In June 2023, the EU Commission introduced a regulation proposal
on a framework for Financial Data
Access1 (“FiDA”)
intending to establish, amongst other things, rules concerning the
access, sharing and use of certain categories of customer data in
financial services and concerning the authorisation and operation
of a new category of service providers, namely financial data
service providers. FiDA is currently under trilogue negotiations
between the EU co-legislators and its adoption is expected for 2025
(as part of the digital finance strategy objectives).
This is a pivotal development in the EU's drive towards a
more integrated and innovative financial ecosystem. Indeed, FiDA
aims to introduce a framework for open finance by opening the
access of financial institutions to each other's customer
data. This expands the principles of open banking to a broader
range of financial services but also establishes new legal
concepts, entities and operational schemes that will
