The EU Council, which represents the 27 member states, said it has completed the loc’s final approval stage for the new Digital Operational Resilience Act, known
Regulators worry about the speed and scale at which banks, insurers and investme firms are moving critical functions and market operations onto a handful of cloud platform
A glitch at one cloud company could potentially bring down services across many financial firms, regulators have said
The EU Council, which represents the 27 member states, said it has completed the bloc’s final approval stage for the new Digital Operational Resilience Act, kno The requirements will apply to financial firms and “critical” third parties supplying cloud based services
The European Parliament, which had joint say, has already given the green light and the law will come into force around the end of 2024.
Britain, no longer in the EU, said in June its regulators will be given powers to designate which outsourced services can come under direct supervision of the Bank of England and Financial Conduct Authority.
