EBA欧洲银行-Amended-Recommendation-on-equivalence-of-confidentiality-regimes-28EBA-Rec-2018-0129_12页_243kb

Summary of EBA/REC/2018/01: Final Report on Recommendations on the Equivalence of Confidentiality Regimes

Core Content

The European Banking Authority (EBA) has issued amending recommendations on the equivalence of confidentiality regimes for third countries, based on Article 16 of the EBA Regulation. These recommendations aim to ensure that the confidentiality regimes of third countries are equivalent to those of the EU, in line with the Capital Requirements Directive (CRD) Article 116(6), which allows competent authorities from third countries to participate in colleges of supervisors if their confidentiality regimes meet EU standards.

The EBA has evaluated the confidentiality and professional secrecy requirements of several third countries, including the Bailiwick of Guernsey and the Oriental Republic of Uruguay, and has concluded that their regimes are equivalent to EU standards. These assessments are part of an ongoing process to maintain consistency and effectiveness in the European System of Financial Supervision.

Main Points

• Purpose: To assess the confidentiality regimes of third countries and determine their equivalence to EU standards.
• Legal Basis: Article 116(6) of the Capital Requirements Directive and Article 16 of the EBA Regulation.
• Scope: Includes the Bailiwick of Guernsey and the Oriental Republic of Uruguay, among others.
• Recommendations:
  • Competent authorities must notify the EBA of their compliance or intention to comply with the recommendations.
  • Non-compliance or lack of notification will be considered as non-compliance.
  • The EBA will publish notifications on its website.
• Implementation: The recommendations are directed at competent authorities as defined in Article 4(2) of Regulation (EU) No 1093/2010.

Key Information

1. Confidentiality Regimes Assessment

The EBA has assessed the confidentiality regimes of third countries to ensure they meet the equivalence standards required for participation in colleges of supervisors. The assessments focus on the notion of confidential information, professional secrecy requirements, restrictions on the use of confidential information, and further disclosure of confidential information.

2. Bailiwick of Guernsey

• Authority: Guernsey Financial Services Commission.
• Relevant Laws:
  • Article 21 of the Financial Services Commission (Bailiwick of Guernsey) Law.
  • Article 43 of the Banking Supervision (Bailiwick of Guernsey) Law.
  • Article 34A of the Protection of Investors (Bailiwick of Guernsey) Law.
  • Article 79 of the Insurance Business (Bailiwick of Guernsey) Law.
  • Article 56 of the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law.
  • Article 43 of the Regulation of Fiduciaries, Administration businesses and Company Directors etc. (Bailiwick of Guernsey) Law.
• Conclusion: Equivalent to EU standards.

3. Oriental Republic of Uruguay

• Authority: Superintendence of the Financial Services of the Central Bank of Uruguay.
• Relevant Laws:
  • Articles 8, 9, 10, 11 of Law 18.381.
  • Items 1, 2 and 3 of Resolution D-46-2016.
  • Articles 20 and 21 of the Central Bank Uruguay Organic Charter.
  • Articles 163 and 302 of the Criminal Code.
  • Articles 34 and 35 of the Central Bank of Uruguay Charter.
  • Articles 14–27 of Law 18.401.
  • Articles 5–8 of Law 17.835.
• Conclusion: Equivalent to EU standards.

4. Reporting Obligations

• Competent authorities must notify the EBA by a specified deadline whether they comply or intend to comply with the recommendations.
• Notifications must be submitted via the EBA website using the form available.
• The EBA will publish all notifications on its website.
• Any change in compliance status must also be reported.

5. Next Steps

• The recommendations will be translated into official EU languages and published on the EBA website.
• The deadline for compliance notification is two months after publication.
• The recommendations will apply from the publication date +1.

Accompanying Documents

5.1 Views of the Banking Stakeholder Group (BSG)

• The BSG did not provide any comments on the draft recommendations, indicating no objections or additional input.

Conclusion

This document outlines the EBA's updated recommendations on the equivalence of confidentiality regimes for third countries, with a focus on ensuring that these regimes meet the EU's professional secrecy and confidentiality standards. The EBA emphasizes the importance of compliance and reporting, and has confirmed that the Bailiwick of Guernsey and the Oriental Republic of Uruguay have equivalent regimes. The recommendations will be implemented and enforced by competent authorities, with notification requirements in place to ensure transparency and consistency.