Brussels gives Spain an ultimatum to comply with the new rules on online financial services
Brussels – The European Commission has sent an ultimatum to Spain so that within a period of two months it takes measures to ensure the correct transposition of the new rules on online financial services, which the 27 were required to have in force since last January.
The notice takes the form of a reasoned opinion, the second formal step provided for in infringement procedures, following the sanctioning proceedings opened in March of this year. In addition to Spain, the Commission has sent reasoned opinions to France and Portugal.
If the non-compliance with the directive on digital operational resilience (DORA) persists, the Community Executive may decide whether to move to the third stage provided for, which involves reporting the Member State to the Court of Justice of the European Union (CJEU) so that it may be sanctioned.
Brussels recalls that the objective of the new regulation is to establish clear and coherent rules on digital operational resilience for financial entities such as banks, insurance companies and investment firms.
The Community services consider that the full application of the legislation is key to strengthening the digital operational resilience of financial entities throughout the EU and addressing the risks associated with the growing digitalization of financial services. (11 December)
