Regulatory Alerts2024-09-04
DORA Enforcement Act (DORA-VG)
Austria enacted the DORA Enforcement Act to implement EU Regulation 2022/2554 on digital operational resilience, designating the Financial Market Authority (FMA) as the competent supervisory authority for a wide range of financial entities including credit institutions, crypto-asset service providers, and investment firms. The legislation grants the FMA comprehensive supervisory powers to conduct inspections, issue binding instructions, and cooperate with national and international authorities to ensure compliance with ICT risk management and incident reporting obligations. It establishes a strict penal framework imposing administrative fines of up to EUR 150,000 for individuals and up to EUR 500,000 or 1% of annual net turnover for legal persons found in breach of the regulation's requirements.