Financial Regulatory Developments (FReD) – 10 April 2015

European Union and International

European Banking Authority (EBA)

EBA publishes equivalence recommendation: EBA has published a recommendation indicating the equivalence of the confidentiality regimes of certain non-EU countries to the EU confidentiality regime. The recommendation should help non-EU countries to participate in supervisory colleges overseeing international banks, led by EU supervisors. The recommendation covers Bosnia and Herzegovina, Brazil, Canada, China, FYR Macedonia, Mexico, Montenegro, Serbia, Singapore, Switzerland, Turkey and the US. The review considered the relevant authorities' treatment of the notion of confidential information, professional secrecy requirements, restrictions on the use and disclosure of confidential information. EBA now asks EU authorities to notify it as to whether they comply or intend to comply with the recommendation by 2 June. (Source: EBA Issues Recommendation on Equivalence of Non-EU Authorities for Participation