ECSDA Response to the EU Consultation on Digital Operational Resilience

ECSDA Response to the EU Consultation on Digital Operational Resilience

On Monday, 16 March 2020, ECSDA responded to the European Commission on Digital Operational Resilience.

ECSDA strongly supports the European Commission (EC) in pursuing the work on operational resilience and extending the resilience expectations to all relevant financial market stakeholders.

We believe that this has a potential to increase the overall level of financial stability of the European financial services network and its investor protection.

The ability of a Central Securities Depository (CSD) to build and maintain its operational integrity and the full range of operational capabilities, is a key determining factor to conduct CSD business in due care of financial stability. Hence, CSDs find it important to contribute to the construction of the future European operational resilience framework.

Our views can be summarised around the following main considerations, the importance of which we would like to ask the EC to consider:

  • Convergence of National Competent Authorities approaches
  • Comprehensiveness of the framework and interdependency of actors
  • Risk-based approach

Read the full response.

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