Operational resilience

This subtopic contains the following documents:

Practice Notes

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EU financial services firms—legal obligation and legitimate interest under the GDPR—one minute guide—this Practice Note provides an introduction to reliance by financial services firms on legal obligation or legitimate interest as a lawful ground for processing personal data under the General Data Protection Regulation, Regulation (EU) 2016/679 (EU

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Latest EU Law News

Council approves EU's 2025 budget, setting commitments at €192.8bn

The Council has approved the European Union's general budget for 2025, setting total commitments at €192.768,6m and total payments at €149.615,7m. The budget, agreed upon with the European Parliament, maintains a €800,5m margin under the multiannual financial framework expenditure ceilings to address unforeseen needs. The Council emphasises that the 2025 budget focuses on EU priorities whilst ensuring prudent use of taxpayers' money. The European Parliament is expected to formally approve the budget within 14 days, completing the adoption process for this fifth annual budget under the 2021-2027 MFF.

European Commission mandates risk reports from major online platforms

The European Commission has announced that the first 19 designated very large online platforms (VLOPs) and very large search engines (VLOSEs) must publish their inaugural annual risk assessment and audit reports under the Digital Services Act (DSA). These reports are required to detail the providers' assessments of risks stemming from their services, such as illegal content dissemination and threats to minors, as well as outline mitigation measures. The Commission aims to foster greater transparency and accountability in the tech sector through these publications, with stakeholder workshops planned for early 2025 to discuss the findings.

SRB issues 2025 work programme emphasising testing and operational readiness

The Single Resolution Board (SRB) has issued its 2025 annual work programme outlining its objectives and priorities: streamlining the resolution planning process and resolution plans; adopting new guidance for banks' self-assessment of resolvability; the launch of on-site inspections, and enhancing crisis communication. The programme focuses on three strategic areas: core business, governance, organisation, and tools, as well as human resources. It continues the SRB’s strategic shift towards testing and operationalising crisis readiness within the EU’s Banking Union. The SRB will develop multi-annual testing programmes for 2026-2028.

COP29 round-up—22-24 November 2024 (Closing Plenary and Adoption of Decisions)

On 22 November 2024, the last scheduled day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) ran into overtime, after draft finance texts drew criticism from all sides. On 23 November 2024, the conference was extended for an additional day as negotiations remained unresolved, with the closing plenary finishing early on 24 November 2024. Key outcomes included the submission of the first Biennial Transparency Reports (BTRs), the agreement of the Baku Finance Goal (BFG) and the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance. Additionally, agreements were reached on global carbon market rules and support for national adaptation plans in least developed countries. The conference emphasised the need for countries to develop comprehensive climate plans ahead of COP30, incorporating targets for renewable energy expansion and fossil fuel transition.