Dear Members,

Welcome to the fifty fifth 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 010821

SUMMARY

In this month’s newsletter we continue to report on a number of significant developments in the areas of data privacy and data rights. These are no doubt being spurred on by the continued growth in the digital economy and regulators and policymakers desire to ensure that for individuals their data is protected and just as importantly that they have access to it.

Readers will also see there are several news items that focus on combating money laundering and the financing of terrorism with new stronger regulation being proposed to combat the growing threat these are becoming as a result of the growth in the digital economy including new digital currencies. The RegTech industry will play a key role in enabling organisations to meet these new regulations when they are introduced. There is no surprise then to see regulators and policymakers now starting to look into this new industry (see the last article in this newsletter)  

In this newsletter we also report on regulatory developments in credit reporting and financial services, several of which cover the impact of the pandemic and individuals’ behaviour towards credit as some countries start to move from a state of pandemic to a state of endemic.

As always, 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.

Content:

COVID 19: Country Initiatives

  • Australia – COVID-19 Disaster Payment expanded
  • Singapore – Application Period for Simplified Insolvency Programme extended to 28 July 2022
  • UK – Government extends ability to amend insolvency and governance legislation

OTHER NEWS

Privacy

  • European Union – The European Data Protection Board (EDPB) Issues Final Guidelines on Controllers and Processors
  • European Union – The EDPB adopts guidelines on codes of conduct as a tool for transfers
  • Hong Kong – Personal Data (Privacy) Amendment Bill 2021 – proposed introduction of doxxing-related criminal offences
  • USA – Colorado Becomes Third State to Pass a Comprehensive Privacy Law
  • Vietnam: New Draft Amendment of Internet Decree published

Credit Reporting

  • USA – Consumer Finance Protection Bureau (CFPB) Warns CRAs on Eviction Data Accuracy

Data

  • New Zealand – Government to introduce a Consumer Data Right

Financial Services

  • European Union – Review of the Consumer Credit Directive
  • European Union – New Strategy for Sustainable Finance
  • USA – Consumer Finance Protection Bureau (CFPB) reports on trends in commercial and consumer credit
  • USA – CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels

Anti-Money Laundering (AML)

  • European Union – European Commission announces new EU AML Package
  • UK – Government explores AML reform for Open Banking payment service providers

Technology

  • European Union – European Banking Authority (EBA) report on RegTech in the EU financial sector

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 (the Association of Consumer Credit Information Suppliers), for allowing us to re-use certain information that they have published on regulatory developments within Europe. 

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 holiday and please continue to keep safe and well.

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