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Topic: Digital operational resilience in financial services dora

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Council and European Parliament reach provisional agreement on DORA

May 25, 2022

On 11 May 2022, it was announced that the Council presidency and the European Parliament had reached provisional agreement on the Digital Operational Resilience Act (DORA). The provisional agreement is subject to approval by the Council and the European Parliament before going through the formal adoption procedure.

Co-legislators continue negotiations over Digital Operational Resilience Act proposal

December 14, 2021

The legislative bodies of the European Union, the Council of the European Union (the Council) and the European Parliament (Parliament), are getting closer to reaching their individual positions on the proposed regulation on digital operational resilience for the EU financial sector (DORA). The proposal was published by the European Commission (Commission) in September 2020 and has been under discussion in both institutions over the past year. We expect the Parliament and the Council to reach their positions by the beginning of 2022, and trilogue discussions to reach a compromise between the co-legislators in spring or early summer 2022. Please find an update of current discussions in the sections below.

Digital finance package: Council reaches agreement on MiCA and DORA

December 14, 2021

On 23 November 2021, the Council of the EU announced that it had adopted its position on two important components of the digital finance package – the ‘Regulation on Markets in Crypto Assets’ (MiCA) and the ‘Digital Operational Resilience Act’ (DORA).

ECON discusses amendments on MiCA, DORA and DLTR

June 23, 2021

On 16 June 2021, the European Parliament Committee on Economic and Monetary Affairs (ECON) held a meeting in which it discussed the main legislative proposals under the European Commission (Commission) Digital Finance Strategy.

Outsourcing and third-party risk – Overview of responses to FSB public consultation

June 15, 2021

On 14 June 2021, the Financial Stability Board (FSB) published a note which summarises the main issues raised by respondents to its discussion paper on regulatory and supervisory issues relating to outsourcing and third party relationships.

DORA review: Member States consider inclusion of payment card networks and retail payment infrastructures

April 29, 2021

On 28 April 2021 the Portuguese Presidency of the Council held a meeting of a Council working group in order to continue its legislative review of the proposed regulation on digital operational resilience for the financial sector (DORA).

ESAs letter on legislative proposal for a regulation on digital operational resilience for the financial sector

February 10, 2021

On 9 February 2021, the European Supervisory Authorities (ESAs) published a letter they had sent to the Chair of ECON, the President of the ECOFIN Council and the EU Commissioner in charge of Financial stability, financial services and capital markets.

ESAs letter on legislative proposal for a regulation on digital operational resilience for the financial sector

February 10, 2021

On 9 February 2021, the European Supervisory Authorities (ESAs) published a letter they had sent to the Chair of ECON, the President of the ECOFIN Council and the EU Commissioner in charge of Financial stability, financial services and capital markets.

Member States continue DORA review

December 14, 2020

On Tuesday, 8 December 2020, the outgoing German Presidency of the Council held another working group to continue its substantive review of the European Commission’s proposal for regulation on digital operational resilience in financial services (DORA). On the agenda for discussion was, among other, in-depth review of certain provisions concerning third-party ICT service providers.