Financial Data Access Regulation (FiDA)

The planned Financial Data Access Regulation (FiDA) is a central component of the European data strategy and is considered an important step towards a comprehensive open finance ecosystem in the EU. Building on the experience gained with open banking under PSD2, FiDA aims to enable access to and use of financial data across various financial products, such as insurance, loans, investments and pension products. The aim is to promote innovation and competition in the financial market while creating a clear legal framework for the secure exchange of data between financial institutions, fintechs and other market participants.

For companies in the financial and insurance sectors, as well as for data-based business models, the open finance regime of the FiDA Regulation brings with it new regulatory requirements. These include, in particular, obligations regarding access to financial data, requirements for customer consent management, and requirements for secure interfaces and data governance structures. Our solicitors provide comprehensive legal advice to companies on open finance and the implementation of the Financial Data Access Regulation – from the strategic classification of the new EU legal framework and the development of FiDA-compliant data access models to the practical implementation of regulatory requirements in existing business processes.

Our main areas of activity in connection with legal advice on the Financial Data Access Regulation (FiDA) are

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Analysis of whether and to what extent companies fall under the FiDA Regulation and the open finance regime

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Advising on rights and obligations regarding access to financial data between data-holding and data-receiving parties

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Support in drafting open finance and data access agreements

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Advice on consent management, transparency obligations and customer protection in the context of open finance

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Review and implementation of data governance and compliance structures for financial data

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