Framework for Financial Data Access

It affects consumers and businesses using financial services, especially SMEs seeking finance, and financial institutions, insurers, pension providers, investment firms, crypto-asset providers and fintech data users.

• Gives customers real-time access to covered financial data and power to share it with authorised data users.
• Requires data holders to provide permission dashboards for granting, monitoring, withdrawing and restoring data-sharing permissions.
• Creates mandatory financial data-sharing schemes with common standards, compensation rules, liability arrangements and dispute resolution.
• Introduces authorisation and operating rules for financial information service providers, including insurance, governance and cybersecurity requirements.

Takes effect

It enters into force on the twentieth day after publication and applies 24 months later.

Transitional law

Financial data-sharing scheme rules apply 18 months after entry into force, before the rest of the Regulation.

• Regulation (EU) No 1093/2010 (32010R1093)
  • art. 1(2): replaces first subparagraph to include financial data access framework within EBA scope
• Regulation (EU) No 1094/2010 (32010R1094)
  • art. 1(2): replaces first subparagraph to include financial data access framework within EIOPA scope
• Regulation (EU) No 1095/2010 (32010R1095)
  • art. 1(2): replaces first subparagraph to include financial data access framework within ESMA scope
• Regulation (EU) 2022/2554 (32022R2554)
  • art. 2(1)(u): replaces final punctuation to allow addition of new point
  • art. 2(1)(v): adds financial information service providers to scope