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

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425