The three regulators that supervise the EU’s financial services have launched a public consultation on the proposed regulatory technical standards (RTS) for the Digital Operational Resilience Act (Dora).
The act is set to take effect in January 2025 and will require financial institutions, including asset managers, to demonstrate more robust defences against possible cyberattacks and other operational risks.
DORA also represents regulators’ efforts to make its operational resilience rules fit for purpose in a digital age.
The three supervisory authorities – ESMA, EBA and EIOPA – have initially focused the consultation on the conduct of oversight activities and the criteria for the make-up of the joint examination teams.
According to a statement, the draft RTS aims to ensure “maximum efficiency and effectiveness” in terms of the central role played by the examination teams in the daily oversight of critical ICT third-party service providers.
“The proposed technical standards take into account the high technical complexity of the oversight activities and the scarce availability of the expertise needed to perform them,” stated the supervisors.
Industry stakeholders are encouraged to submit their comments on the draft RTS by May 18.
©2024 fundsTech
