Dear Members,

The BIIA Regulatory Newsletter for the Month of November 2020 (48th Edition) has been published on the BIIA website.  To download the document, please click on this link: BIIA Monthly Regulatory Newsletter 011220

Welcome to the forty eighth 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.

SUMMARY

As readers would no doubt expect we continue to report in this newsletter on the responses by regulators and policymakers across the world to the COVID 19 pandemic. We also feature this month a number of key developments in the areas of privacy regulation, credit reporting, financial services and identity.

On the COVID 19 pandemic it is interesting to see the extension of certain initiatives for both consumers and businesses in a number of countries, something we predicted would be the case in the last newsletter as the pandemic continues. As to whether the ‘extensions’ will be sufficient we will have to wait and see.

In this newsletter we also report on a number of privacy regulatory developments, specifically in the APEC region. The impact of the EU GDPR continues at a pace in changing the ownership and handling of personal data globally.  Here are some of the key topics covered in this newsletter:

  • Covid-19
    • Covid-19 Government Intervention Schemes
    • COVID-19: A comparison of global measures for the holding of AGMs
    • Singapore – Government plans to launch realignment programme for small businesses impacted by COVID-19
    • UK – Financial Conduct Authority (FCA) confirms support for consumer credit customers impacted by coronavirus
    • UK – Second suspension of wrongful trading
    • USA – Consumer Finance Protection Board (CFPB) to maintain credit reporting guidance
  • Privacy
    • Australia – Submissions sought for Australia’s Privacy Act review
    • Canada – New Privacy Bill proposed
    • EU – European Data Protection Board (EDPB) on international data transfers
    • EU – European Commission publishes draft updated Standard Contractual Clauses
    • New Zealand – New Privacy Act commenced on December 1st
    • USA – California Voters Adopt the California Privacy Rights Act
  • Credit Reporting
    • USA – Consumer Finance Protection Board (CFPB) reports on payment information furnishing
  • Financial Services
    • European Union – European Commission review of the Consumer Credit Directive
  • Identity
    • Singapore – Monetary Authority of Singapore (MAS) consults on stricter requirements on identity verification

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. 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.

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.

We would like to advise our readers that due to the holiday season the next newsletter will be published at the end of January.  For those of you who celebrate Christmas and the New Year starting on 1st January we wish you a happy holiday season.

Best regards
Neil Munroe
Deputy Managing Director and Editor