critical or important function
as defined in Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on…, Article 3, point (17)
a function whose discontinued, defective or failed performance 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 legislation, or its financial performance or the soundness or continuity of its services and activities
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Also defined in
- Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational… 32022R2554, Article 3, point (22)
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…