EBA Revises Recommendation on Equivalence of Confidentiality Regimes of Non-EU Authorities

On November 8, the European Banking Authority (“EBA“) published a final report on recommendations on the equivalence of confidentiality regimes (EBA/REC/2018/03).

In the report, the EBA makes amendments to its recommendation on the equivalence of confidentiality regimes (EBA/REC/2015/01), which was originally published in April 2015. The purpose of the recommendation is to provide guidance for competent authorities on the equivalence of the confidentiality regime applicable to a particular third-country supervisory authority, whose participation in a given college is to be determined under Article 116(6) of the CRD IV Directive (2013/36/EU).

The EBA has added the following third-country authorities to the recommendation, following assessments of the professional secrecy and confidentiality frameworks under which they operate:

  1. The Abu Dhabi Global Market (“ADGM“) Financial Services Regulation Authority;
  2. The Republic of South Kora Financial Supervisory Service;
  3. The National Bank of Moldova;
  4. The Hong Kong Securities and Futures Commission (“SFC“).

The final report does not state the application date of the recommendations made in it.