Risk and Compliance Update – 27th November

Risk and Compliance Update – 27th November

In this issue:

Data protection

Financial crime prevention

COVID-19

Additional Risk & Compliance updates this week

LexTalk®Risk & Compliance: a Lexis®PSL community


 

Data protection

Proposed replacement standard contractual clauses for international transfers

On 12 November 2020, the European Commission published a draft Implementing Decision on new standard contractual clauses (SCCs) for the transfer of personal data to third countries outside the EEA under the General Data Protection Regulation. Ruth Boardman, co-head of Bird & Bird’s International Privacy and Data Protection Group explains some of the key aspects of the proposed draft SCCs.

See News Analysis: Proposed replacement standard contractual clauses for international transfers.


 

Implications for failure to obtain EU data protection adequacy decision highlighted in new report

The University College London (UCL) European Institute and the New Economics Foundation have jointly published a report on the economic costs and implications of the UK failing to secure an EU adequacy decision, including analysis of the costs for different sizes of UK business. Following IP completion day (11pm on 31 December 2020), the UK will need to be granted an adequacy decision for organisations to continue to be able to transfer data from the EEA to the UK, without putting in place their own additional measures (or relying on limited derogations) to comply with the GDPR.

See: LNB News 24/11/2020 51.


 

Personal data—updated Brexit transition guidance from Department for Digital, Culture, Media & Sport

The Department for Digital, Culture, Media & Sport has published updated guidance ‘Using personal data in your business or other organisation from 1 January 2021’ to include a starker warning for organisations to prepare for the possibility of the UK not obtaining an EU adequacy decision by that date and to help stakeholders prepare for the end of the transition period and beyond. Further new and updated guidance may be issued as the transition period progresses, so stakeholders are advised to monitor

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About the author:
Marie-Gabrielle Williams is a Paralegal in the Lexis®PSL Paralegal Hub. She recently graduated with a law degree from King’s College London, where she was an Editor for the King’s Student Law Review. She has experience working In-house and in private practice abroad, in particular with the blockchain division of a leading Indian technology firm. She has a particular interest in New Technologies, Environmental law and International Arbitration.