Who does DORA apply to?

29 Apr 2024

Do you directly or indirectly provide your services to the EU?

If yes, read on…

 

Are you one of the following businesses?

  • credit institutions;
  • payment institutions
  • account information service providers;
  • electronic money institutions,
  • investment firms;
  • crypto-asset service providers as authorised under a Regulation of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (‘the Regulation on markets in crypto-assets’) and issuers of asset-referenced tokens;
  • central securities depositories;
  • central counterparties;
  • trading venues;
  • trade repositories;
  • managers of alternative investment funds;
  • management companies;
  • data reporting service providers;
  • insurance and reinsurance undertakings;
  • insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries;
  • institutions for occupational retirement provision;
  • credit rating agencies;
  • administrators of critical benchmarks;
  • crowdfunding service providers;
  • securitisation repositories;
  • ICT third-party service providers.

 

Do you fall under one of the following exemptions?

(a)Managers of alternative investment funds as referred to in Article 3(2) of Directive 2011/61/EU; (detailed below)

AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of EUR 100 million;

AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets under management in total do not exceed a threshold of EUR 500 million when the portfolios of AIFs consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of 5 years following the date of initial investment in each AIF.

 

(b)     insurance and reinsurance undertakings as referred to in Article 4 of Directive 2009/138/EC;

Article  4 Exclusion from scope due to size 1.

Without prejudice to Article  3 and Articles  5 to  10, this Directive shall not apply to an insurance undertaking which fulfils all the following conditions:

(i) the undertaking’s annual gross written premium income does not exceed EUR 5 million;

(ii) the total of the undertaking’s technical provisions, gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, as referred to in Article  76, does not exceed EUR 25 million;

(iii) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR 25 million;

(iv) the business of the undertaking does not include insurance or reinsurance activities covering liability, credit and suretyship insurance risks, unless they constitute ancillary risks within the meaning of Article 16(1);

(v) the business of the undertaking does not include reinsurance operations exceeding EUR  0,5 million of its gross written premium income or EUR 2,5 million of its technical provisions gross of the amounts recoverable from reinsurance contracts and special purpose vehicles, or more than 10 % of its gross written premium income or more than 10 % of its technical provisions gross of the amounts recoverable from reinsurance contracts and special purpose vehicles.

 

(c)      institutions for occupational retirement provision which operate pension schemes which together do not have more than 15 members in total;

 

(d)     natural or legal persons exempted pursuant to Articles 2 and 3 of Directive 2014/65/EU;

 

(e)      insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries which are microenterprises or small or medium-sized enterprises;

 

(f)      post office giro institutions as referred to in Article 2(5), point (3), of Directive 2013/36/EU.

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