European Union: Reached provisional agreement between European Parliament and Council on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
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Reached provisional agreement between European Parliament and Council on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
On 10 May 2022, the European Parliament and the Council of the European Union announced that a provisional agreement on Digital Operational Resilience Act (DORA) Proposal was reached. 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 text of the provisional agreement on (DORA) Proposal now goes to the Council and European Parliament for adoption.
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