The European Banking Federation, together with five other financial industry associations, has co-signed a letter calling attention to the impact of the Court of Justice of the European Union (CJEU) “Schrems II” ruling on the framework for international data transfers.
The signatories note the substantial legal uncertainty which
companies currently face regarding the conditions under which Standard
Contractual Clauses (SCCs) can be used for data transfers, especially to
the US, and to the questions it has raised on all the available
mechanisms under the GDPR to transfer personal data between EU and
non-EU countries.
Warning against risks such as the fragmentation in the interpretation
and enforcement of the judgement by national data protection
authorities (DPAs), the signatories welcome the European Data Protection
Board’s (EDPB) work on guidance on additional measures companies can
put in place alongside SCCs, and stress the need for a proportionate and
risk based approach. The Annex of the letter includes specific
recommendations for this upcoming Guidance.
The European Commission’s work on modernizing the SCCs is also
welcome and the signatories call on the Commission to finalize their
work, providing SCCs which take a risk based approach, provide for
transfers in a variety of situations and relationships and are available
for use as standalone tools.
Joint industry letter
© EBF
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