EU and UK Authorities MoU on DORA ICT Provider Oversight

The European Supervisory Authorities (EBA, EIOPA, ESMA) and UK authorities (Bank of England, PRA, FCA) have signed a Memorandum of Understanding (MoU) to formalize cooperation on the oversight of critical ICT third-party service providers (CTPPs) as mandated by the Digital Operational Resilience Act (DORA). This agreement establishes a framework for information sharing and joint assessments, particularly concerning CTPPs that are significant for both EU and UK financial sectors.

This MoU is primarily an administrative and cooperation agreement between regulatory bodies, not imposing direct new obligations on regulated entities. However, it signals a coordinated approach to managing risks associated with critical ICT providers operating across the EU and UK. Financial institutions should be aware that oversight of their key ICT service providers will be subject to this enhanced cross-border collaboration, potentially leading to more harmonized supervisory expectations regarding DORA compliance for these providers.