EU Data Act: New Rules For Data Access, Contract Fairness And Cloud Portability In The Financial Sector

QuickTake

The EU Data Act (Regulation (EU) 2023/2084) entered into force on 11 January 2024 and has been fully applicable since 12 September 2025.¹ It supplements the existing EU Data Governance Act (DGA, Regulation (EU) 2022/868) and, alongside the General Data Protection Regulation (GDPR), the Digital Markets Act (DMA) and the Digital Services Act (DAS), forms a central component of the European data strategy.

The EU Data Act comprehensively regulates access to and use of data and establishes a horizontal, EU-wide legal framework for fair access to and use of data across sectors in order to promote fair competition between actors. The key points of the EU Data Act are to strengthen data portability, in particular by making it easier to switch between cloud and edge services, to improve data access for businesses, and to promote open and fair data ecosystems that benefit businesses, public authorities and consumers alike.