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Friday, February 15
2019 02:09
PM / IOSCO
The International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA) welcome the Opinion of the European Data Protection Board (EDPB) on their administrative arrangement for the transfer of personal data between European Economic Area (EEA) Financial Supervisory Authorities and non-EEA Financial Supervisory Authorities.
Under
the European General Data Protection Regulation (GDPR), personal data can be
transferred from a EEA country to a third country when appropriate safeguards
are provided. One of the ways to provide
the safeguards is by an administrative arrangement between public authorities.
In its Opinion, the EDPB considers that ESMA and IOSCO’s administrative
arrangement ensures appropriate safeguards when personal data will be
transferred pursuant to the arrangement.
The
EDPB Opinion is the first of its kind and will enable the continued exchange of
enforcement and supervisory information between securities regulators,
including under the IOSCO Multilateral MoU, to promote orderly markets and
protect investors, while providing the protection of personal data.
ESMA
and IOSCO members who exchange personal data on a regular basis will now take
the necessary steps to enter into the arrangement.
Ashley
Alder, IOSCO Chair, said:
“The IOSCO MMoU is a widely used arrangement
under which 121 securities regulators have agreed the basis on which they
exchange information for the purposes of their enforcement mandates. I welcome
the EDPB’s opinion which enables these vital cross border exchanges to continue
with EEA authorities in a manner that is consistent with the new GDPR and the
overall public interest.”
Steven
Maijoor, ESMA Chair, added:
“I
also welcome the opinion from the EDPB on the administrative arrangement on
transfer of personal data. While
providing data protection safeguards, this will allow EEA and non-EEA
supervisory authorities to continue to share the data needed for their work in
overseeing increasingly globalised and interconnected capital markets,
particularly in the areas of market abuse and insider dealing.”
Maureen
Jensen, Chair of the IOSCO Subgroup on Data Protection, said:
“Our
goal in working collaboratively with the EDPB to prepare the administrative
arrangement has been to ensure that personal data rights are respected in a
manner that allows securities markets regulators to continue to fulfil our
mandates to protect investors and ensure stability in the capital markets
through information sharing. I believe the administrative arrangement achieves
this goal and balances these important objectives."
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