Clash of the data protection regulations?

MiFiD II and GDPR seem to be fighting different corners for data protection. One is in favour of collecting and storing data, the other the opposite. How will these two work together?  
by Victor Smart 
 

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Nothing has concentrated minds on the need to look after personal data diligently more than what some, such as David Lawton, formerly a UK Treasury official and FCA director, see as the “draconian” fines for breaches set out in the new General Data Protection Regulation (GDPR). This EU initiative, to be implemented on 25 May 2018, allows penalties of up to €20m or 4% of annual worldwide turnover to be imposed on an organisation failing to meet stringent new standards on handling individuals’ data.

Meanwhile, financial services firms have been simultaneously struggling to make sure that they are also compliant with the sector-specific Markets in Financial Instruments Directive II (MiFID II) regulations, which came into force on 3 January 2018.
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Published: 15 May 2018
Categories:
  • Compliance, Regulation & Risk
  • The Review
Tags:
  • featured
  • Regulation
  • Mifid II

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