•April 25, 2024

Circular C639: Voluntary Dry Run Exercise to prepare industry for the next stage of Digital Operational Resilience Act (DORA) implementation

The Cyprus Securities and Exchange Commission (the ‘CySEC’) on April 24th, 2024 issued Circular C639, regarding the Voluntary Dry Run Exercise to prepare industry for the next stage of Digital Operational Resilience Act (DORA) implementation (the ‘Circular’).

Through this Circular, CySEC wishes to notify Regulated Entities* about the upcoming voluntary exercise initiated by the European Supervisory Authorities (EBA, EIOPA, ESMA collectively referred to as ESAs). This exercise involves the collection of registers of information on contractual arrangements concerning the use of ICT third-party providers by financial entities.

The dry run exercise aims to prepare financial entities gather the information specified in the ESA’s final draft for the implementation and reporting of registers of information under DORA, which is scheduled to take effect on January 17th, 2025. Participating in this exercise will help financial entities:

  1. Build their register of information in a format close to the steady-rate reporting expected from 2025.
  2. Test the reporting process.
  3. Address any data quality issues.
  4. Improve internal processes and the quality of their registers of information.

The ad-hoc data collection is expected to be launched in May 2024, and financial entities are required to submit their registers of information to their competent authorities between July 1st and August 30th.

Workshop:

Interested financial entities are invited to participate in an introductory workshop on April 30th, 2024, from 10:00 to 12:00 CEST. The workshop will be held virtually, and interested parties should register by April 25th, 2024, via this link. For more information, please refer to the dedicated factsheet.

Should you require any further information and/or clarifications in respect to the relevant matter, do not hesitate to contact Konkrit Solutions Ltd at info@konkritsolutions.com.

*Regulated Entities

  1. Cyprus Investment Firms (“CIFs”)
  2. Central Securities Depositories
  3. Trading Venues
  4. Alternative Investment Fund Managers (“AIFMs”)
  5. UCITS Management Companies (“UCITS”)