BIIA Regulatory Newsletter October 2020 – 47th Edition | BIIA.com | Business Information Industry Association

Dear Members,

The BIIA Regulatory Newsletter October 2020 – 47^th Edition is posted on this website. To download the document, please click on this link: BIIA Monthly Regulatory Newsletter October 2020 47th Edition 041120

Welcome to the forty seventh 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.

In this month’s newsletter we continue to report on the responses by regulators and policymakers across the world to the COVID 19 pandemic along with key developments in the area of privacy regulation, financial services, company legislation, credit reporting and public data.

It has been interesting to note the slowing in the number of new COVID 19 initiatives announced since the last newsletter. Based on the comprehensive response already by many countries this is probably to be expect. As we head into a ‘second wave’ of infections in many countries it will be interesting to see policymakers and regulators response. We are certainly already starting to see as a minimum the ‘extension’ of certain current initiatives.

As I mentioned above, in this month’s newsletter we also report on a significant number of privacy developments in different parts of the world. Most notable of these is the much awaited Personal Information Protection Law in China. The level of activity on privacy is an indication, in the editor’s view, of the recognition of the growing digitization of economies (spurred on by COVID 19) and the subsequent need to better protect individual’s information.

In this issue you will find the following topics:

COVID-19: Global Initiatives
- COVID-19 Government Intervention Schemes
- COVID-19 and Financial Services
COVID-19: Country Initiatives
- Australia – New insolvency reforms to support small business recovery to commence from 1 January 2021
Privacy
- China – First draft of the long-awaited Personal Information Protection Law released
- European Union – European Data Protection Board (EDPB) finalises guidelines on Data Protection by Design and by Default
- Panama – Data privacy law soon to be effective
- Singapore – Imminent Changes to the Personal Data Protection Act 2012 (PDPA)
- UK – Information Commissioner publishes detailed guidance on right of access

Financial Services
- European Union – European Banking Authority’s (EBA’s) Work Programme for 2021
- European Union – EBA supports harmonisation of creditworthiness assessment
- USA – Consumer Financial Protection Bureau (CFPB) seeks comment on improving Consumer access to financial information
- UK – Financial Conduct Authority (FCA) launches review into the unsecured credit market
Digital
- European Union – Launch of EU Digital Finance Strategy
  - B2B data sharing
  - G2B data sharing
  - Digital identities
  - Artificial intelligence
- European Union – European Parliament Adopts Resolution on Digital Finance and Data Sharing
Company Legislation
- China – Regulation of the “Unreliable Entity List” Framework
- Indonesia – Omnibus Bill – Changes to the Company Law
- UAE – Shareholder and Ultimate Beneficial Owner registers for UAE businesses
Credit Reporting
- Singapore – Monetary Authority of Singapore (MAS) Consults on Proposed Regulations and Notices for Licensed Credit Bureaus and Approved Members
Public Data
- Australia – Release of the data availability and transparency bill
Data Security
- China – Changes in Chinese Securities Law and Draft Data Security Law Affect Cross-Border Investigations

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.

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.