Welcome to the fiftieth monthly 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 Newsletter 010321

In this our 50th edition of our monthly 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. In the coming months as the vaccination programme is rolled out across countries it is likely that the focus of regulators and policymakers will steer towards how they can help stimulate the post pandemic economic recovery.

Ensuring access to credit will be key to the recovery and timely and accurate information on consumers and businesses will be critical. As a result, there is no doubt regulators and policymakers will be taking an even greater interest in our industry.

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

Key topics:

Impact of COVID-19 on Insolvency Laws

  • Australia – Virtual AGMs and e-signing measures extended
  • European Union – European Commission extends the Temporary Framework for COVID-19
  • European Union – European Banking Authority on COVID 19 measures
  • Ireland – Companies (Miscellaneous Provisions) (Covid-19) Act 2020
  • USA – Biden Administration announces extension of COVID-19 forbearance and foreclosure protections for homeowners

Privacy

  • European Union – European Commission publishes draft adequacy decisions for the UK
  • Singapore – Mandatory Data Breach Notification obligation takes effect from 1st February 2021
  • UK – Information Commissioner launches data analytics toolkit
  • USA – Virginia Consumer Data Protection Act
  • Vietnam – Draft Decree on Personal Data Protection issued for public consultation

Credit Reporting

  • Australia – Privacy Act amendments permit disclosure of financial hardship information

Financial Services

  • UK – A review of change and innovation in the unsecured credit market

Digital

  • European Union – European Data Protection Supervisor (EDPS) publishes opinion on Digital Services Act and Digital Markets Act
  • UK – Competition and Markets Authority (CMA) continues its focus on digital markets with a call for evidence on the use of algorithms

Data

  • European Union – European Commission consultation on European Single Access Point

Know Your Customer (KYC)

  • USA – The Corporate Transparency Act

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.

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 developments within Europe.  

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.