Stay abreast of regulatory developments

In this month’s edition of our newsletter, our experts Sebastien Danloy , Arnaud Joseph , and Caroline Franconin provide insights into some recent regulatory developments and how they impact our industry.

From reporting to open finance, regulation is an evolving landscape. To stay abreast of regulatory developments, subscribe to our newsletter and visit our regulatory intelligence hub.

Happy Reading,

The?Securities Services team

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Governance and reporting take centre stage

Discover with this article, how financial firms are navigating in a complex regulatory landscape to ensure effective fund governance and deliver value to investors.

??? Sebastien Danloy, Global Head of Securities Services sales & relationship management, BNP Paribas

FiDA regulation: open finance in the EU

What is FiDA’s primary objective?

FiDA’s primary objective is to boost digital transformation in the financial sector by speeding up the adoption of data-driven business models and the development of open finance.

Financial institutions, consumers, and financial market participants will benefit from a simplified access to financial data. This will enable the provision of financial products and services tailored to customers’ needs and expectations.

How does data sharing work under FiDA?

The data access regime is disclosed in Title II of FiDA and primarily relies on data sharing schemes and the implementation of permission dashboards.

As a general principle, data holders must make customer data available to data users upon and as per the request of a customer:

• Customer data must be made available without undue delay, continuously, and in real-time
• The access and information being made available are limited by the terms of the permission granted by the customer
• This permission is reversible, which means that customers are entitled to withdraw it

Furthermore, data holders must provide customers with a permission dashboard to allow the latter to monitor and manage the permissions granted. Data holders must ensure that permission dashboards are “user friendly” and easy to access.

In addition...

??? Arnaud Joseph , Strategic Analyst Public Affairs, BNP Paribas

European Single Access Point (ESAP) – regulation memo

The European single access point (ESAP) is a platform that will provide access to information about companies and investment products at EU level.

What is ESAP?

The European single access point is a platform that will provide access to centralised public information about companies and investment products at EU level in relation to capital markets, financial services, and sustainable finance.

The ESAP will eventually provide access to financial and extra-financial data through a single, public source. This is a major step toward increased transparency and accessibility of financial and extra-financial data as their consultation and comparison by investors will be facilitated, thus helping them in their decision-making process.

The European single access point will be set up and administered by the European Securities and Markets Authority (ESMA). The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the competent national authorities will also contribute.

The ESAP will be open to all and, in principle, free of charge (except for financial contributions in the event of significant and recurring data extraction).

Collection bodies (European regulators, ESMA, EIOPA, EBA, and national competent authorities) will oversee the collection of data, the control, and the storage of the information on the ESAP.

Entities (companies, issuers, funds, asset managers, investment firms, insurance companies, credit institutions, Central Securities Depositories, Central Counterparties, etc.) will provide collection bodies with the required information using a specific format (data extractable format or, where required by Union law, in a machine-readable format). Information must also be accompanied by a qualified electronic seal and must include specific metadata (to be further detailed in the implementing technical standards issued by the European Supervisory Authorities, namely EBA, EIOPA and ESMA).

Any information, document, or report that is made public under EU law by an entity will have to be submitted to the collection bodies upon its publication. The ESAP will also provide access to information relevant to financial services and capital markets that is made public on a voluntary basis by any EU entity.

It is important to point out that...

??? Caroline Franconin , Strategic Analyst, Public Affairs, BNP Paribas