EBA updates guidelines on the equivalence of confidentiality regimes

The European Banking Authority (EBA) has published a final report updating its guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries. The amending guidelines: (i) expand the scope of the 2022 guidelines to include confidentiality and professional secrecy provisions under the Markets in Crypto-Assets Regulation; (ii) reflect recent EBA equivalence assessments confirming that regimes in Australia, China, Montenegro, Peru, Serbia and the UK are now deemed equivalent to EU standards; and (iii) streamline definitions, update legal references and clarify how competent authorities should apply the framework when sharing information or engaging in supervisory cooperation. The EBA states that while these guidelines inform opinions on equivalence, they do not address the need for cooperation arrangements or participation in supervisory colleges. The guidelines will be translated into all official EU languages and published on the EBA website. Competent authorities are required to report on whether they comply two months after the publication of the translations.

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