EBA issues first update to recommendation on equivalence of non-EU authorities for participation in supervisory colleges

11 September 2015

The European Banking Authority (EBA) added the Albanian banking supervisor to the list of non-EU or third country supervisory authorities participating in EU banking supervisory colleges. The decision was based on the assessment of the confidentiality regime of Bank of Albania, which was deemed equivalent to the EU confidentiality regime, and follows the prescriptions in the Capital Requirements Directive (CRDIV) on participants in EU colleges of banking supervisors.

The EBA informs that it has included the Bank of Albania as a national supervisory authority in the list of non-EU authorities whose confidentiality regime can be considered equivalent to the one prescribed in the EU by the Capital Requirements Directive (CRDIV). This equivalence is the condition for non-EU authorities, like the Bank of Albania, to take part in the work of EU colleges of supervisors, the coordination structures that bring together EU regulatory authorities involved in the supervision of a banking group that operate in more than one country in Europe. The equivalence of confidentiality regimes between EU and non-EU authorities is the fundamental condition to ensure secure and smooth information flows within supervisory colleges.

Like for all other non-EU authorities included in the list, the assessment of Bank of Albania was  in line with Article 116 (6) CRDIV on criteria related to the treatment of confidential information, the requirements for professional secrecy, as well as restrictions on the use and disclosure of confidential information. Ensuring this type of convergence overcomes inconsistencies in supervisory approaches, an aspect that could otherwise hamper the efficient functioning of EU colleges of banking supervisors.

Legal basis

In line with Article 16 of its Founding Regulation (EU) 1093/2010, the EBA updated its Recommendation on the equivalence of confidentiality regimes by including Bank of Albania.  The supervisory authorities to which this EBA Recommendation is addressed to are expected to comply with it and incorporate it into their supervisory practices as appropriate.

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