Julius Šakalys

Introduction If your organisation wants to access financial data held by banks, insurers, or investment firms under the EU's Financial Data Access (FIDA) framework, you will need to become a Financial Information Service Provider, or FISP. FISP authorisation is not a single approval. It is a two-track process: you need regulatory authorisation from a National Competent Authority (NCA), and you need scheme membership from one or more Financial Data Sharing Schemes (FDSS). Both are required...

Introduction When the Irish Presidency took over the EU Council chair on July 1, 2026, it inherited two financial services files that will shape how EU institutions handle financial data for the next decade. The first is MISP, the Market Integration and Supervision Package, the Presidency's headline financial services priority, targeting political agreement at October ECOFIN 2026. The second is FiDA, the Financial Data Access Regulation, currently in trilogue, with the WP FICO September...

The Cloud and AI Development Act (CADA, COM(2026) 502) was adopted by the European Commission on June 3, 2026. It establishes four Union assurance levels for cloud infrastructure used to process sensitive EU data. For FIDA infrastructure builders — specifically FDSS operators and FISPs — CADA Article 18 introduces cloud sovereignty obligations that run in parallel with FIDA's data-sharing requirements. This article explains what CADA is, what Article 18 requires, and how it intersects with...