May 2019 EU affairs newsletter
- European Commission new guidance on the of free flow of non-personal data with the EU data protection rules.
- Access to finance and data
- UK consultation on the review of corporate transparency and register reform
- Review of the ISO norm on financial services definition for GLEI
- Digital priorities of the Finnish Presidency
- Draft ICCR guidance paper on credit scoring to be released for public consultation
European Commission new guidance on the of free flow of non-personal data with the EU data protection rules.
As part of the Digital Single Market strategy, the new Regulation on the free flow of non-personal data, which has started to apply in the Member states, will allow data to be stored and processed everywhere in the EU without unjustified restrictions. The new EC guidance aims to help users – in particular small and medium-sized enterprises – understand the interaction between these new rules and the General Data Protection Regulation (GDPR) - especially when datasets are composed of both personal and non-personal data.
Together with the General Data Protection Regulation (GDPR), which started to apply one year ago, the new Regulation on the free flow of non-personal data provides for a stable legal and business environment on data processing. The new Regulation prevents EU countries from putting laws in place that unjustifiably force data to be held solely inside national territory. It is the first of its kind in the world. The new rules increase legal certainty and trust for businesses and make it easier for SMEs and start-ups to develop new innovative services, to make use of the best offers of data processing services in the internal market, and to expand business across borders.
The guidance gives practical examples on how the rules should be applied when a business is processing datasets composed of both personal and non-personal data. It also explains the concepts of personal and non-personal data, including mixed datasets; lists the principles of free movement of data and the prevention of data localisation requirements under both, the GDPR and the free flow of non-personal data Regulation; and covers the notion of data portability under the Regulation on the free flow of non-personal data. The guidance also includes the self-regulatory requirements set out in the two Regulations.
For More Information
Commission publishes guidance on free flow of non-personal data - Questions and Answers
Guidance on the Regulation on the free flow of non-personal data
UK consultation on the review of corporate transparency and register reform
The UK Government has unveiled a public consultation , open until August 5th, on the UK on corporate transparency and register reform, available at https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform.
The consultation considers reform to the information companies are required to disclose, increasing the checks on this information and measures to improve the exchange of intelligence between Companies House and UK Law Enforcement bodies.
The consultation seeks views on a series of reforms to limit the risk of misuse:
· knowing who is setting up, managing and controlling companies
· improving the accuracy and usability of data on the companies register
· protecting personal information on the register
· ensuring compliance, sharing intelligence and other measures to deter abuse of corporate entities
Review of the ISO norm on financial services definition for GLEI
According to ISO website on the last review of the ISO norm on financial services, some changes have been made into the definition of the scope encompassed for GLEI (Global Legal Identifier). Indeed, the excerpt now states that natural persons acting in business capacity should be considered as legal services for GLEI attribution and number management.
Digital priorities of the Finnish Presidency
Finland is taking over the EU presidency of the Council from Romania on July 1sti, and Finnish Presidency will have an extensive digital agenda to handle. Among her priorities is data policy and re-use possibilities, together with sectorial development and Artificial Intelligence. Finland will also have to deal with the e-privacy issue which the Romanian Presidency hasn’t concluded, and which might be totally revamped by the new European Parliament. The Finns will also tackle cybersecurity and 5G network deployment, and will continue the work on collective redress, in conjunction with private international law
Draft ICCR guidance paper on credit scoring to be released for public consultation
Glossary terms are clarified to include definition of CRSP (Credit Reporting Service Provider), as well as CSP (Credit Service Provider) which referred to the suppliers of credits banking sector.
This document will include de as “credit grantors” the trade credit lenders “creditors”. Taking into account that they are central banks G20, those who subscribe it, it is very important. It is a crucial term for an important part of our industry and, usually, forgotten by regulators.
The draft passed a phase of last reading by members of ICCR and then a period of public consultation from 3 weeks on the website of the IFC and WB. After this procedure, it will become a new publication of the ICCR - World Bank.
In the data section, FEBIS asked a list of essential data that must be present in order to make a proper credit assessment, but ir remains t be seen if this will be included.
The paper has now been scrutinized by ICCR secretariat for final version and it then has been made available for final comments to ICCR members. It is a good milestone as FEBIS has been able to include a number of comments in it, showing the importance of being active into ICCR.
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