Recital 89 Rights of critical ICT third-party service providers

Due to the significant impact of being designated as critical, this Regulation should ensure that the rights of critical ICT third-party service providers means an ICT third-party service provider designated as critical in accordance with Article 31; are observed throughout the implementation of the Oversight Framework. Prior to being designated as critical, such providers should, for example, have the right to submit to the Lead Overseer means the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; a reasoned statement containing any relevant information for the purposes of the assessment related to their designation. Since the Lead Overseer means the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; should be empowered to submit recommendations on 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; matters and suitable remedies thereto, which include the power to oppose certain contractual arrangements ultimately affecting the stability of the financial entity 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; or the financial system, critical ICT third-party service providers means an ICT third-party service provider designated as critical in accordance with Article 31; should also be given the opportunity to provide, prior to the finalisation of those recommendations, explanations regarding the expected impact of the solutions, envisaged in the recommendations, on customers that are 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; falling outside the scope of this Regulation and to formulate solutions to mitigate risks 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;. Critical ICT third-party service providers means an ICT third-party service provider designated as critical in accordance with Article 31; disagreeing with the recommendations should submit a reasoned explanation of their intention not to endorse the recommendation. Where such reasoned explanation is not submitted or where it is considered to be insufficient, the Lead Overseer means the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; should issue a public notice summarily describing the matter of non-compliance.