AUT FMA launched a new consultation on a draft ordinance amending the current Credit institution risk management ordinance (KI-RMV), re DORA requirements.
Follows AUT FMA May 2024 commented on bill implementing DORA, see #212004.
Amendments
Change to Section 11 paragraph 2 to add that credit institutions shall have in place appropriate contingency and business continuity policies, including such plans and policies in accordance with requirements of Digital Operational Resilience Act (DORA).
Ensure plans and policies are established, managed and tested to enable institutions to remain operational in event of severe business interruption, mitigate any losses.
Section 14 updated to add DORA to list of legal acts referenced in the KI-RMV.
Addition of paragraph 4 to Section 15, saying changes in force on Jan. 17, 2025, this ensures entry into force at same time of the DORA transposition deadline.
Effectiveness
The closing date for the submission of responses to the consultation is Oct. 15, 2024.
Nov. 2024 Legislation Published
On Nov. 20, 2024, AUT GVT published AUT FMA Reg 316/2024, amending the Credit Institutions Risk Management Regulation (KI-RMV), with Minister of Finance approval.
This publication followed the previous consultation on the basis of the new legislation.
Text confirmed the applicability of the regulation to all credit institutions pursuant to Section 1 Paragraph 1 of Banking Act (BWG), that are not exempted from compliance.
Credit institutions must have in place emergency and business continuity policies and plans, including ICT business continuity policies and ICT response and recovery plans in accordance to Article 11 of DORA Regulation 2022/2554 with respect to technology.
They must also ensure those plans and policies are established, managed and tested in accordance with Article 11 of DORA, to enable institutions to continue operating in the event of serious business interruption and to limit losses resulting from such an event.
The changes in Section 2 paragraph 1, Section 11 paragraph 2 and Section 14 in the new version of Reg 316/2024 shall all now enter into force effective on Jan. 17, 2025.
Regulators
AUT FMA; AUT GVT
Entity Types
Bank
Reference
OG, Reg 316/2024, 11/20/2024; CP 9/11/2024; DORA Dir 2022/2556, Reg 2022/2554; BWG (AUT); KI-RMV (AUT); Citation: Reg 316/2024;
