Document dated Aug. 4, 2023, was received on Aug. 15, 2023 due to a fixed feed.
Purpose
Aims to make EU Reg 2022/2554 on the digital operational resilience of the financial sector (DORA) operational; transpose the EU Dir 2022/2556; align national framework.
Provisions re the national competent authorities' supervisory and investigative powers necessary for the supervision of DORA and establishment of the enforcement system.
To this end, the draft law will further amend the amended law of Jul. 16, 2019, about the operationalization of the European regulations in the field of financial services.
Transposition into Luxembourg law of the ad hoc amendments made to the European directives of the financial sector and relating to digital resilience and ICT security.
Bill carried out a targeted adaptation of many national laws re the financial sector.
Including, the amended law of Apr. 5, 1993, on the financial sector; the amended law of Jul. 13, 2005, on occupational retirement institutions in the form of sepcav, assep.
The amended law of Nov. 10, 2009, on payment services; the amended law of Dec. 17, 2010, on collective investment undertakings; amended law of Jul. 12, 2013 on AIF.
The amended law of Dec. 7, 2015, on the insurance sector; the amended law of Jul. 16, 2019, on the operationalization of European regulations about financial services.
The amended law of Dec. 18, 2015 on credit institutions' and certain investment firms' resolution and the amended law of May 30, 2018, on markets in financial instruments.
Jun. 2024 First Constitutional Vote
On Jun. 13, 2024, LUX PRL informed that bill 8291, which introduces a new legal framework for the digital security of the financial sector, was adopted in the first vote.
The bill is waiting for the dispensation of the second constitutional vote.
Jul. 2024 Law Published
On Jul. 2, 2024, LUX GVT published Law of Jul. 1, 2024 re financial digital resilience.
In order to implement the DORA provisions, the law amended eight national laws.
I.e. the amended law of Apr. 5, 1993 re the financial sector; the amended law of Jul. 13, 2005 re occupational retirement institutions in the form of SEPCAV and ASSEP.
The amended law of Nov. 10, 2009 re payment services; amended law of Dec. 17, 2010 re collective investment organisations; law of Dec. 7, 2015 on insurance sector.
The amended law of Jul. 12, 2013 re alternative investment fund managers, the amended law of Dec. 18, 2015 re resolution of credit institutions, investment firms.
The amended law of May 30, 2018 re financial instrument markets, the amended law of Jul. 16, 2019 re operationalization of European regs in the field of financial services.
The published Law will enter into force on Jan. 17, 2025.
Jul. 11 LUX CSSF Reminder
On Jul. 11, 2024, LUX CSSF reminded of the publication of the law applying DORA.
The DORA Law aims to provide the competent national authorities responsible for ensuring the application of DORA, i.e. LUX CSSF and LUX CAA with relevant powers.
For the performance of their supervisory and investigative duties and to provide for a system of enforcement measures; law also concerns digital resilience and ICT security.
LUX CSSF wants to remind financial entities that DORA will be applicable from Jan. 17, 2025, and that they shall work towards compliance with the requirements of DORA.
DORA law is available on the DORA page of the LUX CSSF website; financial entities should regularly consult this site, which is kept up to date with new information.
In Aug. 2024, LUX CSSF reported its DORA readiness survey initiative, see #223157.
Regulators
LUX CSSF; LUX GVT; LUX PRL
Entity Types
Bank; HF; IA; Ins; MSB; Pension
Reference
PR, 7/11/2024; OG A271, 7/2/2024; Law 7/1/2024; Bill 8291, PR, 6/13/2024; Bill 8291, PR, 8/4/2023; DORA Dir 2022/2556, Reg 2022/2554
