Final and translated into the EU official languages
The Guidelines for assessing the equivalence of professional secrecy and confidentiality regimes of third-country authorities widen the scope and the purpose of the assessment. Upon entry into force, they will repeal the Guidelines on equivalence of non-EU authorities for participation in supervisory colleges.
The European Banking Authority (EBA) today published its updated Guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities, to widen the scope and the purpose of the assessment.
During the past years, the EBA supported EU Competent Authorities with the assessment of professional secrecy regimes of third country authorities to facilitate their participation in EU supervisory colleges, in accordance with Article 116(6) of the Capital Requirements Directive (CRD).
The EBA Regulation also expressly entrusts the EBA with the task of monitoring third country regulatory and supervisory frameworks and establishes a closer link between equivalence and cooperation with authorities from equivalent third countries through cooperation arrangements. Similarly, provisions in the Capital Requirements Directive (CRD), the revised Payment Services Directive (PSD2), the Bank Recovery and Resolution Directive (BRRD) and the Anti-Money Laundering Directive (AMLD) all provide for the possibility for EU authorities to sign cooperation arrangements with authorities from third countries.
In view of that, the EBA has updated its Guidelines on equivalence of confidentiality regime of third countries, to allow for
In addition, the EBA has also updated the document showing how the principles that govern the EU confidentiality regime are reflected in the EU framework as defined by the relevant provisions in the CRD, BRRD, AMLD and PSD2.
These Guidelines have been drafted in accordance with Article 16 of the EBA Founding Regulation and related to facilitating the competent authorities’ assessments of third country authorities’ equivalence in relation to confidentiality required in the respective sectoral acts of CRD, BRRD, AMLD. In addition, Article 21(3) of EBA Regulation mandates the Authority to issue guidelines and recommendations to promote convergence in supervisory functioning and best practices adopted by the colleges of supervisors.