We continue our series devoted to discussing issues related to cybersecurity. This time, we share practical conclusions on the implementation of DORA.
Continuing our discussion on cybersecurity-related issues, this time we discuss matters related to risk management in the area of ICT.
Cybersecurity in the area of payments is a key element in protecting data and internal systems against the threat of cyberattacks.
The AI Act has been published – thus, its entry into force is approaching rapidly. As a rule, the entire set of provisions will become applicable on 2 August 2026. However, some regulations, in particular the provisions establishing prohibited practices in the field of artificial intelligence, will come into force earlier – as of 2 February 2025.
Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023 on crypto-asset markets and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, popularly known as the MiCA Regulation (hereinafter “MiCA” or “Regulation”), is the EU’s response to the dynamic development of the crypto-asset market. The Regulation, in principle, will be fully enforceable from December 30, 2024. In principle, because the rules for e-money tokens (EMTs, or “e-money tokens”) and asset-referenced tokens (ARTs, or “asset-referenced tokens”) will be applied earlier, from June 30, 2024, just over three months from now. In this article, we will focus on EMTs.
January 17, 2025 is the day feared by managers of many an entities obliged to implement Regulation (EU) 2022/2554 of the European Parliament and of the Council of December 14, 2022 on the operational digital resilience of the financial sector and amending Regulations (EC) No. 1060/2009, (EU) No. 648/2012, (EU) No. 600/2014, (EU) No. 909/2014 and (EU) 2016/1011 (hereinafter: “the Regulation” or “DORA”), because it is that date from which the Regulation will be applied. What’s important, there is still nearly a year to this date, but financial sector institutions are already working intensively on the implementation of DORA in their organizations. In this article we introduce the subject of the Regulation, as well as discuss its possible impact on the financial market.