TRM Podcast on DOJ’s Cryptocurrency Enforcement Framework features Sidley Partner Sujit Raman
Sidley’s newest partner, Sujit Raman, former U.S. Associate Deputy Attorney General at the Department of Justice (DOJ), was among three panelists on the TRM Talks inaugural podcast, titled “Unpacking DOJ’s Crypto Enforcement Framework.” The panel discussed the DOJ’s recently-published Cryptocurrency Enforcement Framework on legitimate uses of cryptocurrencies, the inherent risks and challenges, and the federal government’s enforcement strategies in this space.
Tune in at https://blog.trmlabs.com/trm-talks/unpacking-doj-crypto-framework.
SEC Lifts Moratorium on Registration of UK-Based Managers
Recent communications from the U.S. Securities and Exchange Commission (SEC) indicate that the SEC is again considering registration of advisers located in the UK. The SEC had delayed approving UK and European Union (EU) investment managers’ applications for registration since the adoption of the EU’s General Data Protection Regulation (GDPR), due to concerns that the GDPR would impede the SEC’s ability to collect data from, and supervise, these UK and EU investment managers.
European Commission to Issue New Standard Contractual Clauses by End of 2020
In the wake of the recent Court of Justice of the European Union’s decision in Schrems II, the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs met in early September to discuss the long-awaited revision of Standard Contractual Clauses (SCCs). During the meeting, Commissioner for Justice Didier Reynders expressed hope that revised SCCs would be finalised by the end of 2020.
U.S. Government White Paper to Help Companies Address the EU’s National Security Concerns in Schrems II
On September 28, the U.S. government released a “White Paper” addressing how U.S. companies might justify their continued transfer to the U.S. of personal data of EU residents, following the decision of the Court of Justice of the European Union (“CJEU,” or “ECJ”) in Schrems II – more formally known as Data Protection Commissioner v. Facebook Ireland and Maximillian Schrems, Case C-311/18 (July 16, 2020). The Schrems II decision struck down the EU-U.S. Privacy Shield as a basis for transferring EU personal data to the United States because of the Court’s view that U.S. national security law did not provide equivalent privacy protections to those available in the EU. While the CJEU upheld Commission-approved Standard Contractual Clauses (“SCCs”) as a basis for transfers of EU personal data to the U.S., the Court imposed significant new hurdles for the use of SCCs.
An Early Recap of Privacy in 2020: A US Perspective
*This article was adapted from “Global Overview,” appearing in The Privacy, Data Protection and Cybersecurity Law Review (7th Ed. 2020)(Editor Alan Charles Raul), published by Law Business Research Ltd., and first published by the International Association of Privacy Professionals Privacy Perspectives series on September 28, 2020.
Privacy, like everything else in 2020, was dominated by the COVID-19 pandemic. Employers and governments have been required to consider privacy in adjusting workplace practices to account for who has a fever and other symptoms, who has traveled where, who has come into contact with whom, and what community members have tested positive or been exposed.
As a result of all this need for tracking and tracing, governments and citizens alike have recognized the inevitable trade-offs between exclusive focus on privacy versus exclusive focus on public health and safety.
Swiss Parliament Fails to Reach Agreement on New Swiss Data Protection Act
In 2017, the Swiss government issued a draft bill for a new Swiss Data Protection Act (“nDPA”) with two main goals: (1) to enhance the level of protection of personal data provided in the current Swiss Data Protection Act which dates back to 1992 (largely, to align with the EU GDPR); and (2) to ensure that there is an “adequate” level of data protection to allow for the continued flow of personal data from the EEA to Switzerland.
EDPB Publishes Draft Guidelines on the Concepts of Controller and Processor under the GDPR
On 2 September 2020, the European Data Protection Board (EDPB) published draft guidelines on the concepts of controller and processor under the GDPR (Draft Guidelines). The Draft Guidelines are intended to expand on and ultimately replace the guidance issued by the former Article 29 Working Party in 2010 (WP29 Guidance). The Draft Guidelines should be reviewed carefully to assess whether: (i) the understanding of an organisation’s role as a controller, joint controller or processor should be revised; and (ii) changes to existing vendor processes and contracts are needed in light of the assessment of guarantees provided by vendors and the more detailed processing provisions and ongoing diligence now required.
The Draft Guidelines consist of two parts. The first part seeks to further clarify the meaning of these concepts—which are crucial in determining compliance responsibilities under the GDPR—by reference to various examples. The second part provides detailed guidance on their respective roles and responsibilities, and the relationships between them.
The Draft Guidelines, accessible here, are subject to public consultation until 19 October 2020.
Swiss Data Protection Authority Concludes Swiss-US Privacy Shield No Longer Valid for Swiss-US Transfers
Following the Court of Justice of the European Union’s (“CJEU”) decision in Data Protection Commissioner v Facebook Ireland Ltd and Maximillian Schrems (“Schrems II”), the Swiss Federal Data Protection and Information Commissioner (“FDPIC”) concluded in a position paper published on 8 September that the Swiss-US Privacy Shield no longer provides a valid mechanism for the transfer of personal data from Switzerland to the US.
Regulatory Update: NAIC Summer 2020 National Meeting
The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. As a result of the COVID-19 pandemic, the NAIC held the Summer Meeting in a virtual format, with conference calls taking place over a three-week period. Despite not being able to meet in-person, the NAIC utilized the Summer Meeting as an opportunity to host conversations among insurance regulators, industry members and consumers regarding recent events, including the impact of COVID-19 on the insurance industry as well as racial inequality and the promotion of diversity in the insurance industry. (more…)
BIS Issues Long-Awaited Notice on Controls on Foundational Technologies, Adds New Entities to Entity List
The U.S. Department of Commerce, Bureau of Industry and Security (BIS) published an advance notice of proposed rulemaking (ANPRM) soliciting comments to identify foundational technologies essential to U.S. national security by October 26, 2020 (the Foundational Technologies ANPRM). The ANPRM is only one step in a multiyear process through which the U.S. government transforms the regulations restricting the availability of U.S.-sourced technology in the global marketplace.
This long-awaited ANPRM launches an intra-agency review process required under Section 1758 of the Export Control Reform Act of 2018 (ECRA), which Congress passed in the National Defense Authorization Act for Fiscal Year 2019 (2019 NDAA). ECRA directed BIS to identify and establish controls on the export, reexport, or transfer (in country) of emerging and foundational technologies essential to the national security of the United States. On November 19, 2018, BIS issued an ANPRM on identification of emerging technologies (the Emerging Technologies ANPRM), indicating that a separate notice for foundational technologies was forthcoming.
Today’s Foundational Technologies ANPRM can be found here. Sidley’s prior updates on ECRA and the Emerging Technologies ANPRM can be found here.1 Here we summarize five key takeaways from today’s notice.