* by Natali Giorgalla
Promising news have been announced by the European Committee for Standardization (CEN) addressing the financial industry. In particular, CEN has recently established a new Technical Committee (TC), CEN TC 475 ‘Finance’. As of today, there were no other European standardisation TC’s focusing on Finance. Even though, in the international arena, within ISO, there has been a well-established standardisation technical committee, ISO TC 068 Financial Services, since it’s creation in 1972.
In Germany, the respective national standardization body of CYS, DIN (German Institute for Standardization) initiated the founding of CEN TC 475 ‘Finance’ at CEN. DIN's initiative to establish this TC has received strong support from the majority of the 34 European countries involved in CEN. In addition to Germany (DIN) as the initiator, Bulgaria (BDS), Finland (SFS), Italy (UNI), Switzerland (SNV), Spain (UNE) and the United Kingdom (BSI) will also actively participate with their respective standardization bodies in the development of European financial standards.
The newly established CEN TC 475 ‘Finance’ will address sustainable finance in a European context, integrating relevant ISO standardization activities and complementing existing initiatives and regulations. This will facilitate informed decision-making and sustainable investments, which ultimately contributes to the alignment of the financial system with global sustainability goals. By developing standards on the topic, the TC aims to enhance transparency, consistency, and trust in financial practices.
Initially, CEN TC 475 ‘Finance’ will deal with standardization work in the areas of financial analysis, risk analysis and the sustainability declaration of financial products. It is expected, that the first plenary meeting will take place in the first quarter of 2024.
Undoubtedly, the aforementioned entail promising news also for the Cypriot Financial Industry. In particular, CEN TC 475 ‘Finance’ is now incorporated under the National Mirror Committee Financial Services, which is comprised of well-established experts within the financial field in Cyprus.
For additional information on the subject matter as well as ways to be involved, please contact the CYS officer responsible, Natali Giorgalla at This email address is being protected from spambots. You need JavaScript enabled to view it. or 22.411.448.
* Natali Giorgalla works as a Standards Officer for Services & Administration at CYS.
