As part of its Digital Finance Package published in September 2020 the EU Commission has proposed new Regulation, commonly known as Digital Operational Resilience Act (DORA) that shall bring existing sector specific requirements on digital operational resilience onto higher legislative footing and create a harmonized regulatory framework for the management of Information and communications technology (ICT) risks.
This sent a clear signal to the financial services industry that the topic of digital operational resilience will be a key focus area of EU regulators in the years to come.
The final text was published in the EU Official Journal on December 2022, however the new framework will start to apply as of 16th of January 2025.
Nevertheless, what impact DORA will have on existing national ICT-related requirements applicable to financial institutions, what compliance challenges financial institutions will face while preparing for the new regime and how the new requirements will impact third party service providers operating in the financial services sector are just some of many questions that are still to be answered.
Join Verena Ritter-Döring, Clare Reynolds and Miroslav Đurić from Frankfurt and London offices of Taylor Wessing who will provide an overview of proposed regulatory requirements and will address some relevant practical challenges that financial institutions and third party service providers may face in the process of preparation for the new EU framework on digital operational resilience in the coming period.
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