Regulatory Monthly Newsletter March 2022 (61st) Edition

Dear Members,

Welcome to the 61^st 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 click here: BIIA Monthly Regulatory Newsletter 010422

In last month’s newsletter we reported on the BIIA Middle East and Asia Pacific Regulatory Roundtable that took place at the end of February and the significant interest by regulators who attended the event in the subject of Alternative Data.

As readers will be aware ‘The use of new alternative data in credit risk management’ is one of the key topics that will be discussed by an expert panel at the upcoming 2022 BIIA Biennial Conference to be held in Singapore from May 23rd to 25th. Following the feedback from regulators at the Roundtable we have decided to hold a special Regulatory Roundtable on Alternative Data on May 23^rd, 2022.

The event is being planned as part of the 2022 BIIA Biennial Conference (www.biia.com/2022-biennial-conference) and will take place both in person at the Park Royal Collection Marina Bay Hotel and via virtual attendance from 14.00 to 16.00 (Singapore time). Organising the Roundtable at this time will allow us to involve the panellists who are discussing the subject at the conference in the Regulatory Roundtable so they can share their experiences on the subject and to answer questions regulators may have on how alternative data can be used effectively to support better credit risk management whilst at the same time ensuring there is transparency on the sources and use of the data and consumers and businesses rights are protected.

Information on the panelists is available on the Conference website in the agenda section under session 4 (www.biia.com/2022-biennial-conference/2022-biennial-conference-agenda). As with previous Roundtables attendance at the event will be by invitation only. If you are a Regulator in the region and would like more information on the Roundtable and how you can attend please contact either Peter Sheerin (sheerinp@biia.com) or Neil Munroe (munroen@biia.com).

In this month’s newsletter we report on a number of development in credit reporting, business information, data privacy, financial services, cybersecurity and artificial intelligence. As readers will see later on in this newsletter a number of the developments in the business information area have been spurred on by the war in Ukraine and the resulting implementation of sanctions against Russia.

Credit Reporting

USA – Credit bureaus to eliminate 70% of medical debt tradelines

Business information

New Zealand – Proposed new information disclosure requirements for companies, limited partnerships – and their owners
UK – Companies House transparency reforms to be introduced as part of second Economic Crime Bill

Privacy

China – Banking regulator to intensify enforcement actions on personal information protection
EU/US – EU and US Reach Agreement in Principle on Privacy Shield 2.0
Singapore – Data breach penalty increased to 10% of turnover, from 1^st October

Data

Australia – Government to introduce new disinformation and misinformation laws

Financial Services

Singapore – New Financial Services and Markets Bill to Enhance Monetary Authority of Singapore’s Powers

Artificial Intelligence

EU – Artificial Intelligence Act
Singapore and US – Singapore and U.S. announce partnership on AI and cybersecurity
UK – Bank of England and UK FCA Highlight Key Challenges and Risks of use of AI in Financial Services

Cybersecurity

Singapore – Singapore reviews cybersecurity laws to enhance resilience of Singapore’s cyberspace

BIIA would like to thank its fellow industry association, ACCIS, for allowing us to re-use certain information that they have published on regulatory developments within Europe.