On 3 May 2022, the European Banking Authority (EBA) published updated guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities.

The EBA has updated the guidelines to allow for a wider:

  • Scope of the assessment, i.e. to include all relevant provisions in the Capital Requirements Directive IV (CRD IV), Payment Services Directive II (PSD2), Bank Recovery and Resolution Directive (BRRD) and Fourth Anti-Money Laundering Directive (AMLD), as applicable to the specific third country authorities.
  • Purpose, i.e. to support cooperation arrangements and facilitate participation in supervisory, resolution and anti-money laundering colleges.

The EBA has also updated the guidelines showing how the principles that govern the EU confidentiality regime are reflected in the EU framework as defined by the relevant provisions in the CRD, BRRD, AMLD and PSD2.

The updated guidelines will be translated into the official EU languages and published on the EBA website. The deadline for Member State competent authorities to report whether they comply with the updated guidelines will be two months after the publication of the translations. The updated guidelines will apply two months after the publication date at the latest.