pc
nid 92723
May 05, 2026
msolomon@vixio.com
Estonia
Financial Supervision Authority
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1948 charsEstonia's Financial Supervision Authority Publishes European Banking Authority Confidentiality Guidance
On May 4, 2026, Estonia's Financial Supervision Authority published guidance implementing the European Banking Authority's (EBA) guidelines on the equivalence of confidentiality arrangements. The guidance amends the EBA's Guidelines EBA/GL/2022/04 and provides Estonian financial institutions with recommendations on confidentiality requirements.
The EBA guidelines establish standards for assessing whether confidentiality arrangements between credit institutions and their clients meet equivalence criteria under EU banking law. These arrangements are critical for protecting sensitive client information while enabling institutions to comply with regulatory obligations. The Financial Supervision Authority's publication of this guidance in Estonian and English ensures that Estonian banks and other regulated entities have clear direction on implementing these confidentiality standards domestically.
The guidance applies to all credit institutions and other financial entities operating under the Financial Supervision Authority's oversight in Estonia. It establishes principles for evaluating confidentiality agreements, determining when external arrangements provide equivalent protections to internal systems, and documenting compliance with these requirements. The guidance is particularly relevant for institutions that rely on third-party service providers or cross-border arrangements for client information management.
The Financial Supervision Authority's guidance becomes effective on May 4, 2026. Regulated entities should review the guidance and assess their existing confidentiality arrangements for compliance. The authority has published both Estonian and English versions of the guidance to facilitate understanding across the financial sector.
REFERENCES:
Financial Supervision Authority. "Euroopa Pangandusjärelevalve suuniste välja andmine Finantsinspektsiooni soovitusliku juhendina." Accessed at: https://www.fi.ee/en
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1284 charsEstonia's Financial Supervision Authority Adopts European Banking Authority's Guidelines on the Equivalence of Confidentiality Regimes
On May 4, 2026, Estonia's Financial Supervision Authority adopted guidance implementing the European Banking Authority's (EBA) guidelines on the equivalence of confidentiality arrangements. The guidance amends the EBA's Guidelines EBA/GL/2022/04 and provides financial institutions with recommendations on confidentiality requirements.
Guidelines EBA/GL/2022/04 concern the assessment by competent authorities of whether the confidentiality and professional secrecy regime to which third-country authorities are subject is equivalent to the conditions set out in Title VII, Chapter 1, Section II of Directive 2013/36/EU (Capital Requirements Directive – CRD) and other directives. The amending guidelines expand the scope of EBA/GL/2022/04 to reflect new requirements under Regulation (EU) 2023/1114 (Markets in Crypto-Assets – MiCA).
Specifically, the updated guidelines confirm that the confidentiality and professional secrecy regimes of several authorities, including those in Australia, China, Montenegro, Peru, Serbia and the UK are now considered equivalent to EU standards.
The guidance applies to all credit institutions and other financial entities operating under the Financial Supervision Authority's oversight in Estonia.The guidance becomes effective on May 4, 2026.