Regulatory Alerts2024-02-22
Added · Updated
Commission Delegated Regulation (EU) 2024/1502 on criteria for designating ICT third-party service providers as critical
The European Commission adopts a two-step assessment framework for the European Supervisory Authorities to designate ICT third-party service providers as critical for financial entities under Regulation (EU) 2022/2554. The regulation establishes specific quantitative thresholds, including a 10% share of financial entities or assets, and qualitative criteria involving global systemically important institutions to determine systemic impact and substitutability. The Lead Overseer must apply sub-criterion 1.4 regarding subcontractor dependence starting from 16 January 2025, while the regulation enters into force on the twentieth day following its publication.
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