Global Trustee and Fiduciary Services Bite-Sized Issue 11 2024

8 QUICK LINKS CULTURE CRYPTOASSETS ELTIFS EMIR FINANCIAL STABILITY BOARD FINTECH MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABILITY T+1 ASIA/PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2024 ESAs Respond to the EC’s Rejection of the Technical Standards on Registers of Information under the DORA and Call for Swift Adoption On 15 October 2024, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued an Opinion on the European Commission’s (EC) rejection of the draft Implementing Technical Standards (ITS) on the registers of information under the Digital Operational Resilience Act (DORA). The ESAs raise concerns over the impacts and practicalities of the proposed EC changes to the draft ITS on the registers of information in relation to financial entities’ contractual arrangements with ICT third-party service providers. The draft ITS proposed by the ESAs were rejected by the EC on the grounds that it is necessary to allow financial entities the choice of identifying their ICT third-party service providers registered in the EU either by using the Legal Entity Identifier (LEI) or by using the European Unique Identifier (EUID). The ESA’s state that in their view, the EC’s proposal of adding an additional identifier, allowing EU-based companies to use the EUID, will cause unnecessary complexity and could have negative impacts on the implementation of DORA by financial entities, competent authorities and the ESAs. The ESAs call for the final decision on the use of identifiers and the swift adoption of the draft ITS by the EC. The ESAs state that this is particularly relevant for the ESAs, who will be designating CTPPs in 2025. Finally, leveraging on the experience of the dry run exercise, the ESAs call financial entities to increase their implementation efforts in order to be ready to submit their registers of information to the competent authorities in the first half of 2025. Link to ESAs Opinion here Results of CSSF DORA Readiness Survey Conducted in September 2024 The Commission de Surveillance du Secteur Financier (CSSF) launched, in August 2024, a DORA readiness survey to nearly 500 entities which will fall under the DORA regulation, applicable as from 17 January 2025. The CSSF said that the objectives of the survey were twofold: • Primarily, to assess the level of readiness as of 1 September by financial entities towards DORA, and capture the main challenges encountered by financial entities. • Secondarily, to raise once more the awareness to those financial entities that are late in getting ready. The survey consisted of a limited number of 10 closed questions around the following topics: • GAP analysis and perceived readiness; and • Top challenges encountered. On 7 October 2024, the CSSF published the results of its DORA Readiness Survey. With 90% of respondents having completed their DORA gap analysis, and despite the challenges encountered, the CSSF says that the survey shows encouraging progress by financial entities in their DORA compliance work. The CSSF also states that with more than four months to go before DORA applies, the financial place is still in a preparatory phase and that more than two thirds of entities consider themselves to be partially ready, while almost a quarter of entities consider themselves to be almost ready. Link to Results of CSSF DORA Readiness Survey here