In an increasingly digital economy, movement of personal data within and across borders is an everyday part of the financial services sector and beyond. It is vital to ensure that this can continue beyond the UK’s exit from the EU.
The IRSG believes that the most legally sound and stable option of ensuring the continued ability to transfer personal data between the UK and the EU27/EEA and international destinations is to secure mutual adequacy decisions between the UK and the EU.
The IRSG has identified the following requirements which it believes will assist in delivering this:
The paper also analyses the alternative options to adequacy, but concludes that they fall far short of the needs of business, as they do not provide legal certainty, are of limited application and are complex and time-consuming to introduce.
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© 2017 International Regulatory Strategy Group