On October 3, 2018, the European Parliament passed its long awaited resolution on distributed ledger technologies and blockchains (the “Blockchain Resolution”). The Blockchain Resolution was adopted to protect and empower EU citizens and businesses with respect to the specific issues that arise in relation to the blockchain or “distributed ledger” technology, one of which being the tension with data protection rights and the GDPR in general. (more…)
Brexit will have fundamental implications for data protection and in particular, the ongoing flow of personal data from the EU to the UK. However, as with many other issues, the precise implications will depend on the type of deal reached between the EU and the UK.
* This article originally appeared in Law360 on September 27, 2018.
On September 4, the Innovation Group of the European Parliament’s Committee on Economic and Monetary Affairs met to discuss a proposal presented by the rapporteur Ashley Fox,1 member of the European Parliament, to include a framework for initial coin offerings (ICOs) within the proposed European Union (EU) financial services regulatory regime for crowdfunding2 (see European Commission (Commission) proposal COM(2018) 113 final).3
As part of the public discussion, the Commission, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the UK Financial Conduct Authority (FCA) were present to provide their thoughts. (more…)
On September 5, 2018, the new Belgian Data Protection Act implementing the GDPR (the Belgian Act) was published and entered into force. Despite the GDPR being an EU regulation that directly applies to all EU Member States, several provisions of the GDPR explicitly allow, and even require, Member States to enact legislation which implements the law. Member States were expected to have this legislation in place by May 25, 2018, but the majority of Member States (including Belgium) did not meet the deadline. Since December 2017, however, Belgium has had in place a law implementing many of the more procedural provisions of the GDPR, namely the Act on the Establishment of the Supervisory Authority (the SA Act). The SA Act lays down the structure, powers and competence of the new Belgian Supervisory Authority, and also includes rules of procedure applicable to administrative proceedings before the Authority. (more…)
This post summarizes the EDPB’s stated positions on these points and explores the implications for firms providing payment services in the European Economic Area (EEA).
Vishnu Shankar, an associate in our London office, spoke with DataGuidance at the 2018 IAPP Data Protection Intensive. He discussed his recommendations on regulatory requirements regarding breach notification across several key pieces of legislation, including the GDPR and the NIS Directive, as well as sector-specific requirements.
On 21 August 2018, the Dutch Supervisor Authority announced that it had conducted an investigation into the designation of a Data Protection Officer (DPO) under the General Data Protection Regulation (GDPR) by 91 hospitals and 33 healthcare insurers in the Netherlands. Two hospitals had not yet communicated the contact details of their DPO to the Dutch Supervisor Authority, and were given four weeks to designate a DPO. In addition, the Supervisor Authority found that 25% of the hospitals and healthcare insurers whose practices were reviewed did not properly publish their DPO’s contact details on their website. They will also be expected to implement the necessary compliance measures. (more…)
On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).
The group — which includes the U.S. Consumer Financial Protection Bureau, the UK Financial Conduct Authority (the FCA), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) — is one of the first major collaborative efforts on FinTech and RegTech issues among regulators in developed financial services markets. The Consultation builds on the FCA’s proposal earlier this year to create a “global sandbox” for innovative financial services firms.
This post summarizes the proposed role of the GFIN, the issues on which its founding regulators are consulting and how these may affect financial services firms.
On July 17, 2018, the European Commission released a press release announcing Japan and the European Union have concluded talks on reciprocal adequacy of their respective data protection systems, alongside a corresponding Q&A on reciprocal adequacy. After successful negotiations, both jurisdictions have reached a mutual adequacy arrangement, recognising the adequacy in each jurisdiction’s data protection framework and representing the first time that the EU and a third country have agreed on a reciprocal recognition of the level of “adequate” data protection. (more…)