European Association of Co-operative Banks’ Post

🌐 As key milestones are reached in the journey towards a Financial Data Access (FiDA) Regulation, the European Parliament, Council, and industry stakeholders face a critical opportunity to shape the future of Open Finance in the EU. While recent progress is commendable, industry leaders—AFME, EACB, EBF, EFAMA, ESBG, and Insurance Europe—urge co-legislators to prioritize thorough impact assessments before finalizing the FiDA framework. The goal is a balanced approach that drives innovation, protects citizens’ data, and ensures European competitiveness. 🔑 Key Recommendations: ➡️ Value for Citizens & Industry: Align the framework with real market demand, clear customer benefits, and proportionate costs for financial institutions. ➡️ Data Security & Privacy: Robust oversight of new Financial Information Service Providers (FISPs) to uphold data protection and security at par with regulated entities. ➡️ Sustainable Scope: Address concerns over overly broad data categories and competitiveness challenges to create a framework that works for everyone. https://lnkd.in/dwzFwmci #OpenFinance #FiDA #FinancialData #Innovation #DataProtection

Dear Readers, Ministry of Finance, National Planning and Trade, and the FSA of Seychelles have issued the Second round of public consultation on draft Virtual Asset Service Providers Bill. If you are already operating in Seychelles as a VASP or were planning on doing so, it may be of interest to you to get acquainted with the proposed regulations. (We believe that most likely the biggest attention will be drawn to the last page of the Act - SUBSTANCE REQUIREMENTS, which states: Every licensee shall — (a) have at least one resident person as director on its board of directors; (b) operate a fully manned office in Seychelles; (c) employ qualified or experienced staff to manage the office specified; (d) ensure that all records and documentation required to be kept by the licensee under this Act and regulations are available and accessible from the office specified under paragraph (b); (e) undertake complaint handling in Seychelles; (f) annually, hold at least 2 meetings of its board of directors in Seychelles; (g) annually, hold at least 4 management meetings in Seychelles) #seychelles #fsa #vasp #regulation #trading #casp #license

⬇ FECMA statement on late payment EU regulation proposal ⬇ FECMA is following closely the legislative initiatives and changes which shape the fair payment culture. The regular Council meetings bring together representatives from the different member organisations. It allows to exchange information and experience from different payment cultures. FECMA highlights that the most important thing is to enforce the agreed payment deadlines, and thus make the cash flow predictable for the businesses. It is clear that FECMA welcomes all initiatives to combat late payments – which is in fact in line with our vision & mission. In that context it also became clear that a unified approach may be very attractive, but considering the diversity of businesses which shape the specific payment patterns a ‘one size fits all’ approach may not always be the best solution over all industries and countries. ⏩ please check FECMA full position paper here: https://lnkd.in/etxANSKS #creditmanagement #europe #creditrisk #tradecredit #fecma #ordertocash #riskmanagement #paymentculture #webinarfecma

SEBI has approved amendments to the LODR Regulations, 2015, based on recommendations from the Expert Committee to ease doing business for listed entities. Published in the Gazette on December 12, 2024, the updates are reflected in this circular, revising the SEBI Master Circular from November 11, 2024. https://lnkd.in/gB-AJSmm

🎓If you are looking for harmonised training and certification for your staff giving information about investment products and services, EFPA Europe has designed the EIA qualification (EQF3) especially to meet Art. 17 of the #ESMA Guidelines on knowledge and competences. Find out more here: https://smpl.is/6t3yu #EFPA #vocationaltraining #investmentproducts

