DORA is on the horizon
The Digital Operational Resilience Act (DORA) is a regulatory framework within the European Union (EU) aimed at establishing a standardized approach to overseeing digital operational resilience within the financial sector.
DORA: EC suggests amendments to the Implementing Technical Standards (ITS) proposed by ESA
The European Commission is suggesting some amendments to the draft Implementing Technical Standards issued by the European Supervisory Authority (ESA) as the commission believes that Financial entities should have the choice to identity their EU-based ICT third-party service providers either with the Legal Entity Identifier (LEI) or by using the European Unique Identifier (EUID).
Response by the European Supervisory Authority (ESA)
In response to the rejection by the European Commission, ESA iterates that the LEI is universally recognised and facilitates the systematic risk evaluation. As a workaround, ESA is proposing to include fields for both the LEI and EUID in the register of information, with prominence given to the EUID. ESA is sceptical about this approach as it might give room for data quality issues, as well as a more reporting burden for the financial entities. Moreover, the authority is also proposing some further changes to the register of information to tackle problems unearthed by the dry-run exercise.
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