Global financial oversight bodies seek to obtain an exemption from the Regulations on the protection of data GDPR

Source: gate Arab news technical

هيئات الرقابة المالية العالمية تسعى للحصول على إعفاء من لائحة حماية البيانات GDPR

Seek financial oversight bodies in North America and Britain, Asia is urgent to obtain formal waivers from the Regulations on the protection of data of the new strict EU GDPR to avoid blocking international investigations and the effect on the development of the digital economy, according to the report of Reuters.

Officials have warned that the failure of the European Union in the exempt markets stringent of regulations regulation General Data Protection-GDPR can know the procedures for responding to international and operations law enforcement at risk in cases involving the exploitation of the market and professionalism.

Entered the general rules of the data protection GDPR comes into force on 25 May last several years after working on it, namely the Privacy Act issued by the European Union for citizens ‘ ability to control their personal data online, and directly affect how web sites are all with data users, but pressure by foreign producers these major international intensified during the past year several meetings on both sides of the Atlantic with the approaching launch of the regulation.

Although the list of data protection GDPR promote the rights of privacy of personal data of users in the European Union, which gives consumers greater control over their personal information, but many of the entities non-European that use the advertising services on the Internet will be affected by its provisions and laws.

Under prior law, the use of the product are the exemption to share vital information such as bank account credentials and business to facilitate investigations into any abuse to. Currently the product works on the basis that they can continue to share this data under the exemption to the new, but they say if doing so takes them to a mysterious area code, since the language of the new law does not leave room for interpretation.

They fear that in the absence of explicit guidance may be the response of the University in the United States regarding the operations of the prospect of the digital currency encrypted and market manipulation -in which there is a many of outside actors – are at risk. Due to that, in the absence of the exemption will be sharing information across borders is a challenge because privacy safeguards for some of the countries do not meet the standards of the European Union now.

To avoid this danger presses the region on the Board of the European data protection (EDPB) in Brussels to sign formally an administrative arrangement would clarify in writing whether you can apply the exemption to the Data Protection Act to share information and data across borders.

The issue is sensitive given that the response of the regulators to slow the global financial crisis of 2007 – 2009 was the reason the part is poorly coordinated across borders, which have since improved the sharing of information resulting in fines of billions of dollars for banks, such as trying to manipulate the criteria for interest rate LIBOR Libor is one of the most of the criteria widely used to determine short-term interest rates around the world.

Said two executives from the European Union is reluctant to provide such explicit guidance because it is concerned that the possible use of exemption to overcome illegally to ensure their privacy, which is now among the toughest safeguards in the world to the detriment of citizens of the European Union.

Among the participants in the discussions of the European Union, the European securities and ESMA, the Committee on trade in US Commodity Futures the CFTC and the securities and Exchange Commission SEC, the Securities Commission Ontario OSC, the Japanese Financial Services Agency FSA, the Financial Services Authority, the British FCA, and the Hong Kong securities and futures SFC.

In response to a question about the dangers of the area outside on the lack of clear guidance from the European Union he said Christian Wiegand spokesperson for the European Commission: “it can guarantee the flow of data between EU Member States and non-European countries using mechanisms stipulated in the legislation of data protection in the European Union”. Said in a statement emailed to the “Europe open for business”.

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Been active the United States in particular in this case I told the producers in the European Union on a number of occasions after it unveiled a list of data protection for the first time in 2012 that the exemption for public interest may be too narrow.

Recently raised area in the United States concerns again during bilateral meetings between the United States and the European Union in Washington during the month of January, on the sidelines of the IMF meetings in the month of April last, and in Brussels this month, is scheduled to hold more meetings in Europe in the coming weeks.

Attended meetings last January, officials from the Treasury Department, organizers, including the Commodity Futures Trading Commission CFTC and the securities and Exchange Commission SEC, in addition to the staff of the European securities and ESMA and the European Commission and bank regulators in the European Union

It seems that Europeans have different views on how to address the US concerns on the regulation of data protection, said one of the people that the recent meetings had been very positive but it is unclear whether the top leaders of the European Union will eventually reach an agreement.

For their part, said the producers must be relieved because he does not expect to change the data privacy laws of their own to align with the European Union, which would be a breach of their policy.

Said an official from the Securities Commission to the European: “there are rules in the list of data protection says you need to create a system of appropriate standards and at the same time have the authorities of the other jurisdictions you don’t need so our standards enough already”. He said the house he wasn’t here to have any effect on cross-border cooperation so far, although the rules of the new European Union was not valid but a month ago.

She spent the international organization of securities commissions IOSCO, the-a body comprising regulatory bodies from more than 100 judicial authority – the past year in trying to address it. The organization, which is headquartered in Madrid on maintenance administrative arrangement to the protection of strict data which would allow members who log in fulfil the criteria of the European Union, without hurting their national laws.

Noted a spokesman for the Securities Commission to that document, March 22, submitted to the authority for privacy in the European Union is seeking to clarify whether it is required of producers for non-EU compliance with the regulation protection of the data when receiving the data under the exemption and whether it is possible to conduct such analyses on a frequent basis.

He added that in time, when considering administrative arrangement proposed, it is considered that regulatory bodies can rely on the exemption from the exchange of data in “specific cases so that assessment of each individual case”.

A spokeswoman for the Commodity Futures Trading Commission in a statement said that the executive branch is confident that the European authorities are fully aware of the critical importance of information sharing and access by financial regulators to protect our markets concerned.

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