Article 4 Criticality or importance of the functions

When considering the criterion set out in Article 31(2), point (c), of Regulation (EU) 2022/2554, the ESAs shall carry out their assessment in the light of the following ‘step 2’ sub-criterion:

sub-criterion 3.1: the ICT service provided ultimately by the same ICT third-party service providermeans an undertaking providing ICT services; supporting critical or important functionsmeans a function, the disruption of which would materially impair the financial performance of a financial entity, or the soundness or continuity of its services and activities, or the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law; of financial entities is of a critical nature for the activities of the financial entities.

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