information which may not be immediately available.
Industry Support
To support industry preparations, ESAs shared draft templates, data point model and reporting technical package in May 2024 and carried out a voluntary Dry Run exercise.
The voluntary dry run exercise on reporting of registers of information with participation of around 1000 financial entities across the financial sector in the EU.
ESAs also published today a list of validation rules that will be used when analysing the registers of information and the visual representation of the data model.
These rules will be included in updated reporting technical package (incl updated data point model, taxonomy and validation rules), which is set to be published Dec. 2024.
Workshop
Financial entities who would like to learn more about how to prepare their registers of information and hear about the outcomes of the 2024 dry run exercise, are invited to take part in a workshop on Dec. 18, 2024, held virtually from 10:00 to 13:00.
Interested parties can register by Dec. 16, 2024 at the following link.
Effectiveness
This decision shall enter into force immediately and shall apply from Jan. 17, 2025.
The decision requires authorities to report by Apr. 30, 2025 the registers of information on contractual arrangements of financial entities with CTPPS.
