Financial sector calls on EU policymakers to reassess the Financial Data Access (#FiDA) Regulation to ensure innovation, security, and competitiveness. Today, Europe’s insurance, banking, and asset management industries issued a joint statement urging co-legislators to uphold their commitments to boost European competitiveness. The signatories stress that the Financial Data Access (FiDA) Regulation should not be finalized before a thorough assessment of its impact across the entire value chain is completed. The statement warns that rushing into implementation without addressing key concerns could undermine both European competitiveness and data protection. The joint statement highlights the need for: 👉 Evidence-backed policymaking to prioritize customer benefits and market demand. 👉 Stronger safeguards for data privacy and security, ensuring new data-sharing entities (FISPs) are held to the same regulatory standards as financial institutions. 👉 Legal clarity to build a workable framework that drives Open Finance in Europe. While supporting the ambition to foster data-driven innovation, the signatories emphasize that any framework must carefully consider its broader impact on consumers, businesses, and the financial ecosystem. The statement was co-signed by the AFME (Association for Financial Markets in Europe), the European Association of Co-operative Banks, the European Banking Federation, EFAMA, WSBI-ESBG and Insurance Europe 📩 Ali-Ashraf Rajabli
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💠 Financial Regulation Weekly Update (UK, US & EU) ⭐ UNITED KINGDOM FCA: Pre-contractual disclosure examples for the SDR and investment labels regime FCA FG24/5 – Prudential assessment of acquisitions and increases in control PRA/FCA PS18/24 – Prudential assessment of acquisitions and increases in control FCA: Handbook Notice No 123 FCA fines and bans two individuals for pension transfer advice failings FCA: APM 2024 – responses to unanswered questions FCA: CrowdStrike outage – lessons for operational resilience FCA and PSR Boards appoint new chair to decision-making committees PRA PS17/24 – rules in relation to the disclosure and reporting (CRR) parts of the PRA rulebook FCA SBPP responds to CP24/19 – Consumer Credit Regulatory Returns BoE Deputy Governor discusses potential impact of AI on financial stability Lords: Letter to FSRC regarding listed investment companies and cost disclosure SI: The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 Draft SI: The draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 TPT announces conclusion of its work, releases final report FCA Chief Executive discusses motor finance and private markets Autumn Budget announcements SI: The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 FCA: Individual fined for failing to notify of significant tax issues BoE Governor discusses the future of money and payments EUROPE OJ: Commission Delegated Regulation amending CRR – postponing the application date of own funds requirement for market risk ACER: REMIT Quarterly ESAs: Draft ITS specifying tasks of collection bodies and functionalities of the ESAP ESAs: Final Report – PAI disclosures under the SFDR EIOPA: Q&A regarding Solvency II reporting SRB speech: Crisis management and resolution EBA launches survey for entities within the scope of initial margin model authorisation regime – EMIR 3 OJ publication – ELTIF ESMA: Proposals to streamline the prospectus area ESMA consults on amendments to MiFID research regime EBA consults on draft RTS and ITS for structural foreign exchange positions UNITED STATES CFPB: Credit union fined over botched rollout of new online banking system CFTC charges companies and cofounder with Forex fraud, failing to register CFPB to distribute over $191 million to consumers harmed by leasing company SEC: Rule amendments and new rule on risk management and resilience of CCAs FINRA: Metaverse and the implications for the securities industry
