On February 9, 2021, the European Securities and Markets Authority (
ESMA), the European Banking Authority (
EBA) and the European Insurance and Occupational Pensions Authority (
EIOPA) (collectively the
ESAs) published a joint letter
1 on streamlining the governance and oversight concepts in DORA. The joint letter was sent to the EU’s legislative policymaking stakeholders on the DORA proposal
2 and is likely to influence further detailed rulemaking and the direction DORA takes
In summary, DORA, as an EU Regulation, aims to establish a comprehensive and cross-sectoral EU-27 digital operational resilience framework with rules for all regulated financial institutions. DORA’s requirements go well beyond the Network Information Systems Directive (