⚡️ The EU Council Reaches Agreement on Financial Data Access Framework (FIDA)

⚡️ The EU Council Reaches Agreement on Financial Data Access Framework (FIDA)

The proposed framework, under development since June 2023, aims to improve data accessibility among financial institutions. This legislative initiative is intended to enable personalized investment opportunities, simplify credit applications, and provide more competitive interest rates.

➡️ Standardization: The initiative seeks to standardize data exchange in the financial sector, improving interoperability among institutions.

➡️ Consumer Protection: Consumer rights protection is a priority, enhancing access to various forms of financing for both individuals and SMEs. The framework also regulates data types, exchange mechanisms, and compensation for data providers.

➡️ Exceptions: Certain types of data, such as those related to professional pensions, are excluded. However, member states retain the option to include them at their discretion.

➡️ Non-Digital Data: Flexibility will be offered for the exchange of customer information that is not yet digitized, with restrictions to ensure privacy.

➡️ Foreign Providers: The Council reinforced provisions for third-country Financial Information Service Providers (FISPs) and tightened rules for intermediaries, promoting fair competition.
More details in the official document.

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