Welcome to the thirty seventh monthly newsletter designed to keep BIIA members informed of the significant developments on the policy dossiers being worked on in Europe and in other geographical territories. To download the document, please click on this link: BIIA Monthly EU Regulatory Newletter October 2019 041119
Our newsletter this month focuses on the topics of privacy and the use of new technology such as Artificial Intelligence (AI), Machine Learning and Block chain.
On the subject of privacy, in this month’s edition, we cover a number of developments in the interpretation of GDPR both at country level and in Brussels, via the work of the European Data Protection Board. We also cover work on AI in Germany and the UK, the report by the Bank of England and the Financial Conduct Authority (FCA) on Machine Learning and the European Commission’s work on Block chain. As predicted in previous newsletters, these items show how regulators and policy makers are working hard to understand these new technological developments and how they are being deployed.
Also, in this newsletter, we report on the inaugural BIIA Regulatory Roundtable held the day before the 2019 Biennial BIIA Conference . This event, the first of its kind to be organized by a trade association in our industry, is part of the continued work of the association to engage with regulators and policy makers in the Asian region.
The discussions at the Roundtable were held under ‘Chatham House’ rules and were moderated by Neil Munroe, the Deputy Managing Director of BIIA, Chair of the BIIA Regulatory Forum and a member of the International Committee on Credit Reporting.
The key topics that were discussed were the impact of cybersecurity on the credit reporting eco-system and the impact and challenges of privacy following the implementation of the EU’s General Data Protection Regulation. As part of the round table, the International Committee on Credit Reporting shared their findings and recommendations on the impact of cybersecurity on credit reporting. Feedback from the regulators and policy makers who attended has been extremely positive with the request that BIIA organises a further roundtable in 2020 to continue discussions.
Other topics in this newsletter:
- Italian Code of Conduct on credit information systems
- European Data Protection Board (EDPB): New Rules for Credit Reporting Systems in the Digital Economy
- ePrivacy Regulation
- European Data Protection Board (EDPB) guidelines on the contractual lawful basis for processing for online services
- German guidance on GDPR fines
- European Banking Authority (EBA) on loan origination
- EBA’s Work Plan for 2020
- German recommendations on how to regulate AI
- TheCityUK on AI
- UK’s Bank of England (BoE) and Financial Conduct Authority (FCA)on Machine Learning
- European Commission assesses future of block chain
- Applications to cohort 6 of the FCA’s regulatory sandbox now open
- S. and UK sign landmark data-sharing agreement, the first under the U.S. CLOUD Act and UK Crime (Overseas Production Orders) Act
BIIA would like to thank its fellow industry association, ACCIS (the Association of Consumer Credit Information Suppliers), for allowing us to re-use certain information that they have published on the regulatory developments within Europe.
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