The following Financial Services guidance note Produced in partnership with Fieldfisher LLP provides comprehensive and up to date legal information covering:
After four years of negotiation, amendments and drafting Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC, (the General Data Protection Regulation) (the GDPR) was published in the Official Journal of the EU on 4 May 2016. It came into force on 24 May 2016 and directly applicable and enforceable in all EU Member States on 25 May 2018.
At a glance, the format of the GDPR shows how much more comprehensive this regulation is compared to its predecessor, Directive 95/46/EC (the Data Protection Directive). Consisting of 173 recitals and 99 articles over 11 chapters, the GDPR's publication in the Official Journal of the EU runs across 88 pages.
The extensive content of the GDPR introduced a raft of changes including:
an increase to the territorial scope of EU data protection law
new and extended data subject rights, including enhanced notification requirements as well as rights to compensation
additional obligations and liabilities for controllers and processors; and
a transformation of the regulatory regime together with extended powers that incorporate high level of administrative fines the supervisory authorities (such as the Information Commissioner's Office (ICO)) are empowered with
Due to the extended territorial
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