Following the EBA’s latest required review of its July 2017 Guidelines on major incident reporting under PSD2, it is consulting on some specific proposals including changes to reporting thresholds and criteria to improve accuracy in the results and improvements to the reporting process to facilitate compliance by PSPs. The revised Guidelines are expected to come into force on 1 October 2021. With the end of the post-Brexit transition period fast approaching, the FCA has recently confirmed that its “supervisory expectation in respect of [European Supervisory Authorities (ESA)] Guidelines and Recommendations remains the same” unless it has notified the relevant ESA otherwise. The FCA will consider new or updated guidance issued after the end of the transition period and, where appropriate, set out expectations as to how it should be treated. Firms should therefore expect to be told by the FCA if they need to comply with the updated version of these Guidelines once published.
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