CEBS methodology for the assessment of the equivalence of third countries' confidentiality provisions – CRD II
16 June 2010
The methodology includes key principles which encapsulate the standards of professional secrecy required by the CRD as well as core indicators of equivalence, which provide guidance in determining whether the relevant jurisdiction achieves the CRD’s objectives
The Committee of European Banking Supervisors (CEBS) publishes its methodology for the assessment of the equivalence of third countries’ confidentiality provisions to the CRD.
Article 131a of the revised Capital Requirements Directive (CRD) allows the participation of third countries’ supervisory authorities in colleges of supervisors provided that they are subject to confidentiality requirements that are equivalent, in the opinion of all competent authorities, to the requirements under Chapter 1, Section 2 of the CRD.
CEBS members have agreed to collate a set of criteria -to be used within supervisory colleges- against which any initial assessment would be conducted for the purposes of the participation of third countries’ supervisory authorities in EEA colleges of supervisors.
Accordingly, the methodology comprises:
· key principles which encapsulate the standards of professional secrecy required by the CRD;
· the objective that each principle seeks to achieve in accordance with the CRD; and
· core indicators of equivalence, which provide guidance in determining whether provisions within the legal system of the relevant jurisdiction together with other factors, achieve those principles and objectives that follow from the wording of the CRD.
The set of criteria outlined in the methodology should be used by college members when assessing third countries’ confidentiality provisions.
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