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UK Regulators Partner with EU on Critical Third Parties
14 Jan
Summary
- UK financial regulators and EU counterparts signed a memorandum.
- The agreement enhances cooperation and oversight of critical third parties.
- The framework addresses information sharing during incidents like cyber-attacks.
The Bank of England and other UK financial regulators have formalized a partnership with their European counterparts. This collaboration, established via a memorandum of understanding, creates a structured approach for coordinating efforts and sharing vital information.
The primary objective of this agreement is to enhance the oversight of critical third-party providers. These entities play a crucial role in the financial sector, making their stability paramount for the broader economic landscape.
The framework specifically addresses how regulators will work together during disruptive incidents. This includes critical events like cyber-attacks or widespread power outages, ensuring a unified and informed response.
