On Apr. 19, BEL GVT issued decisions of the Council of Ministers.
BEL GVT issued decisions of the Council of Ministers including the approval of a preliminary draft law relating to the digital operational resilience of the financial sector.
Follows EU CNCL, EP May 2022, reached provisional DORA agreement, see #137568.
Main Points
The preliminary draft includes implementation of the DORA regulation only for the part regarding rules on the attribution of supervisory powers to supervisory authorities.
The preliminary draft law is therefore limited to the granting of supervisory powers to BEL CB and BEL FSMA and to the distribution of powers between these authorities.
It also establishes a collaboration mechanism and data transmission between them.
It establishes the distribution of powers between them for monitoring compliance with the Securitization Regulation; each one for the entities under their respective control.
The preliminary draft law has been further sent to the Council of State for opinion.
Effectiveness
The provisions implementing DORA will enter into force on Jan. 17, 2025; the other provisions will come into force according to the common law deadline.
Jun. 2024 Legislation Published
On Jun. 19, 2024, BEL GVT, on behalf of Ministry of Justice published the Royal Decree transposing provisions of Dir 2022/2556 (DORA) on digital operational resilience rules.
The text of the Decree and associated Report to the King was dated May 25, 2024 and Decree will enter in force on Jan. 17, 2025, date of entry in force of DORA Regulation.
The Minister of Finance is now responsible for the implementation of the Royal Decree.
Regulators
BEL CB; BEL FSMA; BEL GVT
Entity Types
B/D; Bank; Depo; Exch; IA; Ins; Inv Co; MSB
Reference
OG 76057, PR 4/19/2024; Decree 5/25/2024; DORA Dir 2022/2556
