Welcome to the forty forth 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 Newletter 030720 (002)

Summary:  This month’s newsletter provides updates on the continuing number of initiatives that are being put in place to assist consumers and businesses weather as best they can the COVID 19 pandemic and the resultant recession. Of particular note in this edition are the updates on the changes to insolvency regimes in various countries and the moratoriums on filing of accounts with business registers.

Readers will be aware that this is something we commented on in the last newsletter in terms of the impact such changes will have on the accuracy and timeliness of data available to the information industry. We are keen to hear from readers about other similar initiatives that are being implemented in the country they operate so we can build a comprehensive understanding of the impact. If you do have any information you believe would is relevant please contact the author of this newsletter at munroen@biia.com.

In this month’s newsletter we also report on the implementation of privacy regulations in a number of countries across the globe. You will see from reading the updates that pretty much all of them cite the principles within the GDPR as the basis for what is being implemented highlighting the impact of the GDPR globally.

Finally, we report on a growing number of open data initiatives that are taking place designed to make data more accessible to consumers and businesses. As we continue to move to a more digital world spurred on by COVID 19 we will no doubt see more of such initiatives in the coming months.

In this edition you will find:

COVID-19

  • Emergency legislation and measures from around the world to tackle COVID-19
  • Australia – Amendments to Insolvency Regime
  • European Union – European Data Protection Board (EDPB) statement on restrictions on data subject rights during the Covid-19 crisis
  • European Union – Impact of COVID-19 pandemic on EU households
  • European Union – COVID-19: implications for loan valuations, market trust and financial stability
  • European Union – Extension of guidelines on payment moratoria
  • Ireland – Companies Registration Office Extends Annual Return Filing Period
  • New Zealand – Changes in Insolvency Regime
  • UK – Financial Conduct Authority (FCA) proposals to further support consumer credit customer
  • USA – Consumer Financial Protection Bureau (CFPB) provides additional guidance for credit reporting

Privacy

  • Canada – Proposed amendments to Quebec’s privacy legislation
  • European Union – Commission’s report on GDPR: fit for purpose
  • France – Use of personal data scraping
  • Indonesia – With GDPR as guide, Indonesia nears major changes to rights of Personal Data Owners
  • Singapore – Data transfer rules amended to recognise APEC Cross Border Privacy Rules (CBPR)
  • United Arab Emirates – New Dubai International Finance Centre (DIFC) Data Protection Law
  • USA – California Consumer Privacy Act finality on the horizon

Open Data

  • Australia – Consumer Data Right: Data sharing obligations to commence on 1 July 2020
  • Mexico – New Open Banking Regulation

Company Registers

  • Australia – Centralised Business Registers and Director Identification Numbers (DINs)

Fintech

  • Vietnam – New draft decree on fintech regulatory sandbox for fintech services

Best regards
Neil Munroe
Deputy General Manager
and Editor of the Regulatory Newsletter

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.