Dear Members,

Welcome to the forty ninth monthly newsletter (and the first of 2021) 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 010221

As a global trade association BIIA is committed to monitoring and reporting on key regulatory developments that are of interest to our membership and prospective members that operate in the industries we cover. In 2020 we made a conscious effort to increase our global regulatory reporting coverage recognising the geographically diverse location and business reach of our members.

For a summary of the key regulatory developments that we have reported on in the last six months of 2020, covering over 20 countries across the four continents – Asia, Middle East, Europe and the Americas click here

As we start 2021 with the COVID – 19 pandemic nearly 12 months old and in many countries, it having a significant and worsening impact, regulators and policymakers continue their efforts to support individuals and businesses. In this month’s newsletter we provide a number of updates on the initiatives that have been put in place along with new ones that have been introduced.

We also feature this month regulatory and policy developments in the areas of privacy regulation, financial services, data and open banking, most, if not all, spurred on by the fast pace of developments in the digital world. There is no doubt in the editor’s view that we will be reporting on more such developments connected to digital data and services in the coming months as the world adapts further to the digital age.

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:

  • Covid-19 Impact
  • Privacy: EU’s Portuguese presidency releases new draft of ePrivacy Regulation
  • Data Protection:
    • EU – European Data Protection Board (EDPB) Strategy 2021-2023
    • EU – European Data Protection Board (EDPB) and European Data Protection Supervisor (EDPS) adopt joint opinions on draft Standard Contractual Clauses (SCC)
    • A.E – Abu Dhabi Global Market Launches Public Consultation on New Data Protection Regulatory Framework
    • UK – Information Commissioners Office (ICO) Publishes New Data Sharing Code of Practice
    • USA – California Attorney General Proposes Minor Modifications to the California Consumer Privacy Act
    • Vietnam – Vietnam accelerates drafting of Personal Data Protection Decree with EU support
  • Financial Services
    • Hong Kong – Financial Services and Treasury Bureau (FSTB) consults on a new regulatory regime for virtual asset exchanges
    • UK – Government consultation on a new insolvency regime for UK-authorised payment institutions and electronic money institutions
    • USA – Consumer Financial Protection Bureau’s Taskforce Report on Federal Consumer Financial Law
  • Open Banking
    • Saudi Arabia – Saudi Central Bank issues Open Banking policy
  • Digital
    • European Union – European Commission publishes new Digital Services Act and Digital Markets Act
  • Data
    • Australia – Future Directions for Consumer Data Right Report
    • European Union – European Commission Publishes Draft Data Governance Act
  • Artificial Intelligence (AI)
    • UK – AI Council publishes roadmap for UK AI strategy

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.

We thank our members for their contributions and also our 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.

Finally, we would like to wish all of our readers a Successful and Prosperous 2021.

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