FAQs – Digital Operational Resilience Act (DORA) – CFCL
In this section, you will find answers to the following questions:
- What is an ICT service under DORA and which services provided by Clearstream Fund Centre S.A. are of relevance?
- Has Clearstream completed an impact analysis of DORA?
- Will Clearstream entities conclude dedicated DORA agreements with individual clients / users of ICT services provided by Clearstream Fund Centre S.A.?
1. What is an ICT service under DORA and which services provided by Clearstream Fund Centre S.A. are of relevance?
Article 3 (21) DORA defines an ICT service as any “digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis […]”. Consequently, an ICT service provided by an ICT third-party service provider on an ongoing basis towards a financial entity is subject to the requirements outlined in Article 30 DORA.
An indication what could constitute an ICT service can be drawn from the list of types of ICT services in Annex III to the Draft Implementing Technical Standards on the standard templates for the purposes of the register of information in relation to all contractual arrangements on the use of ICT services provided by ICT third-party service providers. Please note that this list might not be exhaustive as it primarily refers to the question which information needs to be put in the register pursuant to Article 28 (3) DORA.
CFCL is authorised as a credit institution under Article 2 of the Luxembourg Law of 5 April 1993 and is supervised by the Commission de Surveillance du Secteur Financier (CSSF). CFCL provides a comprehensive range of financial services including, but not limited to, receipt and transmission of orders, acceptance of deposits and other repayable funds, as well as safekeeping and administration of financial instruments for the account of its clients. In the event these include services that qualify as ICT services, the DORA-specific adjustments will be implemented through an addendum to the existing contracts.
2. Has Clearstream completed an impact analysis of DORA?
Yes, an impact assessment for Clearstream legal entities with respect to our obligations under DORA has been completed. In addition, we are assessing any impacts that may derive from our potential role as an ICT third-party service provider.
3. Will Clearstream entities conclude dedicated DORA agreements with individual clients / users of ICT services provided by Clearstream Fund Centre S.A.?
We are unable to accept individual contractual amendments. In order to treat all clients equally, it is intended to provide a standard contract as a DORA-compliant solution, if required.