Asters contributes to integrating EU Digital Operational Resilience Standards (DORA) into Ukrainian legislation

Asters acts as a legal counsel to the project aimed at supporting the integration of the key provisions of the EU Digital Operational Resilience Act (DORA) into the Ukrainian legal and regulatory framework.

The project envisages assessing the applicability and integration of the EU regulations on digital operational resilience within the Ukrainian financial sector. It is planned to implement into Ukrainian legislation the key regulatory pillars established under DORA, including:

• ICT risk management requirements obliging financial institutions to implement comprehensive ICT risk management frameworks
• ICT incident reporting mechanisms aimed at establishing transparent and effective processes for the identification, management and reporting of information security incidents within the financial sector
• digital operational resilience testing requirements designed to verify the practical resilience of ICT systems and processes
• information-sharing mechanisms encouraging financial institutions to voluntarily exchange information and threat intelligence relating to cyber threats, incidents and vulnerabilities in order to enhance the overall awareness and collective cyber resilience of the financial sector, as well as other related digital operational resilience requirements

The project's beneficiaries are the National Bank of Ukraine and the National Securities and Stock Market Commission of Ukraine.

The work is being carried out as part of the project “Further regulatory approximation with the EU legislation and international standards in financial markets in Ukraine” (FINMAR), which is being implemented by a consortium led by DAI Global Belgium SRL with the support of the EU and aims to support the development of a resilient, stable and secure financial services sector in Ukraine through further alignment with EU legislation.

Asters' Tech & Comms team working on the Project includes Partner Yuriy Kotliarov, Counsel Sergiy Tsyba and Associate Victoria Kurylina.

Asters is the largest full-service law firm in Ukraine with offices in Kyiv, Brussels, London, and Washington, D.C. The firm has access to over 125 jurisdictions through a well-developed network of partner law firms.