European Banking Authority Updates Recommendations on Equivalence of Non-EU Confidentiality Regimes

The European Banking Authority has published an updated Final Report on recommendations on the equivalence of confidentiality regimes under the Capital Requirements Directive. The Final Report was originally published in April 2015.

The EBA has added three third-country national regulators to the current list of third-country national regulators whose confidentiality regimes can be regarded as equivalent with those in the EU, following an assessment of the professional secrecy and confidentiality frameworks under which they operate.

The new entries are:

• The Guernsey Financial Services Commission (the Bailiwick of Guernsey);
• The Superintendence of the Financial Services of the Central Bank of Uruguay (the Oriental Republic of Uruguay); and
• The Bank of Korea (the Republic of Korea).

The updated recommendations apply from June 21, 2018. The recommendations 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 Final Report.

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