EU regulators hold public meeting to discuss DORA

EU regulators hold public meeting to discuss DORA

The three European Supervisory Authorities (EBA, EIOPA and ESMA) have held a joint digital public event to discuss the Digital Operational Resilience Act (DORA).

Over 2,000 representatives from credit and payment institutions, investment firms, (re)insurance undertakings, information and communication technology (ICT) third-party service providers and other financial entities participated in the event.

These representatives were able to engage with the regulators to share their views on the regulation and raise any concerns.

To open the conference, Petra Hielkema chairperson of EIOPA said the regulators are working to enhance operational resilience of the financial industry by supporting the supervisory community and the industry in mitigating the risks and seizing the opportunities of the digital transformation. A part of this is DORA.

Gerry Cross, chairperson of the joint committee sub-committee, added, “the implementation of DORA is uniquely cross-sectoral and consequential” and that “the regulatory community is highly committed to its successful implementation.”

DORA is aimed at ensuring financial institutions manage all components of operational resilience. As part of this, they will now need to follow rules around protection, detection, containment, recovery and repair capabilities against ICT-related incidents.

The policy mandates discussed covered ICT risk management, incident reporting, the register of information and criticality criteria.

The three regulators will use the insight from the conference to support the development of the policy mandates.

There will also be an open public consultation for every policy mandate, so all stakeholders have the chance to offer input.

Earlier in the year, the three European Supervisory Authorities published a joint thematic report on national financial education initiatives on digitalisation. It outlines good practices that national competent authorities and other public entities can follow when designing and implementing their financial education entities.

Last year, they also published a call for evidence on greenwashing to gather input from stakeholders on the topic. This was held to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and collect examples of potential greenwashing practices.

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