On Wednesday 4 December, the Member States’ ambassadors to the EU (Coreper) reached agreement on a common position of the Council of the EU on the ‘FIDA’ Regulation, which aims to establish a regulatory framework for the access, use and re-use of customer data in financial services.
As evidenced by a draft compromise of 24 November (see EUROPE 13532/12), the Council broadly supports the European Commission’s initial proposal (see EUROPE 13211/15) and specifies the scope of the framework, as well as the timetable for the entry into force of the data sharing obligations.
In the end, the Council excluded data relating to occupational pensions (see EUROPE 13470/7) from the scope of the future regulation, leaving Member States free to choose whether or not to include this category of data.
In addition, the EU countries want to tighten the rules governing third country financial information service providers (‘FISPs’), particularly with regard to entities known as ‘gatekeepers’ (see EUROPE 13470/7).
The agreement reached by the Council on Wednesday paves the way for negotiations with the European Parliament on a final version of the regulation.
To see the negotiating mandate, go to https://aeur.eu/f/emn (Original version in French by Bernard Denuit)