European Union: Issued European Parliament approach on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
Description
Issued European Parliament approach on Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
On 7 December 2021, the European Parliament 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.
Original sourceScope
Policy Area
Other operating conditions
Policy Instrument
Local operations requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), DLT development, infrastructure provider: cloud computing, storage and databases
Implementation Level
supranational
Government Branch
executive
Government Body
central government
Complete timeline of this policy change
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2020-09-24
under deliberation
2021-11-24
under deliberation
2021-12-07
under deliberation
2022-05-10
under deliberation
2022-11-10
under deliberation
2022-11-28
adopted
2023-01-16
in grace period