Early Christmas Gift From Europe – DORA Is Adopted

On 28 November 2022, the Council of the European Union ("EU") (the "Council") adopted the Digital Operational Resilience Act ("DORA"), the final step in the legislative approval process, having been adopted by the European Parliament on 10 November 2022.

Background to DORA

DORA was part of a larger digital finance package published by the European Commission (the "Commission") in September 2020, which, in addition to DORA, contained a digital finance strategy; a retail payments strategy for the EU; and a proposed regulation on crypto-assets ("MiCA").

The Commission's rationale for proposing DORA in particular, related to the:

1. increased risks arising from the financial services' sector reliance on Information Communication Technologies ("ICT");