In March 2017, the European Commission (EC) issued a public consultation document on Fintech. Cloud computing is a major area covered by the EC request for comment and requires delicate balancing between innovation and risk minimization. On one hand, cloud is an easily scalable and cost effective way for financial institutions to manage their data storage and processing. However, cloud also presents major banks with increased cybersecurity and compliance risk. The topic of cloud is particularly relevant because certain Fintech enterprises may not be subject to the same regulatory constraints as major financial institutions.
The European Banking Authority (EBA) published … Continue Reading
Regular readers of this blog will be aware that, last fall, the Court of Justice of the European Union struck down the Safe Harbour framework which permitted the lawful transfer of personal information from the EU to the US through a self-certification model. Negotiations between the European and US authorities to update or replace the framework were already underway prior to this decision, but the Court’s intervention raised the stakes dramatically. The Article 29 Working Party (WP29) had set a deadline of the end of January after which European Data Protection Authorities (DPAs) might begin coordinated enforcement actions against organizations … Continue Reading
European Union member states have a new net neutrality framework that will allow service providers to offer specialized services – such as improved internet quality for IPTV – where the upgrades do not impact general Internet quality for other end-users.
On October 27 the European Parliament passed a new electronic communications Regulation, with a view to protecting net neutrality. Broadly speaking, net neutrality is the principle that all Internet traffic should be treated equally regardless of content or volume. The European Parliament adopted a Regulation laying down measures concerning open access. The new Regulation also amends Directive 2002/22/EC on universal … Continue Reading