Home » Regulatory News

Regulatory News

EU-US Privacy Shield Works but Implementation Can Be Improved

The European Commission yesterday confirmed that the EU-US Privacy Shield survives as a method for international data transfers. In its First Annual Review, the Commission states that the arrangement provides an adequate level of protection. The US authorities have put in place the necessary structures and procedures to ensure the correct functioning of the Privacy Shield, such as new redress ... Read More »

BITCOIN: Singapore’s Central Bank Plans to Regulate Bitcoin Payments

The minister for the Monetary Authority of Singapore (MAS), the nation’s central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments. In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS “has been monitoring” cryptocurrencies such as bitcoin ... Read More »

Thomson Reuters Introduces LEI Profiling Service to Ease MiFID II Preparedness

Global Legal Entity Identifier Service Answers 2018 European Regulation’s “No LEI, No Trade” Mandate In answer to a requirement taking effect on Jan. 3, 2018 that investment firms uniquely identify parties to trades or transactions under Europe’s Markets in Financial Instruments Directive (MiFID II), Thomson Reuters is launching its LEI Profiling Service, a dedicated solution for financial institutions to perform ... Read More »

Cyberspace Administration of China Fines Tencent Holdings, Baidu Inc. and Alibaba Group Holding

Chinese internet regulators said they have fined operators of three of the country’s biggest social-media platforms with the maximum fine allowable under a new cybersecurity law for hosting fake news, pornography and other forms of banned content. The Cyberspace Administration of China didn’t disclose the amount of the fines handed down to the platforms, which are owned in whole or part by ... Read More »

Australia Officially Bans Excessive Credit Surcharges

Australia has officially closed a legal loophole such that as of today, it is no longer legal to charge a credit card surcharge that is higher than the cost of taking the payment itself.  That adds up to about a 1.5 percent interchange fee for Visa or Mastercard, or just 0.5 percent for a debit card. The change comes after ... Read More »

Data Protection and Breach Notification Legislation Strengthens Across the Asia-Pacific Region

The shifting landscape in cybersecurity and data protection regulations across the region is a very hot topic.  Asia as a region has lagged behind Europe, in particular, in terms of the development of updated data protection laws. The last few years have seen a real rapid pace of development in this area. We’ve actually had a number of jurisdictions — ... Read More »

India’s Supreme Court Rules that Privacy is a Fundamental Right for Citizens

India’s universal identification program — Aadhaar — suffered a setback today after the country’s Supreme Court voted unanimously in favor of individual privacy. Given the prevalence of data in today’s digital age, and the trend towards ‘smart living’ based on data, the ruling has the potential to be hugely impactful in India both now and in the future. The landmark ... Read More »

General Data Protection Regulations (GDPR): Ten Myths Debunked

On May 25, 2018, the European Union’s (EU) General Data Protection Regulation (GDPR) will take effect throughout all European Union member states. GDPR is a new regulation by which the European Commission intends to strengthen and unify data protection for individuals whose data is managed by organisations within the EU and for EU resident data worldwide. In short, every country ... Read More »

China Establishes ‘Cyber-court’ for Online Cases

China has established a digital “cyber-court” for online cases. The Hangzhou Internet Court opened for business on 18th August with its first case – a copyright infringement dispute between an online writer and an Internet company. Legal representatives accessed the court via their computers, while defendants and plaintiffs attended via video-chat. According to media reports, the court’s focus will be ... Read More »

UK Data Protection and Privacy Update

Mike Bradford, BIIA’s contributing editor on the subject of data protection and privacy has published his latest newsletter which he is sharing with our UK members. Data Protection Bill: The UK Government has committed to updating data protection laws through a new Data Protection Bill which will fully incorporate the General data Protection Regulation (GDPR) and bring it into UK law, ... Read More »

Australia Comprehensive Credit Reporting: Government Data Sharing Push a Boon for Borrowers

The Australian government’s decision to fast track data sharing recommendations outlined in a report from the productivity commission will likely benefit Australians with a history of making their credit repayments on time, according to credit bureau Experian. The company expects borrowers with “a strong track record of making timely credit repayments” will be better recognised and rewarded from next year ... Read More »

Beijing’s Waning Support for Private Credit Scores

A drive by China’s big technology companies to develop credit scoring platforms, originally backed by Beijing, faces growing opposition from regulators, who fear the initiatives may threaten data security and create conflicts of interest. Two people familiar with the process told Reuters that the People’s Bank of China – which in 2015 allowed eight firms including Alibaba’s Ant Financial and ... Read More »