On 24 September 2020, the European Commission submitted the Proposal for a Regulation on digital operational resilience for the financial sector (DORA) to the European Parliament and the Council of the European Union. 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) will be required to open appoint a representative in the EU in order for the authorities to ensure compliance with the requirements.
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