European Commission’s DORA proposal (2020): EBF position
BRUSSELS, 03 May 2021 – The adoption of innovative technology by European banks requires a balance between a reliable and consistent framework of financial regulation and flexibility to adapt to changing business models. The inherently cross-border nature of digital service solutions needs to be addressed by banks, regulators, and digital service providers on common ground, looking for the secure facilitation of financial service innovation across Europe. An appropriate and harmonized pan-European legal framework is key to facilitate adoption of innovative technology.
Consequently, the EBF welcomes the European Commission’s aim to enhance operational resilience in Europe. The financial industry’s own considerations will benefit from more harmonized ICT-related rules at the European level, aligned with the existing supervisory framework today. Detrimental fragmentation of the regulatory framework should be avoided, addressing risks consistently and proportionately across European jurisdictions without hampering the financial industry’s ability to apply innovative services.
With this position paper, the EBF addresses the proposal for a Regulation on digital operational resilience for the financial sector, as published by the Commission in September 2020.
For more information:
Alexandra Maniati, Director of Innovation & Cybersecurity, email@example.com
Julian Schmücker, Senior Policy Adviser Digital Innovation, firstname.lastname@example.org
Dimos Karalis, Policy Adviser – Innovation & Cybersecurity, email@example.com