EU Draft Guidelines On Major Incident Reporting Published For Consultation

On December 7, 2016, the EBA launched a consultation on draft Guidelines on major incidents reporting under the Payment Services Directive 2. PSD2 requires payment service providers to notify their national regulator without delay of any major operational or security incident. The national regulator must assess the relevance of the incident to other authorities in its Member State and notify them accordingly. In addition, the national regulator must pass on the details of the incident to the EBA and the ECB and, with them, assess the relevance of the incident to other EU bodies and Member States and notify them accordingly. The EBA is responsible for preparing Guidelines addresses to PSPs on the classification of major incidents and on the content, the format, including standard notification templates and the procedures for notifying an incident to their regulator. In addition, the EBA must prepare Guidelines for national regulators on the criteria for assessing the