The following Financial Services guidance note Produced in partnership with Bridget Treacy and Aaron Simpson of Hunton Andrews Kurth provides comprehensive and up to date legal information covering:
Although the text of the General Data Protection Regulation, Regulation (EU) 2016/679 (the GDPR) refers throughout to the ‘Union’, it is stated on page one of the GDPR that it is a text ‘with EEA relevance’, meaning all provisions are intended to be applicable in respect of all EEA members, not just those that also have EU membership. Now the GDPR is incorporated into the EEA Agreement and in force, references to EU Member States in the GDPR can generally be read to also include EEA members. For further information, see the European Free Trade Association’s GDPR tracker.
The GDPR extends and develops the rights and obligations previously enshrined in Directive 95/46/EC (the Data Protection Directive), which was transposed into law in the UK by the Data Protection Act 1998 (DPA 1998). Both of these legislative instruments have now been repealed. The significant changes contained in the GDPR reflect the advances in technology since the Data Protection Directive was adopted in 1995 and the central role that personal data processing now plays in everyday activities. Of the numerous changes introduced by the GDPR, the expanded provisions on territorial scope are important and are having a significant impact, extending Europe’s data protection regime to organisations outside the EEA that did not fall within the scope of the Data Protection Directive.
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