FLASHCARD—EU oversight framework for critical ICT providers under DORA


Published by a UUÂãÁÄÖ±²¥ EU Law expert
Practice notes

FLASHCARD—EU oversight framework for critical ICT providers under DORA


Published by a UUÂãÁÄÖ±²¥ EU Law expert

Practice notes
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This FLASHCARD will help you absorb or recall the core points on the oversight framework for critical ICT providers such as cloud computing service providers under Regulation (EU) 2022/2554 (the Digital Operational Resilience Act or DORA).

What are critical ICT service providers?

ICT service providers may be designated as critical by the European Supervisory Authorities or ESAs (ESMA, EBA and EIOPA) as ‘critical’ for the purposes of DORA on the basis of a the following quantitative and qualitative criteria:

  1. •

    the systemic impact on the stability, continuity or quality of the provision of financial services in the event that the ICT service provider would face a large-scale operational failure to provide its services, taking into account the number of financial entities and the total value of assets of financial entities to which the ICT service provider provides services

  2. •

    the systemic character or importance of the financial entities that rely on the ICT service provider, assessed by reference to the number of global systemically important institutions (G-SIIs) or other systemically important institutions (O-SIIs)

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Jurisdiction(s):
European Union

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