Financial Data Space in the context of the Data Act
Alexander Schmalenberger, Verena Ritter-Döring and Stephanie Richter discuss what FIDA and the Data Act mean for financial data sharing in the EU.
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A raft of regulation surrounds financial data collection and sharing in the EU and UK, creating a complex environment for financial companies. There is only more to come, particularly from the EU which is focused on facilitating sharing financial data to foster innovation and benefit consumers. We look at some of the current hot topics involving financial data including digital IDs and embedded finance, and at incoming legislation including DORA, the Data Act, and FIDA. We also review the UK and EU framework around financial data incident management and reporting.
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