In an era of accelerating digital transformation, regulation continues to shape the strategic direction of financial services institutions across Europe. The upcoming Financial Data Access (FIDA) Regulation represents one of the most significant regulatory developments in recent years, fundamentally transforming how financial data is accessed, shared, and utilized across the EU.
With FIDA's entry into force expected within 2026 and implementation timelines of 18-24 months, financial institutions in Cyprus face critical strategic decisions regarding their role as Data Owners, Data Users, or both. Early preparation will be essential to capitalize on new business opportunities while ensuring full compliance with the regulatory framework.
As part of our commitment to keeping clients informed and prepared, we are pleased to share this FIDA Alert, providing a comprehensive overview of the regulation, its impact on Cyprus financial institutions, and a practical readiness assessment to help you evaluate your current preparedness.
We encourage you to review the alert and would be happy to discuss how KPMG Cyprus can support your FIDA journey through our specialised advisory services.
Please do not hesitate to contact us to schedule a complimentary consultation.
