On May 13, AUT FMA commented on bill implementing DORA.
AUT FMA published statement on the bill 331/ME enacting the DORA implementation.
Main Points
Entitled bill amending federal law on the entry into force of EU Reg 2022/2554 on digital operational resilience in the financial sector (DORA Enforcement Act - DORA-VG) and the Alternative Investment Fund Manager Act, the Banking Act, the Stock Exchange Act 2018, the Financial Market Supervisory Authorities Act, the Investment Fund Act 2011, the Pension Fund Act, the Reorganization and Resolution Act, the Insurance Supervision Act 2016, the Securities Supervision Act 2018, and the Payment Services Act 2018.
The bill appoints AUT FMA as the supervisory authority for DORA issues and extends its supervisory and enforcement powers; it regulates the cooperation with the AUT CB.
It extends the DORA scope in relation to national institutions and adapts current laws.
AUT FMA commented on the possibility to determine via regulation, minimum technical requirements and transmission modalities for electronic submissions via its platform.
AUT FMA should take appropriate measures to ensure that the reporting parties can get confirmation that the reporting data submitted by them are complete and correct.
Suggestion for the concerned credit institutions' MREL audit to be applicable for the first time when auditing the 2024 annual financial statements in the first half of 2025.
Jul. 2024 Law Published
On Jul. 19, 2024, AUT GVT published Federal Act enacting DORA Implementation Act and amending the Alternative Investment Fund Manager Act, the Banking Act, the Stock Exchange Act 2018, the Financial Market Supervisory Authority Act, the Investment Fund Act 2011, the Pension Fund Act, the Restructuring and Resolution Act, the Insurance Supervision Act 2016, the Securities Supervision Act 2018 and the Payment Services Act 2018; DORA Implementation Act applies from Jan. 17, 2025.
Re advanced testing, section 6, para 3, item 4, will enter into force on Sep. 30, 2024.
Re advances testing, section 6, para 3, item 5 will enter into force on Jan. 1, 2026.
Jul. 23, 2024 DORA Enforcement Act
On Jul. 23, 2024, AUT FMA published the Federal Act enacting a DORA Enforcement Act and amending the Alternative Investment Fund Manager Act, the Banking Act, the Stock Exchange Act 2018, the Financial Market Supervisory Authority Act, the Investment Fund Act 2011, the Pension Fund Act, the Recovery and Resolution Act, the Insurance Supervision Act 2016, the Securities Supervision Act 2018 and the Payment Services Act 2018, as announced on Jul. 19, 2024.
OG, 7/23/2024; OG 112/2024, 7/19/2024; DORA-VG; Rsp GZ FMA-LE0001.220/0002-INT/2024, 5/13/2024; Bill 331/ME, 4/18/2024; DORA Dir 2022/2556, Reg 2022/2554
