critical or important function

Regulation (EU) 2022/2554

Definition

(22) 'critical or important function' means a function, the disruption of which would materially impair the financial performance of a financial entity, or the soundness or continuity of its services and activities, or the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law;

Source

DORA, Article 3, point (22).

Used in DORA

• Article 12
• Article 15
• Article 16
• Article 28
• Article 29
• Article 30