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ARTICLE · 17 JANUARY 2023

Digital Operational Resilience In The Financial Sector: DORA's Coming Into Force

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Two EU legislative acts relating to digital operational resilience in the financial industry were recently published in the Official Journal of the European Union.

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Two EU legislative acts relating to digital operational resilience in the financial industry were recently published in the Official Journal of the European Union.

Regulation EU 2022/2554 (DORA) and Directive EU 2022/2556 (DORA Amending Directive) will enter into force on 16 January 2023.

As a regulation, DORA will be directly effective from 17 January 2025 without transposing measures. EU member states must implement the DORA Amending Directive from the same date.

Background

The financial sector requires resilient information communication technology (ICT) to operate. There is a growing international political, regulatory and supervisory focus on mitigating risks to the financial industry stemming from ICT reliance. DORA is one aspect of the EU's Digital Finance Package, which includes legislative proposals on markets in crypto-assets (MiCA), distributed ledger technology such as blockchain and a digital finance strategy.

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