In July 2016, FMLC stakeholders recommended that the Committee undertake further work on the compatibility of IOSCO’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the “MMoU”), a memorandum which aims to provide securities regulators with a tool for cross-border cooperation in supervision and enforcement, with new E.U. legislation on the protection of personal data.
In this report, entitled The IOSCO Multilateral Memorandum of Understanding and international transfers of personal data between regulatory authorities, the FMLC analyses concerns raised by the Article 29 Working Party (“WP29”), an independent advisory body set up to consider the protection of individuals with regard to the processing of personal data, about the MMoU and assesses the normative relationship between the MMoU and E.U. data protection legislation. The analysis concludes with suggestions for a side letter or appendix to the MMoU which might help simultaneously to clarify this relationship and address the concerns of WP29, with a view to preserving certainty in the legal framework of the wholesale financial markets.
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