The European Banking Authority (EBA) updated today its Recommendation on the equivalence of confidentiality and professional secrecy regimes by adding three non-EU (third country) supervisory authorities to the current list of third country supervisory authorities whose confidentiality regimes can be regarded as equivalent. The EBA Recommendation is designed as a guide for EU authorities in their assessment of third country equivalence with the aim of facilitating cooperation with third country supervisory authorities and their participation in supervisory colleges overseeing international banks.
The EBA’s equivalence assessment, which is based on the relevant provisions of the Capital Requirements Directive (CRD IV), has considered the following third country authorities as equivalent:
The Guernsey Financial Services Commission (the Bailiwick of Guernsey);
The Superintendence of the Financial Services of the Central Bank of Uruguay (the Oriental Republic of Uruguay); and
The Bank of Korea (the Republic of Korea).