Â鶹´«Ã½

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
≔ Menu
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. HomeRegulation news
  2. ESAs to run voluntary exercise in preparation for DORA implementation
Regulation news

ESAs to run voluntary exercise in preparation for DORA implementation


12 April 2024 Europe
Reporter: Carmella Haswell

Generic business image for news article
Image: iQoncept/stock.adobe.com
The European Supervisory Authorities (ESAs) will launch a voluntary exercise in May, to prepare the industry for the next stage of the Digital Operation Resilience Act (DORA) implementation.

The exercise will help to collect registers of information of contractual arrangements on the use of ICT third-party service providers by financial entities.

The ESAs — collectively the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Â鶹´«Ã½ and Markets Authority (ESMA) — note that under the regulation, and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers.

The information from the dry run exercise will be collected from financial entities, through their competent authorities, and will serve as preparation for the implementation and reporting of registers of information under DORA.

It will help entities prepare to establish their register of information, gather the relevant information specified by the ESAs’ Implementing Technical Standards for the registers of information, and to report their registers of information to their respective competent authorities, which will, in turn, provide those to the ESAs.

Financial entities participating in the exercise will receive support from the ESAs to test the reporting process, address data quality issues, and improve internal processes.

The ESAs will provide feedback on data quality to participating financial entities, return cleaned files with their register of information, organise workshops, and respond to frequently asked questions.

With the exercise taking place in May, the ESAs expect submissions of registers of information between 1 July and 30 August 2024.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Â鶹´«Ã½ Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →