Daily Dash: FCA Wins Praise For Metrics On Growth, Competitiveness

April 22, 2024
A new report has found that UK regulators are leading the world on driving growth and competitiveness, while EU regulators have opened a new consultation on technical standards for the Digital Operational Resilience Act (DORA).

FCA Wins Praises For Metrics On Growth, Competitiveness

The UK’s Financial Conduct Authority (FCA) has been praised in a new study that compares regulators’ metrics on driving growth and international competitiveness.

Last week, TheCityUK published a report which names the FCA and the Prudential Regulation Authority (PRA) as “world-leading” examples of how regulators can evidence their contributions to growth and competitiveness.

The report looked at 21 jurisdictions to develop a framework for benchmarking financial service regulators against one another.

“The report shows that while several regulators have a comparable objective to advance competitiveness and growth, only a few publish metrics on par with those set for the UK regulators,” said TheCityUK. “This gap makes benchmarking across jurisdictions very challenging.”

The FCA’s secondary objective to facilitate growth and international competitiveness is set out in the Financial Services and Markets Act 2000.

As covered by Vixio, Bim Afolami has made delivering on this objective a key part of his role as City minister and economic secretary to the Treasury.

EU Regulators Release New DORA Consultation

The European supervisory authorities (ESAs) have launched a new public consultation on the draft regulatory technical standards (RTS) for the conduct of oversight activities in relation to the joint examination teams under the Digital Operational Resilience Act (DORA).

The primary goal of the draft RTS is to lay out the criteria for determining the composition of the joint examination teams and the designation of the members, their tasks and working arrangements.

It aims to ensure a balanced participation of staff members from the ESAs and from the relevant national competent authorities.

These draft RTS also aim to ensure that joint examination teams perform efficiently and effectively, given their central role in the daily oversight of critical ICT third-party service providers (CTPPs).

Stakeholders can submit their comments on the draft RTS by May 18.

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