Latvia's Ministry of Finance, working with the Bank of Latvia, has prepared and submitted for coordination a draft Financial Market Digital Operational Resilience and Use of Artificial Intelligence Law and a related legislative package to support the application of the EU Digital Operational Resilience Act (DORA) and the EU Artificial Intelligence Act in Latvia’s financial sector. The proposal would set requirements for financial market participants to mitigate risks from the use of digital technologies, including information and communication technology disruptions and cyber threats, and to support secure and reliable use of artificial intelligence in financial services. The scope described for DORA extends beyond financial market participants such as credit institutions, insurance undertakings and payment institutions to include providers of digital services, including cloud service providers, telecommunications operators and software developers. The draft designates the Bank of Latvia as the responsible authority for supervising compliance with DORA in Latvia and for monitoring adherence to the AI Act requirements in the financial sector, and it sets out the in-scope entities, supervisory mechanisms and sanctions for breaches. The draft law package is available via the Legal Acts Draft Portal and will move through the coordination process.

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