🔴Here is an Update📢 👉 International Financial Services Centres Authority (IFSCA), a statutory authority established by Government of India, recently released Draft #IFSCA (Capital Market Intermediaries) Regulations, 2024 for public consultation. 👉 These proposed regulations provide the revised regulatory framework for registration, regulation and supervision of capital market intermediaries set up in the IFSC and to facilitate intermediation of financial services in the capital market ecosystem focusing on protecting the interests of investors and maintaining the integrity of the markets. 👉 The salient features of the New CMI Regulations, include Research Entity as new Category of Intermediaries, Key Changes in existing categories such as Distributors, ESG Ratings and Data Products Provider, Rationalisation of Net Worth requirements, Principal Officer, Compliance Officer and Other Human Resources among other changes. 👉 The New CMI Regulations also aim to promote ease of doing business for the entities participating in the capital markets by simplifying and rationalizing requirements based on feedback and suggestions received from the stakeholders. 🔜 Public comments may be submitted by 12th December, 2024. ✅ For more details check the below Consultation paper on proposed IFSCA (Capital Market Intermediaries) Regulations,2024 👇 #update #IFSCA #GeniconCS #linkedinforcreators #linkedin CS Srinivasan N A (NAS) CS Jamuna Suresh CS Nazim Veronika M Saarang Gopal Ruthanya Sivakumar Sandhya M SAKTHISHREE KUMAR Mythili Palanisamy Sarana Prakash

European Single Access Point (ESAP): Financial and Sustainability Information The European Supervisory Authorities (EBA, EIOPA, and ESMA) have published the Final Report on implementing technical standards (ITS) for tasks related to the European Single Access Point (ESAP). This milestone is pivotal to centralizing financial and sustainability information across the EU. 🌍 🌳 ESAP Structure: A two-tier system where collection bodies (OAMs, EU agencies, national authorities) first receive information, which is then shared on the ESAP platform. 🌳 ITS Collection Body Tasks: Detailed requirements specify formats, validation checks, and metadata standards to streamline information flow. 🌳 ESAP Functionalities: Requirements ensure users can easily access categorized, industry-specific information via a public API, making it more accessible for data-driven decisions. 🌳 Next Steps: A step toward the Savings and Investments Union, ESAP will collect data by July 2026, and publish information by July 2027. 📄 The Final Report is now with the European Commission for adoption. Kindly find the relevant link in the comment below. #EBA #ESMA #EIOPA #EuropeanUnion #SustainabilityDisclosure #FinancialInformation #ESAP

  SEBI permits Credit Rating Agencies (CRAs) & ESG Rating Providers (ERPs) to do rating activities under the purview of IFSCA   SEBI registered CRAs desirous of providing rating services in IFSC to apply for registration with IFSCA under the IFSCA (Capital Market Intermediaries) Regulations, 2021. Activities of CRAs operating in IFSC will be subjected to the said regulations and other IFSC norms. IFSCA will now have jurisdiction over issues arising related to SEBI-registered CRAs operating in IFSC. Additionally, such CRAs registered under the Capital Market Intermediaries Regulations may also undertake the valuation of assets of the schemes under IFSCA (Fund Management) Regulations, 2022.   This has been introduced vide circulars from SEBI & IFSCA. Applicable with immediate effect.                         #GIFT #IFSCA #Rating #valuation

📄Stakeholder Notice 💻 The 2024 Regulation Plan provides an overview of the outcomes from the review conducted for the 2023/2024 period, offering insights into the revision process of the Regulation Plan. It also outlines the key focus areas of the regulatory framework for the upcoming three-year period. Read more at https://bit.ly/4cv5U5l #SAICATechnical #FSCA FSCA South Africa

Important Reminder: ⏳ CBAM Reporting with Actual Values – Less Than 2 Weeks to Go! 🗓 Attention all suppliers, importers, consultants, and distributors: time is ticking! The Carbon Border Adjustment Mechanism (CBAM) reporting deadline arrives in less than two weeks. It's crucial to start preparing your CBAM reports using actual values to ensure compliance and avoid potential issues. At Dubrink, we understand that CBAM reporting can be complex, but accurate data is essential for your business's future. If you haven't begun the process yet, now is the time to act. Don't leave this to the last minute; collecting and verifying the necessary data can take time. Need help navigating this process? Dubrink's platform is designed to simplify and streamline CBAM calculations, ensuring you meet all regulatory requirements efficiently. Let’s prepare for a smooth transition into the CBAM reporting phase. Get in touch with us today if you need assistance or have any questions about the CBAM reporting process. Dubrink makes CBAM easy, both for consultants, importers and exporters. #CBAM #CarbonReporting #Sustainability #Dubrink