The European Commission (EC) and the United States announce that they have agreed in principle on a new Trans-Atlantic Data Privacy Framework, which will foster trans-Atlantic data flows.
Based on the new framework, data will be able to flow freely and safely between the European Union and the participating companies in the United States. Under the Trans-Atlantic Data Privacy Framework, the United States is expected to:
- put in place new safeguards to ensure that signals surveillance activities are necessary and proportionate in the pursuit of defined national security objectives
- establish a two-level independent redress mechanism with binding authority to direct remedial measures
- enhance rigorous and layered oversight of signals intelligence activities to ensure compliance with limitations on surveillance activities
The framework will provide a durable basis for trans-Atlantic data flows, which are critical to protecting citizens' rights and enabling trans-Atlantic commerce in all sectors of the economy, including for small and medium enterprises. By advancing cross-border data flows, the new framework will promote an inclusive digital economy in which all people can participate and in which companies of all sizes from all of our countries can thrive. The teams of the U.S. government and EC will continue their cooperation with a view to translate this arrangement into legal documents that will need to be adopted on both sides to put in place this new Trans-Atlantic Data Privacy Framework. For that purpose, these U.S. commitments will be included in an Executive Order that will form the basis of the EC assessment in its future adequacy decision.
Keywords: Europe, Americas, EU, US, Banking, Insurance, Securities, Trans-Atlantic Data Privacy Framework, Cross-Border Cooperation, Data Privacy, White House, Cloud Service Providers, Third-Party Arrangements, Outsourcing Risk, EC
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.