Glossary
Lead Overseer
The European authority designated to directly oversee a critical third-party ICT provider.
The Lead Overseer is the European Supervisory Authority (EBA, ESMA or EIOPA) designated to directly oversee a third-party ICT provider classified as "critical" under DORA.
This oversight framework (Articles 31 to 44) makes it possible to examine the operational soundness of major technology providers — often based outside the EU — on which a large part of the financial sector depends. The Lead Overseer can issue recommendations and, in the event of persistent non-compliance, impose daily penalty payments of up to 1% of the provider's average daily worldwide turnover (Article 35).