Regulatory Alerts2024-11-11
Added · Updated
National Implementation of Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector
The Malta Financial Services Authority has published Legal Notices 166 and 255 of 2024 to implement the Digital Operational Resilience Act (DORA) within the Maltese legal framework. These measures establish the DORA Regulations under the MFSA Act and amend the Financial Markets Act and Investment Services Act to align with EU requirements. The regulations become applicable on 17 January 2025, with further details on transposing the DORA Amending Directive to be published later.
Circular Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt Necessary Legal Measures Published for the Purposes of the National Implementation of Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector This circular is an update to Circular titled Regulation (EU) 2022/2554 and Amending Directive (EU) 2022/2556 on Digital Operational Resilience for the Financial Sector published on the EU Official Journal published by the Authority in January 2023. As detailed by the latter circular, Regulation (EU) 2022/2554 (the ‘DORA Regulation’) is accompanied by Directive (EU) 2022/2556 (the ‘DORA Amending Directive’). The DORA Regulation shall be applicable from 17 January 2025. Similarly, the transposition deadline for the DORA Amending Directive is also the 17 January 2025. Following the Consultation Document on the National Implementation of Regulation (EU) 2022/2554 and Transposition of Directive (EU) 2022/2556 on Digital Operational Resilience for the Financial Sector, the necessary legal measures to implement the DORA Regulation have now been published. The published legal measures are as follows:
- Legal Notice 166 of 2024 Malta Financial Services Authority Act (Cap. 330) Digital Operational Resilience Act (DORA) Regulations, 2024 (access here). This legal instrument implements the DORA Regulation in the national legal framework; and
- Legal Notice 255 of 2024 Financial Markets Act (Cap. 345) and Investment Services Act (Cap. 370) Data Reporting Services (Amendment) Regulations, 2024 (access here). This legal instrument nationally implements amendments required to Regulation (EU) No 600/2014 by virtue of amendments emanating from the DORA Regulation. Further information on the measures required to nationally transpose the DORA Amending Directive will be published in due course. Authorised Persons may request further information by sending an email to the Supervisory ICT Risk and Cybersecurity function on sirc@mfsa.mt. 11 November 2024