Featured Product

    EBA Publishes Report Examining Innovative Uses of Consumer Data

    June 28, 2017

    EBA published a report presenting the conclusions of its assessment on the topic of innovative uses of consumer data by financial institutions. The report concludes that no additional, industry-specific legislative or regulatory requirements are needed at present, but EBA will continue to closely monitor this innovation.

    The report looks at both the risks and potential benefits of the innovative uses of data and identifies a number of requirements applying to financial institutions under the EU law, which mitigate many of the risks identified by EBA. The report encourages cooperation between supervisory authorities across all relevant policy areas and contributes to fostering a consistent supervisory approach to innovation in the financial sector. The report acknowledges that further work will be carried out in 2017, jointly with ESMA and EIOPA, on the topic of Big Data and that the three ESAs (EBA, EIOPA, and ESMA) will publish their conclusions on this particular topic within the context of the Joint Committee work.

     

    EBA had observed that a growing number of financial institutions use consumer data in innovative ways, often combining data that they hold internally with data obtained from external data vendors, social media, or other external sources. After assessing the responses to a discussion paper it had published last year and having conducted an extensive review of a number of EU directives and regulations that apply to the use of consumer data, EBA considers that there is already an extensive set of legal requirements financial institutions must comply with, which mitigate many of the risks identified by EBA. Among these, the General Data Protection Regulation (GDPR) will provide a comprehensive legal framework on the processing of personal data applicable to all providers that process personal data of EU individuals. Financial institutions are expected to take all necessary measures to comply with the provisions of GDPR by the date of its application (May 25, 2018). EBA is mandated under Article 9 of its founding Regulation to monitor financial innovation across the EU and to foster a consistent supervisory approach to innovation in the financial sector.

     

    Related Link: Report on Innovative Uses of Data (PDF)

    Keywords: Europe, EBA, ESA, Banking, Securities, Insurance, Consumer Data, Innovative Data Use

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480