The impending departure of the UK from the EU creates significant uncertainty as to the ability of businesses, including banks and investment firms, to continue to transfer personal data between the EEA and the UK post-Brexit, argues AFME in its latest report.
This briefing note outlines:
The relevant requirements under GDPR for the processing of data and the mechanisms for transferring data between the EEA and third countries;
The uncertainty in relation to firms’ ability to transfer personal data between the EEA and UK postBrexit;
The importance of personal data sharing in providing an efficient and secure service to corporate and institutional clients; and
AFME’s proposed solution - that the European Commission (EC) and the UK should, as a matter of priority:
- Start discussions in preparation for Adequacy Decisions without delay; and
- Commit to a transitional solution while adequacy assessments are undertaken. [...]
Conclusion and Recommendations
• For the reasons set out above, it is essential that there is clarity as to the ability for businesses, including banking and investment firms, to continue to transfer personal data between the EU and UK post-Brexit.
• Given the alignment of EU and UK data protection frameworks, and the complexities, protracted process and shortcomings of the other solutions, we propose that the EC and the UK should as a matter of priority:
• agree to start discussions in preparation for Adequacy Decisions without delay. We believe that such a process can proceed independently of the wider negotiations on the future relationship between the EU27 and the UK; and
• commit to providing a temporary solution to avoid any gap while adequacy assessments are undertaken, for example in the Withdrawal Agreement, any other bilateral agreement or, if necessary, through unilateral action.
• We would welcome the opportunity to work with all parties involved in this process, including the European Commission, Member States, and national supervisory authorities. We believe that free flow of data is a cross-sectoral issue, not a political issue but one that is vital for Europe’s businesses, including Europe’s capital markets businesses which we represent.
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