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Romanian Financial Regulatory Bodies Take Center Stage

Bucharest, Romania - May 2022

The National Bank of Romania (NBR) has been busy shaping the country’s financial landscape with several key regulatory developments in recent months. In this newsletter, we take a closer look at two significant initiatives that aim to enhance the cyber-resilience and payment systems in Romania.

NBR Establishes Payments Committee

On May 23, 2022, the NBR set up an advisory entity called the Payments Committee to support the central bank’s efforts in promoting and monitoring the smooth functioning of payment systems and instruments in Romania. The committee will collect data to be periodically transmitted to the European Central Bank (ECB), which had requested the establishment of this entity.

TIBER-RO Cyber-Resilience Test Framework

On May 3, 2022, the NBR issued Regulation no. 6/2022 on the framework for implementing the TIBER-EU test framework for testing cyber resilience within Romania’s financial and banking system. Developed by the ECB, this framework is applicable to: * Financial market infrastructures * Credit institutions * Other financial institutions

The regulation provides for controlled tests on the production environment to simulate cyber-attacks by advanced and persistent entities.

Key Takeaways

• The Payments Committee will support the NBR Board in fulfilling its statutory tasks of promoting and monitoring payment systems and instruments in Romania.
• The TIBER-RO test framework aims to enhance the cyber-resilience of financial institutions, with critical participants required to undergo tests at least once every three years.
• The regulation includes requirements applicable for testing service providers.

Stay Informed

For more information on these regulatory developments and their implications for your business, please [contact us](your email or contact form).