Exploring DORA policy mandates: implications for Luxembourg’s financial sector

A landmark event, co-organized by the ABBL, ALFI, and CSSF, convened over 300 leaders from Luxembourg’s banking and fund management sectors. The focus? The first batch of Regulatory Technical Standards (RTS) under the Digital Operational Resilience Act (DORA).

Harmonising operational resilience

Ananda Kautz and Emmanuel Gutton inaugurated the event, emphasizing DORA’s role in harmonizing rules on operational resilience and cybersecurity regulation across the EU. They highlighted ABBL and ALFI’s advocacy efforts in this regulatory domain.

Deep dive into DORA policy mandates

A series of high-level presentations dissected the implications of DORA Policy Mandates Batch 1 for credit institutions and fund managers:

• Laurent de la Vaissière and Henning Schwabe introduced RTS on ICT Risk Management Tools, Methods, Processes, and Policies.
• Karim Bouaissi and Henning Schwabe shed light on the RTS related to criteria for the classification of ICT-related incidents.
• Nadia Manzari and Raphaël Machet presented RTS on Policy in relation to contractual arrangements on the use of ICT services supporting critical or important functions.
• Luc Maquil and Raphaël Machet concluded with ITS on the Register of information in relation to all contractual arrangements on the use of ICT services provided by ICT third-party service providers.

Keynote address

Cécile Gellenoncourt provided a keynote speech, discussing the interaction of DORA Policy Mandate Batch 1 with existing Guidelines and Circulars. She emphasized the role of top management in DORA implementation and proactive measures for entities to prepare for DORA’s enforcement starting January 17, 2025.

Interactive Q&A session

A Q&A session, moderated by Andrey Martovoy and Gildas Blanchard, featured a panel comprising representatives from CSSF – Constant Backes, Marc Kaplan, and Cristina Spinelli. They addressed queries from ABBL and ALFI members, providing valuable insights.

Gratitude and future outlook

The event concluded with heartfelt thanks to all speakers and participants for their contributions. Looking ahead, the ABBL and ALFI anticipate the next session on DORA Policy Mandates Batch 2, signaling continued commitment to navigating regulatory challenges in Luxembourg’s financial landscape.