EBA updates guidelines to strengthen cross-border supervisory cooperation with third countries

The European Banking Authority (EBA) has updated its Guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries. The revision aims to reinforce the EU’s commitment to safeguarding confidential information and facilitate effective cross-border supervisory cooperation.

The updated Guidelines expand the scope of the 2022 version to include new requirements under the Markets in Crypto Assets Regulation (MiCAR) and incorporate recent EBA equivalence assessments. They confirm that confidentiality regimes in authorities from Australia, China, Montenegro, Peru, Serbia, and the UK are now considered equivalent to EU standards.

The Guidelines also streamline definitions, update legal references, and clarify how authorities should apply the framework when sharing information or cooperating in supervision.

By extending the scope, the EBA aims to harmonize the approach of EU authorities when working with third-country counterparts. Authorities are required to report their compliance within two months of the publication of translations into EU languages.

These Guidelines are part of the EBA’s broader efforts to enhance supervisory convergence and international cooperation. More information can be found here.

Legal basis for these Guidelines includes Regulation (EU) No 1093/2010 and Article 100 of MiCAR, which mandates confidentiality and professional secrecy in information exchange between authorities.