EBA欧洲银行-EBA-BS-2018-XXX_LV_13页_317kb

EBA Final Report on Recommendations on the Equivalence of Confidentiality Regimes

Executive Summary

The European Banking Authority (EBA) has assessed the confidentiality regimes of third countries in relation to Article 116(6) of the Capital Requirements Directive (CRD). These assessments were initially published in a set of recommendations in 2015, later amended in December 2017 and June 2018 to include additional third-country authorities deemed equivalent. The current document reflects the results of further assessments completed by the EBA.

The recommendations aim to inform the opinion of competent authorities regarding the equivalence of confidentiality regimes and ensure consistent application of EU law. The EBA expects competent authorities to confirm their compliance or intention to comply with the recommendations, regardless of whether they are currently participating in a college of supervisors.

Core Content and Main Points

• Purpose: To evaluate 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: The assessment covers third-country supervisory authorities and their compliance with confidentiality requirements.
• Implementation: Competent authorities are required to report their compliance status or reasons for non-compliance to the EBA within two months of the publication of the translated recommendations.
• Compliance Obligation: The EBA encourages competent authorities to incorporate the recommendations into their supervisory practices, including by amending legal frameworks or processes.
• Applicability: The recommendations apply to competent authorities as defined in Article 4(2) of Regulation (EU) No 1093/2010.
• Ongoing Process: The EBA continues to perform assessments and will update the recommendations as needed.

Key Information

Reporting Requirements

• Competent authorities must notify the EBA by a specified date whether they comply or intend to comply with the recommendations.
• In the absence of notification, the EBA will assume non-compliance.
• Notifications should be submitted using the form available on the EBA website to compliance@eba.europa.eu with the reference 'EBA/REC/XX/XX'.
• Any changes in compliance status must also be reported.

Addressed Entities

• The recommendations are directed at competent authorities within the European System of Financial Supervision.
• These include supervisory authorities from third countries that have been assessed for equivalence.

Equivalence Assessments

The EBA has evaluated the following third countries for confidentiality regime equivalence:

• Abū Dabī: The global financial services market is assessed against specific articles of the Financial Services Law.
• South Korea: The Financial Supervisory Service (FSS) is evaluated based on various laws and regulations.
• Moldova: The National Bank of Moldova (BNM) is assessed against its legal framework and specific articles of the Banking Law.
• Hong Kong: The Securities and Futures Ordinance (SFO) is evaluated for its confidentiality provisions.

Legal References

• Abū Dabī: Articles 198, 203, 204, and 258 of the Financial Services Law.
• South Korea: Articles 3, 35, 9, and 22 of the Financial Services Act and related laws.
• Moldova: Articles 126, 127, and 129 of the Banking Law, as well as specific provisions from the National Bank of Moldova's internal regulations.
• Hong Kong: Sections 378 and 5 of the Securities and Futures Ordinance (SFO), including definitions from the first annex.

Next Steps

• The recommendations will be translated into official EU languages and published on the EBA website.
• The deadline for compliance reporting is two months after publication.
• The EBA will continue to assess and update confidentiality regimes as necessary to ensure consistency and effectiveness in financial supervision across the EU and third countries.