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🔷 Financial Regulation Weekly Update (UK, EU & US) ✳ UNITED KINGDOM FCA: Portfolio letters – 2025 strategy FCA: Financial promotions data Q3 2024 FCA: Culture and non-financial misconduct survey findings Court of Appeal rules in motor finance test case, FCA issues statement PSR MD discusses innovation in payments FCA speech: Understanding and identifying vulnerability FCA: Aggregate complaints data H1 2024 FOS: Complaints data H1 2024 Draft SI: The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 Lords: Data (Use and Access) Bill FCA: Multi-firm review of consumer credit firms and non-bank mortgage lenders FCA & Practitioner Panel Survey 2023-24 PRA: Statement – Review of Solvency II FCA cracks down on illegal finfluencers FCA imposes restrictions on firm for regulatory failings in relation to firm-hosted platform BoE Governor discusses global financial stability SI: The Critical Benchmarks Regulations 2024 FCA fines firm over treatment of customers in financial difficulty FCA blog – cryptoasset registrations PSR announces plans to engage with industry on impacts of card-acquiring remedies EUROPE ESMA: European common enforcement priorities for 2024 corporate reporting EBA consults on draft RTS on the treatment of structural FX positions under the CRR EIOPA consults on standard formula capital requirements for investments in cryptoassets EBA: ARTs and EMTs classification under MiCAR ECB: Eurosystem launches initiatives to improve cross-border payments UNITED STATES SEC announces settled charges with four companies in relation to misleading cyber disclosures SEC Chair on US capital markets CFPB finalizes Personal Financial Data Rights rule to advance open banking SEC announces settled charged with investment adviser over ESG misstatements SEC announces 2025 examination priorities OCC finalizes revised recovery planning guidelines Fed: Governor Waller considers the role DeFi could have FSOC meeting – October 18
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Better, easier FS Reg horizon scanning is here! Many Oct announcements, but with few actual reg or supervisory changes. Highlights by sector: Banks - key developments: Bank Resolution: Amendments to the BoE’s approach to setting MREL, Resolution assessment reporting and disclosure dates Large Exposures Framework (CP14/24) Reg reporting and disclosures (PS17/24) FCA Dear CEO Letters - expectations for APP anti-fraud systems and controls Consumer Duty: FCA considers Motor Finance court decision Sustainability Reporting (SFDR): - ESAs joint report with good practices on impact disclosures - UK Climate Financial Risk Forum - papers about adaptation, building resilience and measuring nature-related risks Crypto - EBA procedures for significance assessment of ARTs and EMTs Settlement - EU announced a programme to move to T+1 settlement OpRes - review the FSB consultation on a common format for incident reporting. The ESAs have appointed Marc Andries Director to lead joint oversight of DORA. Insurers - main announcements: Sustainability Reporting (SFDR): - ESAs joint report with good practices on impact disclosures - UK Climate Financial Risk Forum - papers about adaptation, building resilience and measuring nature-related risks Crypto: EIOPA is consulting on draft advice calling for one-to-one capital weights for insurers’ crypto holdings Value for money: EIOPA methodology on setting value-for-money benchmarks for unit-linked and hybrid products; FCA launches premium finance market study with new Government insurance taskforce OpRes - review the FSB consultation on a common format for incident reporting. The ESAs have appointed Marc Andries Director to lead joint oversight of DORA. Investment firms - key developments: Settlement - EU announced a programme to move to T+1 settlement AI: The UK’s Technology Working Group report on AI Strategies for UK IMs Sustainability Reporting (SFDR): - ESAs joint report with good practices on impact disclosures - UK Climate Financial Risk Forum - papers re: adaptation, building resilience and measuring risks For review (ESMA): ESMA Q&As; CP the Prospectus Reg. For review (FCA): New financial advice regs (blog), Approach to cryptoasset firms (blog), PS24/13 - changes to the UK EMIR bilateral margins. OpRes - review the FSB consultation on a common format for incident reporting. The ESAs have appointed Marc Andries Director to lead joint oversight of DORA. FMIs - announcements of relevance: BoE’s fees for FMI supervision 2024/25 Settlement - EU announced a programme to move to T+1 settlement ESMA CP the Prospectus Regulation ESMA survey on LEIs OpRes - review the FSB consultation on a common format for incident reporting. The ESAs have appointed Marc Andries Director to lead joint oversight of DORA. Other: We await the confirmation of the new EU Commissioners-designate. FSB Chair’s letter to G20 Finance Ministers focused on impacts of tech advancements (tokenisation and crypto) signals more rules in 2025.
