Changes from report parliamentary committee draft to plenary report

Removed Bureau européen des unions de consommateurs (BEUC) ;

Added4. For financial institutions, compliance with this Regulation shall be ensured by the competent authorities specified in Article 46 of Regulation (EU) 2022/2554 in accordance with the powers granted by the respective legal acts listed in that Article, and by this Regulation.

Removed European Association of Co-operative Banks (EACB);

Added1. Competent authorities shall have all the investigatory powers necessary for the exercise of their functions. Those powers shall include:

Removed European Association of Credit Rating Agencies (EACRA);

Added(a) the power to require any natural or legal persons to provide all information that is necessary in order to carry out the tasks of the competent authorities, including information to be provided at recurrent intervals and in specified formats for supervisory and related statistical purposes;

Removed European Association of Paritarian Institutions (AEIP);

Added(b) the power to conduct all necessary investigations of any person referred to in point (a) established or located in the Member State concerned where necessary to carry out the tasks of the competent authorities, including the power to:

Removed European Banking Federation (EBF);

Added(i) require the submission of documents;

Removed European Third Party Providers Association (ETTPA);

Added(ii) examine the data in any form, including the books and records of the persons referred to in point (a) and take copies or extracts from such documents;

Removed Febelfin;

Added(iii) obtain written or oral explanations from any person referred to in point (a) or their representatives or staff, and, if necessary, to summon and question any such person with a view to obtaining information;

Removed Federation of Business Information Services (FEBIS);

Added(iv) interview any other natural person who agrees to be interviewed for the purpose of collecting information relating to the subject matter of an investigation;

Removed Finance Watch;

Added(v) subject to other conditions set out in Union law or in national law, the power to conduct necessary inspections at the premises of the legal persons and at sites other than the private residence of natural persons referred to in point (a), as well as of any other legal person included in consolidated supervision where a competent authority is the consolidating supervisor, subject to prior notification of the competent authorities concerned.

Removed French Banking Federation (FBF);

Added(vi) to enter the premises of natural and legal persons, in line with national law, in order to seize documents and data in any form where a reasonable suspicion exists that documents or data relating to the subject matter of the inspection or investigation may be necessary and relevant to prove a case of breach of provisions of this Regulation;

Removed German Banking Industry Committee (GBIC);

Added(vii) to require, insofar as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of a breach and where such records may be relevant to the investigation of a breach of this Regulation;

Removed German Insurance Association (GDV);

Added(viii) to request the freezing or sequestration of assets, or both, in accordance with relevant national law;

Removed Global Legal Entity Identifier Foundation (GLEIF);

Added(ix) to refer matters for criminal investigation;

Removed Hogan Lovells;

Added(c) in the absence of other available means to bring about the cessation or the prevention of any breach of this Regulation and in order to avoid the risk of serious harm to the interests of consumers, competent authorities shall be entitled to take any of the following measures, including by requesting a third party or other public authority to implement them:

Removed Insurance Europe;

Added(i) to remove content or to restrict access to an online interface or to order that a warning is explicitly displayed to customers when they access an online interface;

Removed Klarna;

Added(ii) to order a hosting service provider to remove, disable or restrict access to an online interface;

Removed Mastercard;

Added(iii) where appropriate, to order domain registries or registrars to delete a fully qualified domain name and to allow the competent authority concerned to register it.

Removed Pensions Europe;

AddedThe implementation of this paragraph and the exercise of powers set out therein shall be proportionate and comply with Union and national law, including with applicable procedural safeguards and with the principles of the Charter of Fundamental Rights of the European Union. The investigation and enforcement measures adopted pursuant to this Regulation shall be appropriate to the nature and the overall actual or potential harm of the infringement.

Removed Nederlands Verbond van Verzekeraars;

Added2. Competent authorities shall exercise their powers to investigate potential breaches of this Regulation, and impose administrative penalties and other administrative measures provided for in this Regulation, in any of the following ways:

Removed Nederlandse Pensioenfederatie;

Added(a) directly;

Removed Visa.

