European Union: Entry into force with grace period of Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
Description
Entry into force with grace period of Regulation on digital operational resilience for the financial sector (DORA) including local operation requirement
On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) enters into force with grace, twenty days after being published in the Official Journal of the European Union. 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 requires information and communications technology (ICT) third-party providers from countries outside the European Union and delivering critical services to financial entities to open a subsidiary in the EU in order for the authorities to ensure compliance with the requirements. The Regulation will be implemented on 17 January 2025.
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
legislature
Government Body
parliament
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