as supervisors is primarily a preventive one. this means oversight of advertising, ensuring that the registry of operators is fit for purpose and, very importantly, raising awareness of the risks among potential users and fostering their financial and digital education. one prime example of this preventive work is the recent joint statements from the cnmv and the banco de espana warning the general public of the risks in relation to crypto - assets. another example, specific to financial education, is the set of actions envisaged under the national financial education plan. we support this preventive work by exercising our corrective powers, wherever regulations and jurisdiction so allow, and by advocating legislative initiatives with regulators and legislators to remedy any shortcomings that we identify. the main strength of this protocol is that it deepens the cooperation needed to efficiently and effectively carry out our functions. this collaboration will also help to delimit each signatory ’ s respective field of action. close cooperation between supervisors is particularly important in this domain, since we are often confronted with schemes that do not fit easily within a single regulatory field or sphere of competence. the idea is to avoid any grey areas where potential criminals can commit financial fraud. not only are financial supervisors involved in the protocol, but so too are players as important and diverse as the public prosecution service, law enforcement authorities and associations representing notaries, registrars, the financial sector and the media. this, we are certain, will be a critical advantage in our efforts to combat financial fraud in both the preventive and corrective dimension. a warm welcome, then, to this initiative, which will have the banco de espana ’ s full support.

of the ecb's supervisory priorities for 2024 - 26 and we expect banks to establish robust outsourcing risk arrangements to proactively tackle any risks that might lead to disruption of critical activities or services. the ecb's supervisory expectations we published our draft guide on cloud outsourcing for public consultation in june this year. the public consultation was open until mid - july and we are now assessing all of the comments. in total, we received 698 comments from 26 respondents, and there was a strong focus on governance aspects. the main respondents were banking associations, although cloud service providers, individual banks and other industry associations also contributed to the consultation. before i tell you more about the comments, let me first explain what the guide is all about. the guide is consistent with existing regulation such as the digital operational resilience act ( dora ) and aims to promote a level playing field for the supervisory treatment of cloud outsourcing by clarifying our supervisory expectations. the guide draws on risks and best practices observed by joint supervisory teams in the context of ongoing supervision and dedicated on - site inspections. at the heart of the guide is the clear expectation for banks to retain full responsibility for their outsourced services. it is not merely a matter of compliance, but accountability. the management body in each institution should ensure that the roles and responsibilities related to cloud outsourcing are clearly defined, well understood and embedded in both internal policies and contractual agreements with cloud service providers ( csps ). in line with the requirements under dora, banks should conduct a thorough preoutsourcing analysis. this involves a detailed risk assessment that considers the complexities of sub - outsourcing chains, data security risks and potential vendor lock - in scenarios. it is important that banks align their cloud strategy with their overall business strategy, ensuring consistency across governance frameworks. the capital requirements directive states that banks must have contingency and business continuity plans that ensure they are able to continue operating and limit losses in the event of severe disruption to their business. in doing so, banks should adopt a holistic approach to business continuity, particularly for critical functions. those measures may include multi - region data centres, hybrid cloud architectures, or even multiple csps to enhance resilience. this layered approach is crucial in mitigating the risk of service disruption and ensuring that banks can continue to operate smoothly, even in worst - case scenarios such as a failure of the csp. we also place significant emphasis on it