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), proceeded in their process for the implementation of the Digital Operational Resilience Act (DORA) with the issuing of a public consultation on the draft Regulatory Technical Standards (RTS) concerning oversight activities. The consultation can be found by clicking on the following link https://www.esma.europa.eu/press-news/consultations/esas-consultation-rts-joint-examination-teams-under-dora
The primary objective of this consultation is twofold: firstly, to establish the criteria for the composition of joint examination teams, thus ensuring a well-balanced representation of personnel from both the ESAs and the respective competent authorities; and secondly, to delineate the roles, tasks, and operational modalities of team members.
These draft RTS are crafted to tackle the inherent technical complexity of the oversight activities as well as the scarcity of requisite expertise within this ambit. They also aim to optimise the efficacy and efficiency of the joint examination teams., which play a pivotal role in the daily oversight of critical Information and Communication Technology third-party service providers (CTPPs).
By soliciting feedback from stakeholders through this public consultation, the ESAs aim to tailor the RTS for the diverse needs of the industry, ensuring that the regulatory framework under DORA aligns seamlessly with evolving technological landscapes while upholding the highest standards of operational resilience and risk management.
Key stakeholders, including financial institutions, industry experts, and regulatory bodies, are encouraged to actively participate in the consultation process, offering valuable insights and perspectives that will contribute to the development of robust and adaptable regulatory standards.
For any information or assistance please contact Dr Ian Gauci and Dr Cherise Abela Grech.
You may wish to read: https://gtg.com.mt/malta-vfa-act-amendments-gtg-micar-compliance/