TOKYO—As foreign bank regulators take action to reduce banks’ credit risks and improve depositor protection, Japan’s Financial Services Agency April 11 commenced debate to follow the lead, including the review of regulations on credit extensions, foreign banks’ deposit insurance and other rules affecting banks and insurance providers.
International financial regulators released a list of 24 principles April 16—ranging in categories from organization and credit and liquidity risk management, to access, efficiency, and transparency—they hope will strengthen financial market infrastructures on a global level and make them “more resilient.”
OTTAWA—Canada’s federal privacy commissioner and her provincial counterparts in British Columbia and Alberta April 17 released a comprehensive new guide on privacy management programs for the private sector.
Cross-Border Discovery Is on the Rise, and So Are Violations of Data Privacy
In today’s expanding global economy characterized by the rapid advancement of technology, information is increasingly shared more easily and readily across international borders. While there are innumerable advantages to such advancement, it simultaneously poses certain legal challenges. The simple act of sharing information across national borders, even when shared unwittingly, can violate data protection laws in any number of countries in which an organization operates.
ANALYSIS: The UK ICO Sees Some Practical Problems With The European Commission’s Proposed Data Protection Reforms, Suggests Possible Solutions
On February 27, 2012, the Information Commissioner’s Office (ICO), the data protection regulator in the United Kingdom, published an initial review of the European Commission’s proposed Regulation to reform the EU data protection framework, which was officially published in January 2012 (see analysis at WDPR, February 2012, page 4). The ICO’s document is entitled “Information Commissioner’s Office: initial analysis of the European Commission’s proposals for a revised data protection legislative framework” (Version 1.0, February 27, 2012). This was one of the first official responses to the proposed Regulation, and is a thorough review, despite its title (that is, an “initial analysis”).