Recital 78 Exemptions from Oversight Framework

Similarly, financial entitiesas defined in Article 2, points (a) to (t) providing ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; to other financial entitiesas defined in Article 2, points (a) to (t), while belonging to the category of ICT third-party service providers means an undertaking providing ICT services; under this Regulation, should also be exempted from the Oversight Framework since they are already subject to supervisory mechanisms established by the relevant Union financial services law. Where applicable, competent authoritiesas defined in Article 46 should take into account, in the context of their supervisory activities, the ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; posed to financial entitiesas defined in Article 2, points (a) to (t) by financial entitiesas defined in Article 2, points (a) to (t) providing ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services;. Likewise, due to the existing risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; monitoring mechanisms at group means a group as defined in Article 2, point (11), of Directive 2013/34/EU; level, the same exemption should be introduced for ICT third-party service providers means an undertaking providing ICT services; delivering services predominantly to the entities means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; of their own group means a group as defined in Article 2, point (11), of Directive 2013/34/EU;. ICT third-party service providers means an undertaking providing ICT services; providing ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; solely in one Member State to financial entitiesas defined in Article 2, points (a) to (t) that are active only in that Member State should also be exempted from the designation mechanism because of their limited activities and lack of cross-border impact.