Read the CySEC Circular C639
Memo #26-2024
CySEC Circular No: C639
Date: 24/04/2024
Subject: Voluntary Dry Run Exercise to prepare industry for the next stage of Digital Operational Resilience Act (DORA) implementation
Purpose: To notify Regulated Entities of an upcoming voluntary exercise initiated by the ESAs.
In Summary:
CySEC has issued the Circular C639 on 24/04/2024 to notify the Cyprus Investment Firms (‘CIFs’), Central Securities Depositories, Trading Venues, Alternative Investment Fund Managers (‘AIFMs’) and UCITS Management Companies (‘UCITS’), of the upcoming voluntary exercise initiated by the European Supervisory Authorities (EBA, EIOPA, ESMA – collectively referred to as ESAs) for the collection of the registers of information of contractual arrangements on the use of ICT third-party providers by the financial entities (the term financial Entities is defined Article 2(1) and (2) of the Digital Operation Resilience Act (‘DORA’)).
CySEC informs that Under the DORA and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers.
CySEC further informs that the ESAs and the competent authorities are introducing this voluntary exercise to help financial entities prepare for establishing their register of information, gathering the relevant information specified in the ESAs’ final draft Implementing Standards on the registers of information and reporting their registers of information to their respective competent authorities, who will, in turn, provide those to the ESAs.
As part of the exercise, the ESAs will provide feedback on data quality to financial entities participating, return cleaned files with their register of information, organise workshops and respond to frequently asked questions.
The ad-hoc data collection is expected to be launched in May 2024 with the financial entities expecting to submit their registers of information to the ESAs through their competent authorities between 1 July and 30 August.
The ESAs invite financial entities to take part in an introductory virtual workshop on 30 April 2024 from 10:00 to 12:00 CEST, in order to receive more information regarding the dry run exercise. Interested parties should register by 25 April 2024.
On the following link, financial entities can find the dedicated Factsheet: ‘Dry run’ to prepare for DORA: https://www.eiopa.europa.eu/document/download/ab645661-5cce-4734-8317-1763372c5262_en?filename=Factsheet%20for%202024%20DORA%20dry%20run%20exercise.pdf
The DORA can be found on the following link:
The ESAs’ final draft Implementing Standards on the registers of information can be found on the following link:
Read the CySEC Circular C639
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