Speakers:
• Lorelien Hoet, Government Affairs Director EU at Microsoft
• Vicente Moret Millás, Of Counsel of Andersen for the area of Procedural Law in the Madrid office
• Gloria Sánchez Soriano, Head of Legal for Technology & Legal Transformation of Banco Santander
Moderator: Vicente Moret Millás, Of Counsel of Andersen for the area of Procedural Law in the Madrid office
Objectives: The financial sector is greatly dependent on information and communication technologies (ICT). The importance of ensuring remote access to financial services increased to an even greater extent during the COVID-19 pandemic. Moreover, the 2019 Joint technical advice of the European Supervisory Authorities (ESAs) called for a more coherent approach in addressing ICT risk in finance and recommended the Commission to strengthen, in a proportionate way, the digital operational resilience of the financial services industry through an EU sector-specific initiative. In light thereof, On 24 September, the European Commission published its legislative proposal for a Regulation on digital operational resilience for the financial sector, also referred to as the Digital Operational Resilience Act (DORA), as part of its wider Digital Finance package (press release, press remarks, Q&A), which also includes a digital finance strategy.The overall objective of the DORA is to introduce EU-wide rules on digital operational resilience, coordinating, streamlining, and upgrading existing national regulatory regimes to address the cross-border nature of ICT risks faced by the financial sector. DORA also intends to implement a comprehensive regulatory framework for European financial entities ICT risk management, and to harmonize ICT system testing, auditing, reporting requirements, and information sharing. DORA also introduces provisions for the management of ICT third-party risks, which includes an oversight framework for critical ICT third-party service providers (CTPPs), by which CTPPs fall under the direct supervision of a Lead Overseer.During the session, we will discuss in detail the resilience requirements and ICT oversight framework proposed by DORA and assess whether the proposed regulation is likely to meet the goals set forward by the Commission.
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