| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 333, Pages 1-79 |
| Publication Date | 27/12/2022 |
| Content Type | Blog & Commentary, Legislation, Policy-making |
Summary:Regulation (EU) 2022/2554 - formally adopted by the co-legislators on 14 December 2022 - seeking to improve digital operational resilience for the financial sector. It introduces amendments to Regulation (EC) No 1060/2009, Regulation (EU) 648/2012, Regulation (EU) 600/2014, Regulation (EU) No 909/2014 and Regulation (EU) 2016/1011. It is also known as the Digital Operational Resilience Act (DORA). This is a text with EEA relevance. Further information:This Regulation lays down uniform requirements concerning the security of network and information systems supporting the business processes of financial entities, seeking to secure a high common level of digital operational resilience in the European Union (EU). The draft law was adopted by the European Commission on 24 September 2020 as part of its Digital Finance Package, including a Communication setting out a Digital Finance Strategy for the EU. The need for this framework arose from the increasing focus by policymakers on the risks stemming from reliance on information and communication technologies (ICT). While action was carried out to enhance resilience, this only indirectly addressed ICT areas in the financial sector as part of measures to address operational risks more broadly. The absence of detailed and comprehensive rules on digital operational resilience at EU level led to the proliferation of national regulatory initiatives and supervisory approaches. However, action at national level only has a limited effect given the cross-border nature of ICT risks. National initiatives also resulted in overlaps, inconsistencies, duplicative requirements, high administrative and compliance costs. The situation fragmented the single market, undermined stability and integrity of the sector, and jeopardised consumer and investor protection. The Council of the European Union adopted its general approach on 24 November 2021. The plenary of the European Parliament endorsed a negotiating position on 15 December. A provisional agreement between the co-legislators on a compromise text for this file was reached on 10 May 2022. This was formally endorsed by the Parliament on 10 November and by the Council on 28 November. The Act was signed by the co-legislators on 14 December 2022 and published in the Official Journal on 27 December 2022. |
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| Source Link | http://data.europa.eu/eli/reg/2022/2554/oj |
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| Subject Categories | Business and Industry, Internal Markets |
| Subject Tags | Digital Single Market [DSM], Financial Services, Information Society, Risk | Crisis Management, Telecommunications |
| Keywords | Digital Technology |
| International Organisations | European Union [EU] |
