European Union: Adopted Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement by Council of the European Union

Description

Adopted Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement by Council of the European Union

On 28 November 2022, the Council of the European Union adopted the Digital Operational Resilience Act (DORA Regulation). The Regulation includes security requirements to mitigate the risks arising from the digital finance sector due to the emergence of decentralised finance. Furthermore, the Regulation would require information and communications technology (ICT) third-party providers from countries outside the European Union and delivering critical services to financial entities will be required to open a subsidiary in the EU in order for the authorities to ensure compliance with the requirements. The Regulation will be implemented 24 months after it enters into force.

Original source

Scope

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
legislature
Government Body
parliament

Complete timeline of this policy change

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2020-09-24
under deliberation

On 24 September 2020, the European Commission submitted the Proposal for a Regulation on digital op…

2021-11-24
under deliberation

On 24 November 2021, the Council of the European Union adopted its general approach on the Proposal…

2021-12-07
under deliberation

On 7 December 2021, the European Parliament adopted its general approach on the Proposal on Digital…

2022-05-10
under deliberation

On 10 May 2022, the European Parliament and the Council of the European Union announced that a prov…

2022-11-10
under deliberation

On 10 November 2022, the European Parliament passed the Digital Operational Resilience Act (DORA). …

2022-11-28
adopted

On 28 November 2022, the Council of the European Union adopted the Digital Operational Resilience A…

2023-01-16
in grace period

On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA…

2025-01-17
in force

On 17 January 2025, the Regulation on digital operational resilience for the financial sector (DORA…