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Legislative proposal for a new open finance framework

In “A Europe Fit for the Digital Age”

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In the context of the Digital Finance Strategy, the European Commission announced a proposal on open finance, which would refer to the access and reuse of customer data, with consent, across a range of financial services.

This initiative would enable data sharing and third party access for a wide range of financial sectors and products, in line with data protection and consumer protection rules. It would be based on the principle that financial services customers own and control the data they supply and the data created on their behalf.

The Commission launched also a targeted consultation on open finance framework and data sharing in the financial sector. It ran from 10 May 2022 to 5 July 2022. The consultation aimed to inform the Commission on the application and impact of PSD2 and on the views on Open Finance, taking into consideration, among others, developments in the payment market, payment user needs and the need for possible amendments. The targeted consultation aimed to gather input from more professional stakeholders.

On 14 September 2022, in the Letter of Intent to President Metsola and Prime Minister Fiala, President Von der Leyen announced data access in financial services among the key new initiatives for 2023 

On 18 October 2022, the European Commission published the Commission Work Programme 2023, where a legislative proposal on an Open finance framework is scheduled to be delivered in the second quarter of 2023.

References

For further information: Stefano Spinaci, legislative-train@europarl.europa.eu

As of 20/05/2023.