The European Commission, the EU body responsible for implementing and monitoring EU law, has requested feedback on its draft regulations for the management of third-party ICT providers which are deemed as critical to the EU financial sector.
The draft regulations outline oversight fees that must be paid by critical third-party ICT providers to cover the costs of monitoring and oversight efforts by the European Supervisory Authorities (ESAs). These fees are set at €500,000 for the first year in which a third-party ICT provider is designated as critical. Fees are thereafter determined by the extent of supervisory work deemed necessary by the ESAs and the revenue of the company in question.
The draft also stipulates that all data provided to the ESAs by a critical third-part ICT provider must be independently audited.
The European Commission is accepting feedback until 14th December 2023.
Full details available here.
