The Current State of FIDA Regulation (Financial Data Access)

Key Timelines and Phased Implementation 

The FIDA regulation is expected to enter into force around mid-2025, with the first implementation phase likely starting in 2027. The timeline remains flexible, with discussions ongoing among EU member states and financial stakeholders. The regulation might be phased in gradually. The implementation phases are projected as follows: 

• Q4 2027: Phase 1 (Savings, consumer credit agreements, P&C insurance) 
• Q3 2028: Phase 2 (Investments, personal pensions, crypto assets, mortgages, IBIPs) 
• Q3 2029: Phase 3 (Other credit agreements, business creditworthiness assessment, occupational pensions)

Regulatory Challenges and Industry Concerns 

While the general framework of FIDA has been established, there are still open questions regarding its exact implementation. Financial institutions and other bodies, have raised concerns over several key aspects: 

• Phased Implementation: Industry representatives advocate for a phased, harmonized approach, opposing the idea of a “big bang” implementation. 
• Real-Time Data: There is pushback against the need for real-time data sharing across all financial products, citing high costs and technical challenges. 
• Scope of Data: Disagreements remain on which products should be included, particularly occupational pensions, and whether non-EU financial service providers (FISPs) should be subject to the same rules. 

Regulatory Outlook 

The regulatory timeline for the Financial Data Access (FIDA) regulation is progressing through significant milestones. On 18 April 2024, the European Parliament announced that the ECON (Economic and Monetary Affairs Committee) had adopted its report on the proposed regulation. The next step will be the plenary vote to confirm the mandate, after which the proposal will proceed to trialogue negotiations. Meanwhile, on the Council's side, the dossier is still being reviewed within the Council Working Group (Experts/Attachés). Once discussions are finalized, the Council will advance to a compromise proposal, followed by approvals through Coreper (the Committee of Permanent Representatives) and Ecofin (the Economic and Financial Affairs Council). The trialogue negotiations are expected to begin in Q1 2025, bringing together the European Commission, Parliament, and Council to finalize the regulation text. Once the final version is agreed upon, implementation is anticipated to start in Q3 2025.