Dear Members,

The BIIA Regulatory Newsletter is posted on this website.  To download the document, please click on this link: BIIA Monthly Regulatory Newsletter 010421-1

In this month’s edition of the regulatory newsletter, we continue to report on the various initiatives that have been introduced by regulators and policymakers in their efforts to support individuals and businesses during the pandemic. With the continuation of the pandemic and in a number of countries its resurgence, it is no surprise that initiatives that have been put in place are being extended.

The discussions on how regulators and policymakers can help stimulate the post pandemic economic recovery, which we mentioned in our last newsletter, are also continuing to grow.

It is becoming clear that alternative data sources to the traditional ones that credit grantors have relied on in the past are going to become key to enable lenders to make the correct risk decisions and ensure that consumers and businesses get the credit they need.

We also feature this month a number of regulatory and policy developments in the areas of privacy regulation, business information, credit reporting, financial services, technology and cybersecurity from across the globe.  Many of them continuing to be driven by the need to ensure economies have the infrastructure and protection in place for the developing digital age.

Finally, we report in this newsletter on the 2021 Middle East and Asia Pacific Regulatory Roundtable hosted by BIIA that took place on March 25th. We were so pleased to see a significant number of Regulators and credit reporting companies from the two regions take part in the event. Testament in our view for the need for Regulators and credit reporting companies in the regions to be able to come together and discuss how credit reporting can be developed to the benefit of all stakeholders.

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.

 In this issue you will find:

  • 2021 Middle East and Asia Pacific Regulatory Roundtable
  • COVID-19 – Global Initiatives
    • Impact on Insolvency Laws
    • Summary of Government Financial Support Europe and the Middle East
    • International Organization of Securities Commissions (IOSCO) reviews the impact of COVID-19 government support measures on credit ratings
    • UK – Government extends the moratorium on commencing winding-up proceedings and the commercial eviction ban until 30 June 2021
    • USA – Biden signs the COVID-19 relief bill extending temporary regulatory relief
  • Privacy
    • European Union – European Data Protection Board (EDPB) and European Data Protection Supervisor (EDPS) on proposed EU Data Governance Act
    • Japan – Amendment to the Ministerial Ordinances of the Act on the Protection of Personal Information (APPI)
    • Philippines – National Privacy Commission announces new online registration platform and extends validity of DPO registrations to 30 June 2021
    • Switzerland – New Guidance on the Revised Swiss Data Protection Act Published
  • Credit Reporting
    • USA – US Congress Considers Amendment to the FCRA to Exclude Paid Medical Debts from Credit Reports
  • Business Information
    • UK – Government launches Modern Slavery Statement Registry
  • Financial Services
    • EU – European Banking Authority (EBA) on 2d Payment Services Directive (PSD2) Data Sharing
    • UK – A new Moratorium for Consumer Debtors – The “Breathing Space” Regulations
  • Technology
    • UK – Financial Conduct Authority (FCA) Publishes Report on Implementing Technology Change
  • Cybersecurity
    • UK – United Kingdom Forms Cyber Security Council

We look forward to receiving your contributions. Please also feel free to provide us with feedback on the newsletter including suggestions on topics we should include.

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 regulatory As many of you will no doubt remember from previous communications on the Biennial BIIA Biennial Conference we have started work on planning for the next event which will take place in the second quarter of 2022.

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

Copyright © BIIA 2021 – For Member Internal Use Only – To Request Permission to Publish Contact:  Neil Munroe at munroen@biia.com