Gibraltar Resolution Planning Framework Industry Dialogue Workshop: FMI & Critical IT Systems

Today’s Content FMI Background FMI Importance to Bank Resolution Critical IT Systems Reporting Templates Questions/Comments Next Steps Secure data transfer GBA update on MREL implementation deadlines

Financial Market Infrastructure A Financial Market Infrastructure (FMI) refers to critically important institutions responsible for providing clearing, settlement and recording of monetary and other financial transactions. FMIs are key components of the financial system, delivering services central to the smooth functioning of financial markets. Given their typically large size, lack of substitutability in the markets they serve, and strong connections with banks and other financial institutions, FMIs are generally systemically important. This means they require sound design, and high standards of operational and financial resilience.

Access to FMIs: essential for ensuring resolvability…

Essential For Resolution

Essential For Resolution (ii)

Critical Information Systems A Critical Information System (‘CIS’) shall be understood as an IT application or software unit that provides direct support to the activities carried out by a firm, the disruption of which would present a serious impediment or prevent the performance of a Critical Function alongside, critical services and FMIs.

Templates Information for the purpose of resolution plans under Article 11(3) of Directive 2014/59/EU

Questions Comments 21 February 2018

Industry Dialogue Workshops Content of Resolution Plans: 3rd November Introduction to MREL and MREL setting: 6th December Data liquidity template: February 21st 2018 Simplified Obligations: February 28th 2018 Critical Functions/Shared Services: March 21st 2018 FMI’s/Critical IT Systems: May 22nd 2018 What’s Next? 21 February 2018

Next Steps The RCU will discuss any Cross-Border requirements with firms individually (ie with those who have head offices elsewhere within the EU) RCU to review EBA consultation output RCU to update Q&A’s from IDW Firms can begin to prepare for the 2018 implementation of the information templates The RCU will now begin to work closely with firms on their templates with a proposed draft submission on 31st October 2018 – 1 year following the FSRCC Seminar 2018 update seminar proposed to take place in Q4 2018 21 February 2018

Secure transfer of Data (Update) The RCU will be providing the functionality to upload data securely to a protected GFSC Cloud sitting on the GFSC server – it is envisaged that this will replace email/data keys etc. going forward. Long term ‘Data point model’ discussion continue with Invoke (however at early stages due to infancy of new ITS’) LETS DISCUSS ! 21 February 2018