Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 85

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 85
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 framework setting out rules on the digital operational resilience for all regulated financial institutions throughout the European Union. Since June 2024, the MiCA Regulation partially started to become applicable, and as from December 2024 became fully applicable. Throughout 2024, the European Commission, the ESMA and the EBA continued to complete the work on this new digital finance framework by publishing a number of Delegated Acts, Regulatory Technical Standards and Implementing Technical Standards. In July 2024, the EBA also produced guidelines on the application of the so-called “travel rule” to certain crypto-asset transfers, which requires certain crypto-asset transfers to be accompanied by specified information for anti-money laundering and anti-terrorist financing purposes. The guidelines came into force in December 2024 along with the MiCA Regulation. The Data Act as a horizontal set of rules on data access and use that respects the protection of fundamental rights was published in December 2023 and will become applicable in September 2025, complementing the Data Governance Act as part of the European data strategy. It aims to deliver wide-ranging benefits for the European economy and society by encouraging data-driven innovation. It lays the foundation for so-called sectoral data spaces and data-sharing agreements and introduces rules for switching of cloud service providers.

| 52 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Specific to the financial sector, the European Commission published a proposal for Financial Data Access legislation (FiDA) in June 2023. Building on lessons learned from the EU’s Second Payment Services Directive, FiDA seeks to introduce mandatory data-sharing obligations among financial institutions across a broad range of financial products and accounts, including investments, savings, loans and insurance. The proposed scope is not limited to account and transaction data, but also covers customer onboarding information with the aim of facilitating comparability, competition and switching of providers. The Council reached an agreement on the European Commission’s proposal in December 2024. Subject to agreement with the European Parliament and formal adoption of the FiDA legislation. However, given the remaining complexity of the proposal itself, FiDA is on the preliminary list of the European Commission to be retracted. If this happens, all discussions between member states and the European Parliament will be stopped. In the U.S., the Consumer Financial Protection Bureau published a final rule in October 2024 on data access and data-sharing obligations, under which a consumer would be able to grant third parties’ access to the consumer’s information associated with credit card,