Dora flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
Lawyers are warning of a “battle of the forms”, as vendors face off against banks in a race to ensure January 2025 compliance with the European Union’s Digital Operational Resilience Act (Dora).
Under Dora, banks must have contract requirements in place with their third-party ICT providers. But as the deadline approaches, contract remediation between financial entities and their vendors is proving “very challenging”, says James Mulligan, associate at law firm Morgan Lewis.
“Some financial entities
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