As of Jan. 17, 2025, financial institutions must comply with the Digital Operational Resilience Act (DORA). To make it easier to amend contracts, industry associations DUFAS, VV&A, the Pension Federation and the Association of Insurers have created a market standard in the form of a template amendment that contains all the necessary clauses.
An important reason to develop a market standard was first of all to prevent all members from having to invent the wheel themselves. But in addition, such a standard also helps to ease the process for suppliers: after all, they now do not have to deal with very many different DORA interpretations, but can negotiate the clauses once and then adopt them in all contracts. The clauses are not binding: members are free to deviate from them. Indeed: it is important that the clauses be adapted to one's own situation.
In order to draft a balanced template amendment that meets all legal requirements, law firm Loyens & Loeff was asked for advice and assistance. In addition, feedback from regulators Autoriteit Financiële Markten (AFM) and De Nederlandsche Bank (DNB) was included.
DUFAS members can access the template amendment and its clauses by sending an email.
