DORA: ESA Discussion Paper

The European Supervisory Authorities (ESAs), comprising the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA), have released a discussion paper on the Digital Operational Resilience Act (DORA). The paper is open for comments from stakeholders until 23 June 2023. The ESAs are seeking feedback on all proposals and questions presented in the paper, particularly those that reflect a cross-sectoral approach and provide clear rationales and evidence to support the views expressed. Stakeholders can submit their comments through the consultation form, with options to request confidentiality or disclosure of their responses.

ESA Discussion Paper on DORA Implications

The release of the DORA discussion paper by the Joint ESAs signifies the importance of digital operational resilience in the financial sector. As stakeholders provide their input and suggestions, the ESAs can refine the proposals and develop a more comprehensive and effective framework for digital operational resilience. This could lead to several positive implications for the future:

• Enhanced cross-sectoral collaboration: By encouraging responses that reflect a cross-sectoral approach, the ESAs aim to foster better collaboration among the banking, insurance, and investment sectors. This could lead to a more unified and efficient regulatory framework.

• Improved operational resilience: With a well-defined framework in place, financial institutions will be better equipped to ensure their digital systems are secure and resilient, thereby reducing the risks of cyberattacks and system failures.

• Increased investor confidence: A more resilient financial sector will likely lead to increased confidence among investors, as they can be assured that their investments are protected against potential digital threats.

• Boost to innovation: As the financial sector becomes more digitally resilient, it could encourage further innovation in digital technologies and solutions, driving growth and competitiveness in the industry.

• Global influence: The development of a robust digital operational resilience framework in the European financial sector could serve as a model for other jurisdictions, promoting global cooperation and standardization in this area.

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Joint ESAs Discussion paper on DORA

The European Supervisory Authorities (EBA, EIOPA, ESMA) invite comments on all proposals put forward in this paper and in particular to the questions presented throughout the paper (and as summarised in Annex I of the paper). Comments are most helpful if they:

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