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💡 Financial Regulations Weekly Update (International) 🌎 UNITED STATES Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden Federal bank regulatory agencies issue reminder of potential risks associated with third-party deposit arrangements and request additional information on bank-fintech arrangements CFPB issues warning against the intimidation of whistleblowers Agencies request comment on AML/CFT proposed rule, issue statement on AML Act implementation SEC launches ISC to coordinate enforcement efforts across federal, state, and local agencies UNITED KINGDOM FCA sets out package of reforms for UK wholesale markets FCA: Handbook Notice No. 121 PRA: PS13/24 and SS5/24 – Funded reinsurance FCA takes first enforcement action against firm enabling cryptoasset trading FCA: ToR for CBA panel PRA: PS12/24 – approach to rule permissions and waivers FCA sets out final rules on access to cash – PS24/8 FCA report: Action from FCA, FOS and FSCS on BSPS transfers FCA panels respond to PS24/6 – UK listing regime PSR finalises extensions and exemptions guidance HoL: Answer to written question on repeal of EU law to promote international competitiveness and growth FCA: Whistleblowing data Q2 2024 PRA: IRB wholesale roundtable FOS: ADR activity report 2023/24 PSR responds to CMA consultation on digital markets competition regime guidance FRC: Update to UK Stewardship Code EUROPE EIOPA: Regulatory framework – AI systems in the insurance sector EC: CSDD Directive and FAQs ESMA sets out long-term vision on the functioning of the Sustainable Finance Framework EBA extends guidelines on complaints handling to credit servicers – CSD ECB consults on governance and risk culture guide EC: delay to application of FRTB standards for banks’ calculation of own funds requirements for market risk EC: Clarification of requirements of the Instant Payments Regulation ESMA: Statement on the transition to the new regime for post-trade transparency of OTC-transactions EBA: Peer review of guidelines on the application of the definition of default – CRR INTERNATIONAL SBTi consults on draft FINZ Standard and issues call for pilot testing NGFS: 2023 annual report FSB: Cross-border regulatory and supervisory issues of global stablecoin arrangements in EMDEs FSB publishes Chair's letter and progress report on NBFI resilience
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The latest legislation affecting most financial entities within the EU/EEA is the Digital Operational Resilience Act (DORA). Starting from January 17, 2025, the regulation will be applicable and binding in its entirety in all EU Member States. Regulators, referred to as Lead Overseers under DORA, are mandated to impose substantial fines for non-compliance. Hence, it’s imperative for financial institutions to delve into these regulations to ensure compliance and mitigate potential penalties. The DORA comprises a series of measures aimed at strengthening the digital operational resilience of most entities within financial markets, ranging from banks and investment funds to management firms, crypto-asset providers, insurance companies, and trading platforms. DORA prepares Europe for the digital era and establish an economy that is resilient and adaptable to future challenges, ultimately serving the needs of its citizens.
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European financial associations are urging a comprehensive evaluation of the proposed Financial Data Access (FIDA) legislation to ensure it benefits consumers and maintains the sector's competitiveness. The European Council recently agreed on a framework to enhance open finance by facilitating inter-institutional customer data sharing. While this aims to foster personalized financial services and increased competition, industry groups stress the need for careful scrutiny to prevent potential drawbacks.
