votes of the srb permanent members. by 2 / 4 bis central bankers'speeches decision of the bnb governing council, mr. kalin hristov, deputy governor in charge of the issue department, is designated as the bnb representative at the srb with a voting right in the plenary session and with rights and obligations as all other non - executive members when participating in the srb extended executive session. the distribution of the functions and tasks between srb and the national resolution authorities is in line with the distribution of the supervisory functions between the ecb and the supervisory authorities of the participating member states. the srb takes decisions on any matter concerning resolution planning and taking resolution actions with regard to the significant entities or groups falling under the ecb direct supervision and with respect to the cross - border groups within the banking union. in this process the national resolution authorities assist the srb and following the decisions take the relevant actions or adopt their own decisions for implementing the srb decisions and guidance. for the purposes of the close cooperation, the bnb has designated its representatives as members of the internal resolution teams, which are set up for each entity or group within the scope of the srb direct powers. the internal resolution teams assist the srb in the performance of its functions ; draw up the documents for the meetings of the extended executive session and carry out daily communication and coordination between the srb experts and the national resolution authorities. with regard to institutions and groups, which have not been classified as significant and do not operate cross border, the national resolution authorities exercise fully their powers for resolution planning, assessing resolvability and the possibility to address the impediments to a resolution, as well as the resolution actions. at the same time, in order to ensure the effective and consistent implementation of the resolution framework, the srb issues guidance and general instructions to the national resolution authorities regarding the performance of the tasks and adoption of resolution decisions. within the srb, the national resolution financing mechanisms are replaced by the single resolution fund ( srf ), where the credit institutions from the participating member states make ex - ante, and if needed, ex - post contributions. the decisions about determining the amount of banks ’ contributions to the srf and about the srf funds management are taken by the srb. it is the national resolution authorities that are responsible for informing the banks about their calculated individual contributions and for raising and transferring the contributions to the srf. using the funds to finance the

; 4. 2. adaptation of eu legislation to facilitate digital innovation : - regulation of activities with cryptocurrencies and financial instruments based on tokens by introducing a comprehensive regulatory framework by 2024, allowing the implementation in the financial service sector of distributed ledger technology ( dlt ) and cryptocurrencies, taking into account the related risks ; - promoting cooperation and use of cloud computing infrastructure, including through the development of a legislative framework for the supervision of information and communication technology ( ict ) providers for the financial sector ; - promoting the use of artificial intelligence tools in the financial services sector ; - adherence to the principle of technology neutrality of legislation, combined with the issuance of interpretative guidelines on how existing legislation on financial services should be applied to new technologies in order to reduce legal uncertainty. - 4. 3. promoting innovation based on financial data by creating a common space for financial data - facilitating digital access to legally required financial information disclosed by financial institutions through standardised and machine - readable formats ; - promoting innovative computer technologies to facilitate reporting and supervision ( so - called reg - tech and sup - tech ) ; - encourage data sharing between companies in the financial services sector inside and outside the eu ( ‘ open finance ’ ). 4. 4. meeting the challenges and risks related to the implementation of digital technologies : - keeping financial stability, protecting investors and consumers on the principle of ‘ same business, same risks, same rules ’, regulating the business of the big tech corporations involved in provision of financial services ; - protecting consumers and the public interest – adapting the rules of consumer protection and personal data protection to digital financial services, ensuring the effectiveness of and making the legislation on money laundering, financing of terrorism, and tax avoidance fit for the digital age ; - enhancing the digital operational resilience. 5. legislative proposals as part of the digital finance package, the european commission published proposals for the development of three regulations : 5. 1. proposal for a regulation on digital operational resilience for the financial sector6 the regulation contains the following basic concepts : - introducing requirements for the management by financial entities of the ict - related risks and for the reporting to the competent authorities of major ict - related incidents and digital operational resilience testing ; - sharing information on cyber threats and vulnerabilities ; - prescribing measures for the sound management by financial entities of the risk related to ict third - party service providers ; - introducing requirements for the contractual arrangements between ict third - party service