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ARTICLE · 03 JULY 2024

DORA Implementation In Luxembourg

Arendt & Medernach
Arendt & Medernach
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Arendt & Medernach

Arendt & Medernach

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The Luxembourg law implementing certain aspects of the Digital Operational Resilience Act (DORA) and implementing Directive 2022/2556 has just been published.

LuxembourgFinance and Banking
Bénédicte D’Allard
Bénédicte D’Allard
Astrid Wagner
Astrid Wagner
Marc Mouton
Marc Mouton
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The Luxembourg law implementing certain aspects of the Digital Operational Resilience Act (DORA) and implementing Directive 2022/2556 has just been published. For the purpose of enforcing DORA, the CSSF and the CAA have now been given extensive supervisory and investigatory powers and can also impose heavy administrative sanctions and other measures in cases of violation of specific provisions of the regulation.

On 16 January 2023, Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA) entered into force, heralding a new era of digital operational resilience for the financial sector across the EU.

DORA will apply from 17 January 2025 and represents a pivotal step forward in consolidating and enhancing ICT risk management requirements for financial entities. It emphasises the importance of unified cybersecurity protocols to mitigate ICT-related risks and ensure robust operational resilience within the financial sector.

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