Proposal For A Framework For Open Financial Services

On 28 June 2023, the European Commission presented a proposal aimed at creating a framework for open financial services. There is already an established regulatory framework for data sharing linked to payment services in the form of the Second Payment Services Directive ("PSD2"). The new proposal is aimed at extending the regulations to include financial services in a broad sense through a new regulation ("FiDA") and revising the regulatory framework for payment services through an updated Payment Services Directive ("PSD3") and a new Payment Services Regulation ("PSR"). This article aims to analyse the Commission's proposal regarding the extension of regulations on data sharing to include financial services other than payments and also to highlight the opportunities and challenges to which the proposal may give rise.