Added(b) in collaboration with other authorities;

Removed5. Way forward

Added(c) by delegating powers to other authorities or bodies;

RemovedYour Rapporteur emphasises that his draft report constitutes only a starting point for ECON’s work on FiDA. He looks forward to the contributions of the shadow rapporteurs, which he will approach with an open mind and a constructive attitude.

Added(d) by having recourse to the competent judicial authorities of a Member State.

AddedWhere competent authorities exercise their powers by delegating to other authorities or bodies in accordance withpoint (c), the delegation of power shall specify the delegated tasks, the conditions under which they are to be carried out, and the conditions under which the delegated powers may be revoked. The authorities or bodies to which the powers are delegated shall be organised in such a manner that conflicts of interest are avoided. Competent authorities shall oversee the activity of the authorities or bodies to which the powers are delegated.

Added3. In the exercise of their investigatory and sanctioning powers, including in cross border cases, competent authorities shall cooperate effectively with each other, with the supervisory authorities established pursuant to Regulation (EU) 2016/679, and with the authorities from any sector concerned as applicable to each case and in accordance with national and Union law, to ensure the exchange of information and the mutual assistance necessary for the effective enforcement of administrative sanctions and administrative measures.

AddedSpecific powers of competent authorities

Added1. By ... [12 months from the date of entry into force of this Regulation], an entity listed in Article 2(2), points (a) to (n) which is owned or controlled by an undertaking providing core platform services for which one or more of such services have been designated as a gatekeeper pursuant to Article 3 of Regulation (EU) 2022/1925 shall be subject to a specific assessment by the competent authority of its registered office.

Added2. The specific assessment shall consist of the following information:

Added(a) a programme of operations submitted by the entity referred to in paragraph 1 which sets out the functioning, services and activities performed as a data user; including the type of access to customer data and the size of the activity in terms of the number of customers reached;

Added(b) an assessment of the network effects and data driven advantages of the entity, in particular in relation to that undertaking’s access to, and collection of, customer data or analytics capabilities;

Added(c) evidence that the entity has in place sufficient safeguards to demonstrate compliance with the requirements in Articles 5 to 8, including Article 6(4), point (f).

Added3. As soon as the competent authority considers the assessment to be complete, it shall send a copy of that assessment to the ESA concerned, depending on whether the entity referred to in paragraph 1 of this Article is authorised pursuant to one of the Union acts referred to in Article 2(1) of Regulation (EU) No 1093/2010, Article 2(1) of Regulation (EU) No 1094/2010 or Article 2(1) of Regulation (EU) No 1095/2010.

Added4. The ESA concerned pursuant to paragraph 3 of this Article shall provide the competent authority with a binding opinion on the assessment conducted within 30 calendar days of receiving the copy of that assessment. Before issuing a binding opinion, the ESA concerned shall consult the competent authorities of the other Member States and the European Data Protection Board and shall take the utmost account of their views when issuing its opinion.

Added5. The competent authority shall conclude its assessment once the requirements laid down in paragraphs 2 and 4 of this Article are met. The competent authority shall inform the entity referred to in paragraph 1 of the conclusion of its assessment.

AddedIf the assessment conducted by the competent authority concludes that the entity fulfils the requirements in paragraph 2 of this Article, the assessment shall be declared complete by the competent authority and the entity referred to in paragraph 1 of this Article shall be confirmed as an eligible entity pursuant to Article 2(2) of this Regulation.

AddedIf the assessment conducted by the competent authority concludes that there are significant deficiencies, the competent authority may request that the entity introduce measures to address those deficiencies. If measures are not taken, the competent authority may determine that the entity is excluded from the scope of this Regulation pursuant to Article 2(2).

Added6. The competent authority may decide to conduct a new assessment if the entity referred to in paragraph 1 no longer meets the conditions of the assessment or fails to inform the competent authority on major developments in this respect.