Regulatory Alerts2023-06-29
AFM and DNB Position Paper on Data Mobility and Open Finance
The Dutch Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB) propose a policy framework prioritizing trusted, innovation-enabling, and equitable access to financial data. The regulators advocate for a hybrid implementation approach that establishes horizontal cross-sectoral standards for permission management and authentication while allowing sector-specific regulations to define precise datasets and technical standards. This vision aims to maximize consumer benefits and market competition through Open Finance while mitigating risks such as privacy loss, market concentration, and financial exclusion via ethical safeguards and privacy-enhancing technologies.
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