Welcome to the fifty 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 June 010721

SUMMARY

In this month’s newsletter we report on a number of regulatory developments in the areas of data and new technologies that are being developed such as Artificial Intelligence and blockchain as regulators and policymakers start to understand the increasing amount of data that is available through the growth in digitization of services and the new technologies that are being developed to access and analyse his data.

It will be interesting to see how regulators and policymakers balance the benefits that increased access to data and new technologies bring to economies as they recover from the pandemic whilst ensuring that the rights of individuals and businesses are protected. Watch this space for further developments in these two areas in the coming months.

This month we also report on a number of regulatory developments in the areas of credit reporting, business information, financial services and identity. In our view the last topic, identity, will be another area that will see increased focus by regulators and policymakers in the coming months with the digitization of services.

Finally readers will remember that in last month’s newsletter that we highlighted the topic of alternative data and the webinar that BIIA jointly hosted with the SME Finance Forum on June 2nd entitled “The Role of Alternative Data in Ensuring Access to Finance for SMEs post-COVID”. As anticipated there was a lot of interest in the event. To read a summary of what was discussed click here.

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.

In this issue you will find:

COVID 19:  Global Initiatives:  Government Measures Taken in Response to COVID-19

Privacy

  • China – National People’s Congress enacts Data Security Law
  • European Union – European Commission publishes new standard clauses for transferring personal data to non-EU countries
  • European Union – Final European Data Protection Board (EDPB) Recommendations published on supplementary measures for international personal data transfers from Europe
  • European Union – European Data Protection Board (EDPB) recommends collecting consent to store credit card details for future transactions
  • UK – Information Commissioners Office (ICO) publishes first chapter of draft guidance on anonymization, pseudonymisation and privacy enhancing technologies

Credit Reporting

  • Singapore – Monetary Authority of Singapore Issues Consultation Response on Credit Reporting Regulations

Business Information

  • Italy – Code of conduct for business information approved

Data

  • European Union – Consultation on the future EU’s Data Act

Financial Services

  • European Union – Mortgage Credit Directive
  • USA – Consumer Finance Protection Board (CFPB) reports certain delinquencies continue to be low despite Covid-19

Technology

  • European Union – European Commission consumer Internet of Things (IoT) sector inquiry
  • European Union – Artificial Intelligence and blockchain technologies in the European Union
  • UK – The Turin Report on Artificial Intelligence in Financial Services
  • USA – Blockchain & Consumer Protection Bill Passes House of Representatives

Identity

  • European Union – European Commission proposes a Digital Identity for all EU Citizens

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. 

 

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