Latvia's Ministry of Finance, working with Latvijas Banka, has submitted to the Cabinet of Ministers a legislative package to apply the EU Digital Operational Resilience Regulation (DORA) and the Artificial Intelligence Act requirements in Latvia’s financial market. The draft would put in place a supervisory and enforcement framework, with Latvijas Banka designated as the responsible authority for overseeing compliance. The package is intended to reduce risks arising from the increased use of digital technologies in financial services, including protection against information and communication technology disruptions and cyberattacks. It would apply DORA obligations not only to financial entities (including credit institutions, insurers and payment institutions) but also to relevant digital service providers such as cloud service providers, telecommunications operators and software developers, and it would implement Artificial Intelligence Act requirements where financial market participants use AI in providing financial services. The draft identifies the in-scope financial market participants, sets out supervision mechanisms, and provides for sanctions for breaches. The bills have been submitted to the Cabinet of Ministers for consideration.

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