On 10 November 2022, the European Parliament passed the Digital Operational Resilience Act (DORA). The Proposal includes security requirements to mitigate the risks arising from the digital finance sector due to the emergence of decentralised finance. Furthermore, the Proposal would require information and communications technology (ICT) third-party providers delivering critical services to financial entities from countries outside the European Union (EU) to open a subsidiary in the EU in order for the authorities to ensure compliance with the requirements. The Regulation goes to the Council for adoption and will be implemented 24 months after it enters into force.
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