Transposition of the DORA Amending Directive
Transposition of the DORA Amending Directive
The Malta Financial Services Authority (MFSA) has published amendments to its rules to transpose Directive (EU) 2022/2556, part of the Digital Operational Resilience Act (DORA).
These changes align with the updated guidance on technology arrangements, ICT and security risk management, and outsourcing arrangements.
Key amendments include:
- Credit Institutions: Updates to Banking Rule/24
- Investment Services: Revisions to rules for UCITS, Alternative Investment Funds, and MiFID firms.
- Financial Institutions: Planned updates to FIR/01
- Insurance: Changes to Chapter 6 of the Insurance Rules
- Pensions: Adjustments to Pension Rules for Occupational Retirement Schemes.
These amendments aim to enhance the digital resilience of financial entities in Malta. Further information on the legislative measures required to implement the DORA Regulation and nationally transpose the DORA Amending Directive will be published by MFSA in due course.
BDO Malta: Your Trusted Partner for DORA Compliance
The European Union has set January 17th, 2025, as the deadline to achieve DORA compliance. While this might seem like a distant target, in fact, achieving DORA compliance is a very complex and challenging task that requires a concerted effort by the in-scope financial entities. At BDO Malta, we understand the profound impact that the journey towards DORA compliance has on such organisations. Our team of regulatory and compliance technical experts is dedicated to helping your company navigate this complex environment. Our comprehensive range of services includes the following:
- Board and Management Training on DORA
- Expert guidance on DORA compliance
- Performing gap analyses
- Conducting risk assessments
- Developing and implementing incident management and business continuity plans
- Providing continuous support and monitoring.