On April 1, 2015, the European Banking Authority published its recommendations on the equivalence of the confidentiality regimes of third country supervisory authorities. Under the EU Capital Requirements Directive, third country supervisory authorities may participate in a college of supervisors set up for an international cross-border bank if: (i) it is considered appropriate for that authority to participate and (ii) the authority is subject to confidentiality requirements that are equivalent to those set out in the EU Capital Requirements Directive. The EBA's recommendations only relate to the equivalence of the confidentiality regimes. The appropriateness issue is to bedetermined by each college of supervisors. The EBA recommends that the confidentiality regimes of the supervisory authorities in the following countries should be considered as equivalent to the CRD IV requirements: Bosnia-Herzegovina, Brazil, Canada, China, FYR Macedonia, Mexico, Montenegro, Serbia, Singapore, Switzerland, Turkey and the United States.
The EBA Recommendation is available at: http://www.eba.europa.eu/documents/10180/1032035/EBA-REC-2015- 01+Recommendations+on+the+equivalence+of+confidentiality+regimes.pdf.
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