Spain and Sweden recently proposed to the other Member States a market-led phasing-in of Financial Data Sharing Schemes (FDSS) under the new Framework for Financial Data Access (FiDA) regulation proposed by the European Commission in June 2023 (see EUROPE 13211/15).
With this new FiDA regulation, the Commission is seeking to strike a balance between protecting customer data and sharing it with players in the financial sector so that consumers can be informed and receive more tailored offers of new financial products and services.
Holders of customer data would be obliged to make this data available to other financial institutions or companies via sharing systems, subject to the customer’s authorisation. Customers, for their part, should be able to know who is accessing their data and for what purpose.
At the EU Council, according to a working document dated Tuesday 14 May, a copy of which has been obtained by Agence Europe, countries are called upon to determine how these data-sharing systems are to be set up, by expressing their position on a definition of these systems and on their implementation on the market.
They are also called upon to determine what percentage of data users, as part of a sharing system, is sufficient to push data holders to share data points within a certain timeframe. In addition, Member States are invited to take a position on this timeframe.
The FiDA regulation is one of the Commission’s legislative initiatives aimed at increasing digitisation in the financial sector (see EUROPE 13204/17).
See the EU Council working document: https://aeur.eu/f/cbh (Original version in French by Bernard Denuit)