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sickness and health insurance. |
Second, any data sharing relationship will be strictly subject to customer permission, as has already |
been the case with respect to payment account data under PSD2. A particular challenge is when |
customers have relationships with multiple firms (both data holders and data users), which can |
make it cumbersome to track and revoke the respective permissions granted. This is why this |
proposal imposes a requirement on data holders to provide customers with dedicated permission |
dashboards as part of their customer interfaces. |
Third, the proposal adds rules on who is eligible to access customer data to make sure that all datausers are subject to authorisation and supervision. For firms to be able to access customer data |
under this proposal, they will either have to be regulated financial firms or be authorised as Financial |
Information Service Providers (FISPs). FISPs will also be subject to the Digital Operational Resilience |
Act, which addresses cybersecurity risks. Account Information Service Providers (AISPs) duly |
authorised under the PSR/PSD3 regime will be eligible to access customer data in line with the |
modalities set out in this proposal, notably as members of financial data sharing schemes and |
subject to compensation to data holders. |
How does this proposal relate to the broader policy framework on data? |
This proposal contributes to the commitment set out in the EU |
Digital Finance Strategy |
to put in |
place a European financial data space. It builds on the lessons learned from ‘open banking' as |
identified in the review of the revised Payment Services Directive (PSD2) and is fully consistent with |
the PSR/PSD3 proposals tabled today. Overall, this proposal fits into the broader |
European strategy |
for data |
and will builds upon the key principles for data access and processing set out in its |
accompanying initiatives, such as the Data Governance Act, the Digital Markets Act and the Data Act |
proposal. |
How does this proposal relate to data sharing under PSD2? |
The open banking provisions introduced under PSD2 concern customer data of only one type of |
product in the financial sector – payment account. Payment account data will remain subject to the |
regulatory framework under PSR/PSD3, which is already well established. This proposal in turn |
regulates access to customer data for all other types of financial products and services, excluding life |
and health/sickness insurance as well as data related to consumer creditworthiness assessment. |
Furthermore, this proposal also differs in terms of the regulatory approach. While data sharing under |
PSR/PSD3 is based on non-contractual access at no cost, this proposal requires data holders and |
users to agree on financial data sharing schemes that contain the contractual terms for sharing data. |
It also entitles data holders to get reasonable compensation for the costs of making data available. |
This is fully in line with the Commission's Data Act proposal. Unlike PSR/PSD3, this proposal covers |
only information access services and excludes transaction initiation services, because the latter are |
not relevant for all types of financial services covered by this proposal. |
How does this proposal interact with GDPR? |
The proposed framework is coherent with and without prejudice to the GDPR |
, |
which provides for |
general rules |
on the processing of personal data to ensure their protection and free movement. Any |
legal obligation to disclose personal data must meet the requirements set by the GDPR. Giving |
consumers control over their personal data is one of the main objectives of the GDPR, which |
stipulates generally applicable requirements, including the requirement to ensure the security of |
data processing and the right to data portability. However, the latter is subject to practical |
limitations, which have led the Commission to propose a general framework for additional data |
access rights in the Data Act proposal, and the same approach is taken in this initiative. |
Does the proposal respect the subsidiarity principle? |
Financial services legislation is a shared competence between the EU and Member States. Member |
States cannot improve data sharing in the financial sector acting alone, given that the holders and |
potential users of customer data in finance often operate across several Member States in the single |
market for financial services, and they do so on the basis of EU financial services legislation. |
Therefore, a single customer may have data held by financial institutions in different Member States, |
and all these financial institutions would need to be subject to the same framework and the same |
technical standards to enhance trust and allow the integrated use of this data. Individual national |
initiatives would result in overlapping requirements and disproportionately high compliance costs for |
firms without providing most of the benefits due to a lack of interoperable standards, which are |
fragmented along national lines. |
How and by whom will the standards be developed? |
The proposal will require data holders and data users to become members of a financial data sharing |
scheme, which will be tasked with the development of standards for customer data and access |
interfaces. These standards will have to be subsequently implemented by all scheme members. |
Will data holders be entitled to compensation? |
Data access for customers themselves will be free of charge. The situation will be different for firms |
accessing data under permission by the customer. Data holders will be entitled to reasonable |
compensation from data users for making customer data available to them. In cases where the data |
user is an SME (e.g. a small FinTech firm), any compensation shall not exceed the costs directlyattributable to the individual data request. |
These compensation principles fully reflect the general principle of compensation to data holders |
legally obliged to make data available introduced by the Data Act proposal. Thus, it can in no way be |
considered as a payment for the data itself, but rather as compensation for the costs of building and |
maintaining the technical infrastructure required for accessing high-quality data that can be used by |
data users to add further value for the financial sector customers. |
For More Information |
Press release |
Factsheet |
Legal texts |
QANDA/23/3544 |
Press contacts: |
Daniel FERRIE |
(+32 2 298 65 00) |
Aikaterini APOSTOLA |
(+32 2 298 76 24) |
General public inquiries: |
Europe Direct |
by phone |
00 800 67 89 10 11 |
or by |
email |
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