Cross-Sectoral Supervision describes a regulatory approach where different supervisory authorities collaborate to oversee entities or activities that span multiple financial sectors. This coordinated effort addresses risks that do not fit neatly into a single regulatory category, such as those involving new technologies or hybrid financial products. It aims to achieve a comprehensive view of risks and ensure consistent application of rules. This approach is essential for modern financial oversight.
Context
Cross-sectoral supervision is gaining prominence in the digital asset space as crypto activities often blur traditional financial boundaries. Regulators are working to establish frameworks that allow for effective cooperation across banking, securities, and payments authorities. This coordinated approach seeks to address systemic risks and regulatory gaps presented by innovative digital assets.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
Financial entities must immediately integrate CTPP oversight into their ICT risk frameworks, as DORA shifts regulatory focus to supply chain resilience.
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