November 08, 2018

EBA published its amended recommendations (EBA/REC/2015/01) on the equivalence of confidentiality regimes. The equivalence assessment of EBA is based on the relevant provisions of the Capital Requirements Directive (CRD IV) and has considered certain third-country authorities as equivalent.

The following are the third-country authorities that have been considered to be equivalent:  

  • The ADGM Financial Services Regulation Authority—the Abu Dhabi Global Market
  • The Financial Supervisory Service—the Republic of South Korea
  • The National Bank of Moldova—the Republic of Moldova
  • The Securities and Futures Commission—Hong Kong

The results were published, in 2015, in a first set of recommendations, which were amended in December 2017 and June 2018, to include other third-country authorities that were assessed as equivalent. The assessment is an ongoing process and EBA has, since then, completed the assessment of a further set of authorities. Thus, the outcomes of these new assessments are reflected in the present amending recommendations. As a next step, the recommendations will be translated into the official languages of the EU and published on the EBA website. The deadline for competent authorities to report whether they comply with the recommendations will be two months after the publication of the translations.

 

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Keywords: Europe, EU, Banking, Securities, Recommendations, Confidentiality Regime, CRD IV, Equivalence, EBA

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