DORA Deadline Looms: ESAs Advise Entities To 'Get Set' For 17 January 2025

On 4 December 2024, the ESAs published a Statement on the Applicability of DORA informing entities that there will be no transitional period and to be prepared for DORA by 17 January 2025.

The Digital Operational Resilience Act (“DORA”) together with the technical standards and guidelines adopted under it will apply from 17 January 2025. On 4 December 2024, the European Supervisory Authorities (ESAs) issued a ‘Statement on DORA Application' (the “Statement”) reminding in-scope financial entities and ICT third-party service providers of the application date and advising them to advance their DORA readiness preparations. The Statement confirms that there is no transitional period and emphasises the importance for financial entities to adopt a robust and structured approach to meet their obligations in a timely manner.