[ESMA22-106-4405 ] SMSG advice on DORA

On 14 February 2023, the Securities and Markets Stakeholder Group (SMSG) published its advice on the Digital Operational Resilience Act (DORA). DORA is a new regulation proposed by the European Commission that aims to enhance the digital operational resilience of the financial sector in the EU. At both member-state and Union levels, various authorities are given charge of implementing the DORA, NIS 2, and CER frameworks.
SMSG’s advice includes recommendations on various aspects of DORA, such as the scope of the regulation, the requirements for digital operational resilience, incident reporting obligations, supervisory powers, and cooperation between authorities.
SMSG stresses the importance of ensuring a proportionate approach to implementing DORA, taking into account the diversity of the financial sector and the different types of digital services provided. SMSG also emphasizes the need for a coordinated and harmonized approach to implementing DORA across the EU to avoid fragmentation and ensure consistency.