FS sector calls for 'thorough assessment' of Financial Data Access regulation
finextra.com
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Financial Regulation Weekly Update (UK, EU & US) UNITED KINGDOM FCA: FG24/6 – Guidance for firms that enables a risk-based approach to payments FCA: Multi-firm review of life insurers’ bereavement claim process PSR: Stakeholder submissions to MR22/1.6 SI: The Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 SI: The Securitisation (Amendment) (No. 2) Regulations 2024 FCA charges four individuals with fraud offences relating to failed credit union FCA proposes time extension for complaints handling in relation to non-DCAs for motor finance PSR: Impact of APP fraud on UK customers Lords: CfE on Property (Digital Assets etc) Bill Lords: Answer to written question on money laundering and PEPs FCA: Revision of MCS methodology BoE consults on new Fundamental Rules for FMIs TSC: Letter from FCA Chief Executive on motor finance FCA bans a director from working in financial services and cancels firm's permissions FSCS Report: Outlook November 2024 UK Finance report: Information Sharing Pilot (ICO Sandbox) EUROPE EU agencies respond to EC consultation on macroprudential policies for NBFI Council of the EU: closure of the ODR platform and its replacement ECB: Building a solid cyber defence for the new geopolitical season ESMA consults on the active account requirement - EMIR 3 EBA: Common Equity Tier 1 instruments ESAs: Guidelines on system for exchange of information relevant to F&P assessments ECB: Financial Stability Review – November 2024 ESMA: Final report –Technical advice on CSDR penalty mechanism ESAs: Fit-For-55 climate scenario analysis ECB: Taking account of nature, naturally Council adopts new ESG ratings regulation Council adopts revamped rules for EU clearing services OJ: Commission Implementing Regulation to Solvency II ESMA: Shortening of the settlement cycle in the EU ECB: Financial Stability Review article – diversification in funding ECB: Administrative Board of Review - Ten years of experience UNITED STATES NY Fed research into bank failures Fed: Supervision and Regulation Report and testimony by the Vice Chair for Supervision OCC: Acting Comptroller addresses House Financial Services Committee Fed issues enforcement actions with a bank and bank holding company DoJ: Former senior manager of Richmond Fed pleads guilty to insider trading and making false statements SEC charges crypto mining company with FCPA violations in connection with scheme to influence members of Japan's Parliament FDIC announces extension of comment period for deposit insurance recordkeeping rule for banks’ third-party accounts CFTC DCR staff advisory related to clearing of options of spot commodity ETFs
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Earlier this week, I met up with Christian Brockhausen (MBA) a very esteemed former colleague and friend of mine in #Munich. We briefly touched on an emerging important topic called #FIDA. The #Financial Intelligence Data Access (FIDA) regulation, which is part of the European Union's wider digital finance strategy, aims to improve the secure exchange of financial data between institutions while empowering consumers. By standardising data access and ensuring greater interoperability, FIDA aims to promote innovation, competition and transparency in the financial services sector. The focus is on consumer consent and privacy protection, giving individuals more control over their financial data. The European Commission announced its Digital Finance Strategy in 2020, which included FIDA as part of its focus on creating a data-driven ecosystem for financial services. From 2020 to 2023, the EC developed the regulatory framework and conducted consultations. Now in October 2024, the Regulation on access to Financial #Data is still in the legislative process and has not yet been fully implemented. FIDA is currently going through various stages of EU legislative approval. Full implementation is expected in mid/early 2025. Gradual implementation is expected to begin around 2027, starting with simpler financial products such as savings and consumer credit, and extending to more complex areas such as investments and pensions by 2028-2029. Certain aspects of the regulation are still under discussion, including compensation mechanisms for data holders and the scope of data sharing. What's the conclusion now? 1. The impact of the FIDA regulation on financial institutions will be significant and will require both strategic and operational changes across the sector. Financial institutions acting as data controllers will be required to share customer data with authorised third parties in real time, securely and continuously at the customer's request. 2. To fulfil the requirements of FIDA, institutions must invest in APIs and other digital tools. They must also develop authorisation dashboards for customers to monitor and manage data access authorisations. 3. The phased introduction of FIDA will require institutions to remain compliant with evolving regulations. Challenges include ensuring secure, real-time access to data, complying with GDPR and addressing concerns about the need and security of customer data. On the other hand institutions that effectively position themselves as both data holders and data users may unlock new business models, offering personalized services based on data shared across different sectors like mortgages, pensions, or insurance. Thanks a lot Christian Brockhausen (MBA) for this interesting discussion!
Framework for financial data access
finance.ec.europa.eu
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EU financial leaders have released an announcement, urging a balanced FIDA framework to boost innovation, protect data, and ensure tangible benefits for consumers and industry. https://lnkd.in/dJea9xmp #FIDA #regulation #Europe #financialassociation #banks #fintech #OpenFinance
European financial groups call for balanced FIDA framework
thepaypers.com
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