Dear Members,

Welcome to the fifty third 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 May 2021 Edition

In this month’s newsletter we cover a growing range of topics that we are certain will be of interest to our readers including regulatory developments in financial services, privacy, economic crime and cybersecurity.

It would appear from our monitoring that there is a shift by regulators and policymakers to working on topics that will be important for the post pandemic economic recovery – something as regular readers will be aware we raised in last month’s newsletter.

Connected to the topic of the economic recovery we would like to remind readers of the webinar that BIIA is jointly hosting with the SME Finance Forum on June 2nd entitled “The Role of Alternative Data in Ensuring Access to Finance for SMEs post-COVID”.

For further information on the event and how to register click here.

Alternative data will for certain play a key role in the post pandemic recovery and this webinar will discuss some of the key areas that will need to be considered if and when this data is used.

With the continued growth in the use of digital services it is interesting to note the increased focus by regulators and policymakers on combating economic crime and improving cybersecurity – the well reported ‘downside’ of the move to online. There is no doubt that we will see further activity by regulators and policymakers in these areas going forward.

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 latest edition you will find:

COVID 19

  • Global Initiatives
  • Country Initiatives

OTHER NEWS

Privacy

  • China – Second Version of the Draft Personal Information Protection Law issued for public comments
  • European Union – MEPs Urge European Commission to Amend Draft UK Adequacy Decision
  • European Union – Facebook loses Irish court battle over EU-US data transfers
  • Thailand – Personal Data Protection Act further extended
  • Spain – Data Protection Authority fines Equifax
  • UK – Government publishes draft Online Safety Bill

Business Information

  • UK – New Draft Legislation on ability to disqualify Directors of Dissolved Companies

Financial Services

  • European Union – European Data Authority (EBA) on Non-Performing Loan (NPL) data templates
  • European Union – European Data Authority (EBA) on reliance on external credit ratings
  • Singapore – “Buy now, pay later” schemes under review
  • Singapore – Proposals to Mandate Reference Checks
  • USA – Consumer Finance Protection Bureau (CFPB) releases tech sprints presentations

Technology

  • USA – Agencies Extend Comment Period on Request for Information on Artificial Intelligence

Economic Crime

  • UK – Government issues Statement of Progress on Economic Crime Plan

Cybersecurity

  • USA – President Biden issues broad-ranging Executive Order on cybersecurity

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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