European Union: Passed by EU Parliament Committee regulation for a framework for financial data access

On 18 April 2024, the Committee on Economic and Monetary Affairs of the European Parliament voted to adopt a proposal for a regulation that aims to establish a framework for financial data access while amending existing regulations as part of the review of the Second Payment Services Directive (PSD2). The proposal aims to foster data-driven financial services by allowing individuals and businesses to control access to their financial data. Further, the proposal seeks to resolve challenges including a lack of data-sharing rules, unclear governance, and non-standardised infrastructure. The general objective of the proposal is to improve economic outcomes for financial services customers and financial sector firms by promoting digital transformation and the adoption of data-driven business models in the EU financial sector. The proposal will be considered by the full Parliament at the next step.