ESAs and UK Regulators Sign MoU for DORA ICT Provider Oversight
The European Supervisory Authorities (ESAs) and UK financial regulators have signed a Memorandum of Understanding (MoU) to enhance cooperation on the oversight of critical ICT third-party service providers (CTPPs) under the Digital Operational Resilience Act (DORA).
Strengthening Cross-Border Oversight
The Memorandum of Understanding establishes clear principles for cooperation, information sharing, and coordinated oversight activities between EU and UK authorities.
Its goal is to enhance third-party risk management and boost operational resilience across the financial sector in both regions.
Ensuring Confidentiality Under DORA
The MoU aligns with DORA Articles 36, 44, and 49, covering ESAs' oversight powers and international cooperation.
Prior to signing, the ESAs confirmed the UK's confidentiality and professional secrecy regime's equivalence with DORA, a prerequisite for secure information exchange with a third-country authority.