⚔️ France🇫🇷 requested the annulment of the bill expanding access to citizens' financial data

⚔️ France🇫🇷 requested the annulment of the bill expanding access to citizens' financial data

The regulation on financial data access (FiDA) will be eliminated within six months due to opposition from the European financial sector.

➡️ According to the bill introduced in June 2023, banks and insurance companies would have been required to create data repositories containing customer information.

➡️ The European Commission concluded that this measure represented "a significant burden and complexity for financial entities", contradicting the EU Executive's goal of simplifying regulations.

➡️ The FiDA regulation also addressed AI usage, privacy in messaging apps, and technology patents.

➡️ Tech industry conflict: The removal of the technology patents section has sparked tensions between Nokia, Ericsson, and Qualcomm, key patent holders, and Apple and Google, which seek to use them. The Fair Standards Alliance, representing BMW, Tesla, Google, and Amazon, expressed disagreement with the Commission’s decision.

#news #Europe

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