Shearman & Sterling LLP | FinReg | European Banking Authority Updates Guidelines on Equivalence of Non-EU Confidentiality Regimes
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  • European Banking Authority Updates Guidelines on Equivalence of Non-EU Confidentiality Regimes
    04/15/2020
    The European Banking Authority has published updated Guidelines on the equivalence of confidentiality regimes under the Capital Requirements Directive. The EBA has added one new third-country national regulator—the New York State Department of Financial Services—to the current list of third-country national regulators whose confidentiality regimes can be regarded as equivalent to those in the EU, following an assessment of the professional secrecy and confidentiality frameworks under which they operate. The updated recommendations apply from April 16, 2020. The Guidelines are intended to assist national regulators in the EU in their assessment of third-country equivalence with the aim of facilitating cooperation with third-country supervisory authorities and their participation in supervisory colleges overseeing international banks.

    View the updated Guidelines.

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