Digital Operational Resilience Act Articles (Proposal)

The Articles (Proposal) of the Digital Operational Resilience Act

Digital Operational Resilience Act (DORA), Article 29, Structure of the Oversight Framework.

1. The Joint Committee, in accordance with Article 57 of Regulation (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, shall establish the Oversight Forum as a sub-committee for the purposes of supporting the work of the Joint Committee and the Lead Overseer referred to in point (b) of Article 28(1) in the area of ICT third-party risk across financial sectors. The Oversight Forum shall prepare the draft joint positions and common acts of the Joint Committee in that area.

The Oversight Forum shall regularly discuss relevant developments on ICT risks and vulnerabilities and promote a consistent approach in the monitoring of ICT third-party risk at Union scale.

2. The Oversight Forum shall on a yearly basis undertake a collective assessment of the results and findings of Oversight activities conducted for all critical ICT third-party providers and promote coordination measures to increase the digital operational resilience of financial entities, foster best practices on addressing ICT concentration risk and explore mitigants for cross-sector risk transfers.

The Oversight Forum shall submit comprehensive benchmarks of critical ICT third-party service providers to be adopted by the Joint Committee as joint positions of the ESAs in accordance with Articles 56(1) of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.

3. The Oversight Forum shall be composed of the Chairpersons of the ESAs, and one high-level representative from the current staff of the relevant competent authority from each Member State. The Executive Directors of each ESA and one representative from the European Commission, from the ESRB, from ECB and from ENISA shall participate in the Oversight Forum as observers.

4. In accordance with Article 16 of Regulation (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, the ESAs shall issue guidelines on the cooperation between the ESAs and the competent authorities for the purposes of this Section on the detailed procedures and conditions relating to the execution of tasks between competent authorities and the ESAs and details on exchanges of information needed by competent authorities to ensure the follow-up of recommendations addressed by Lead Overseers pursuant to point (d) of Article 31(1) to critical ICT third-party providers.

5. The requirements set out in this Section shall be without prejudice to the application of Directive (EU) 2016/1148 and of other Union rules on oversight applicable to providers of cloud computing services.

6. The ESAs, through the Joint Committee and based on preparatory work conducted by the Oversight Forum, shall present yearly to the European Parliament, the Council and the Commission a report on the application of this Section.