• Implementation plans and monitoring, evaluation and reporting arrangements
Providing a monitoring and evaluation mechanism is necessary to ensure that the regulatory actions undertaken are effective in achieving their objectives. The Commission will assess the impact of this Regulation and will be tasked with reviewing it (Article 31 of the proposal).
• Detailed explanation of the specific provisions of the proposal
This proposal seeks to establish a framework governing access to and use of customer data in finance (financial data access 'FIDA'). Financial data access refers to the access to and processing of business-to-business and business-to-customer (including consumer) data upon customer request across a wide range of financial services. The proposal is divided into nine Titles.
Title I sets the subject matter, scope and definitions. Article 1 sets out that the Regulation establishes the rules in line with which certain categories of customer data in finance may be accessed
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