On 3 September 2024, the European Central Bank (ECB) published its opinion (dated 30 August 2024) on a proposal for a regulation on a framework for financial data access and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2022/2554.
The ECB welcomes the objective of the proposed regulation with regard to introducing a framework for access to and use of customer data. In its opinion, the ECB sets out certain general observations and also specific amendments to the text of the proposed regulation.
Among its general observations, the ECB:
- Would welcome an explicit statement in the proposed regulation clarifying that the data shared with credit institutions via the feedback loop mechanism on the basis of Article 11(1) of Regulation (EU) 2016/867 of the ECB (the AnaCredit Regulation) be excluded from being shared with customers or data users under Articles 4 and 5 of the proposed regulation.
- Asks that its role under the proposed regulation, in terms of prudential supervisory competence be clarified. The ECB is concerned that the proposed regulation assigns to it supervisory tasks which are not prudential in nature, but rather relate to consumer protection.