Dear Members,

Welcome to the 64th monthly regulatory newsletter designed to keep BIIA members informed of the significant developments on the policy dossiers being worked on in geographical territories that members operate in.  To download the document, please click on this link: BIIA Monthly Regulatory Newletter 010822

SUMMARY

In this months newsletter, we report on a number of developments in the areas of credit reporting, data privacy, artificial intelligence (AI) and open data. Several of the articles on data privacy relate to the transfer of data across borders as regulators take action to protect the privacy of individuals with the continued significant growth in digital data. We also report on the development of regulatory responses to the use of artifical intelligence highlighting the ‘principles approach’ proposed by the UK government – a significant difference from the regulatory approach being worked on in the EU.

We are keen to ensure that we cover as many relevant regulatory developments as we can in this newsletter so if you have any items you feel would be worth incorporating please do get in contact with Neil Munroe, Deputy Managing Director and Editor of the Regulatory Newsletter by email @ munroen@biia.com.

Please be advised that due to the holiday season in many countries, the next newsletter will be published at the end of September. For those of you planning a vacation we wish you a pleasant and relaxing time.

Credit Reporting

  • USA – Consumer Financial Protection Bureau (CFPB) Issues Advisory to Protect Privacy When Companies Compile Personal Data
  • USA – Hyundai Ordered to Pay $19 Million in Penalties

Privacy

  • European Union – European Commission criticizes Dutch DPA’s interpretation of legitimate interest
  • European Union – European Data Protection Board (EDPB) Publishes Guidelines on Certification as a Tool for International Personal Data Transfers
  • Republic of Ireland – Irish Data Protection Commission Moves to Block Meta Transfers
  • UK – Government publishes the Data Protection and Digital Information Bill

Artificial Intelligence

  • European Union – AI Act
  • UK – Government announces its proposals for regulating AI

Financial Services

  • UK – Financial Conduct Authrority (FCA) on Consumer Credit

Data

  • China – Cyberspace Administration of China Publishes Required Measures on Security Assessment for Data Exports

More information on the latest regulatory developments from across the globe is available on the BIIA website in the Regulatory section             


BIIA would like to thank its fellow industry association, ACCIS, for allowing us to re-use certain information that they have published on regulatory developments within Europe.     


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To Request Permission to Publish Contact:  Neil Munroe at munroen@biia.com