European Union: Announced Council of EU general approach on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
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Announced Council of EU general approach on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
On 24 November 2021, the Council of the European Union adopted its general approach on the Proposal on 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) will be required to open a subsidiary in the EU in order for the authorities to ensure compliance with the requirements. The Council and European Parliament will start the negotiations on the Proposal.
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