Regulatory Alerts2024-09-04
Added · Updated
DORA Enforcement Act (DORA-VG)
The Austrian Federal Act implementing Regulation (EU) 2022/2554 on Digital Operational Resilience in the Financial Sector designates the Financial Market Authority (FMA) as the competent supervisory authority for a comprehensive range of financial entities. The legislation grants the FMA extensive supervisory powers, including the ability to conduct inspections, issue binding instructions, and impose administrative fines of up to EUR 150,000 for individuals and up to 1% of annual turnover for legal persons. Furthermore, the Act establishes specific cooperation protocols between the FMA and the Oesterreichische Nationalbank, particularly regarding advanced ICT security testing and the oversight of critical third-party service providers.