Financial institutions within the EU, including asset managers, have been asked to take part in a training exercise ahead of the implementation of the Digital Operational Resilience Act (DORA).
The voluntary exercise will be run in May by the European Supervisory Authorities (ESAs) which includes the European Securities and Markets Authority (Esma) as well as the European Banking Authority and European Insurance and Occupational Pensions Authority.
Participating firms will be asked to provide the contractual arrangements agreed with any ICT third party service providers that they use.
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When the regulation takes effect in 2025, financial entities will have to maintain registers containing this contractual information.
DORA is designed to bolster the operational resilience of financial firms in light of the greater use of digital technology. It is also aimed at harmonising the various rules in place across the EU.
The ESAs have stated that they will provide help to participating firms in terms of building their registers in the right format as well as testing the quality of the data therein.
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Financial entities will then be expected to deliver their registers of information to the ESAs through their competent authorities between the beginning of July and the end of August.
DORA and the impact of similar regulations on asset managers’ operations will be one of the subjects to be discussed at the FundsTech Forum on April 25th. More details of the event, including the agenda and registration, can be found here.
