|
|
The European Commission is one step closer to implementing EU rules on crypto‑assets and cybersecurity for the financial sector, with the recent adoption of a number of technical standards in the form of delegated and implementing acts. The acts complete and complement the Regulation on Operational Resilience (DORA) and the Regulation on Markets in crypto‑assets (MiCA), both of which will begin to fully apply soon. The Commission’s overarching objective in the area of digital finance is to enable individuals and businesses to take advantage of the benefits new financial technologies offer, while also managing the risks they can pose.
The European Supervisory Authorities , or ESAs (namely the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)) were tasked with developing and submitting these technical standards to the Commission over the course of 2024. The development of the standards has been carried out in close cooperation with the national competent authorities and relevant stakeholders, following periods of consultations and discussions with the sector organised by the ESAs during 2023 and 2024
Upon their submission, the Commission must scrutinise the legality of these standards and organise their adoption process. Following the adoption by the Commission, the delegated regulations, including the regulatory technical standards (RTS) undergo a three‑month scrutiny period by the European Parliament and Council. Once this is done, they are published in the Official Journal of the European Union...