New Data Regulation, Brexit and the Pensions Industry.
|
|
- Harry Russell
- 5 years ago
- Views:
Transcription
1 December 2016 New Data Regulation, Brexit and the Pensions Industry. Thanks to high profile news coverage of data breaches and increasingly sophisticated cyber-crime, the public s awareness of privacy issues has never been greater. At the same time, technology has made the collection, use, storage and sharing of private data much easier than ever before. It is no wonder then, that the new General Data Protection Regulation ( GDPR ) seeks to impose more rigorous protections and tougher enforcement around the use of individuals data. What does this mean for pensions trustees? Pensions trustees have always relied on the use and sharing of significant repositories of members data in order to administer schemes. Often, the type of data handled by trustees is sensitive from both a cyber-crime and regulatory perspective, including members bank account data, benefits data, earnings data, information about partners and dependents, and health data. This data can be used for many different purposes, including to deliver services to members electronically, to leverage outsourced services and to work with insurers to hedge risk. All of these situations create potential risk under the GDPR. Contents What does the GDPR regulate?... 1 When might the GDPR be relevant?... 2 What will we need to do differently?... 2 What if the personal data is anonymised?... 4 Do special conditions apply to sensitive personal data? 4 How will Brexit impact compliance with the GDPR?... 4 This makes it crucial that pensions trustees understand how the GDPR will impact their use of data from 25 May What does the GDPR regulate? The GDPR regulates the processing of information relating to an identified or identifiable natural person (generally known as personal data ). Trustees tend to hold significant amounts of personal data relating to pension plan members and other beneficiaries, which may include sensitive personal data (such as relating to health or sexual orientation). This means they need to think about the GDPR and start putting in place measures to comply with it now. The changes brought in by the GDPR will require system and process changes which are unlikely to be capable of being bedded in within short timescales. New Data Regulation, Brexit and the Pensions Industry 1
2 When might the GDPR be relevant? Specific examples of where the GDPR might apply in the context of activities undertaken by trustees are: > when collecting personal data from members and using that data for administration purposes, including when data is shared with a third party service provider such as in the context of an administration outsourcing or offshoring; > in longevity swaps, and buy-in and buy-out contracts, and other derisking exercises such as pension increase exchanges or enhanced transfer value offers; these necessitate the involvement of multiple new advisers to the scheme and disclosures of personal data to third parties, such as for pricing purposes; > scheme mergers, when personal data is transferred between sets of trustees and the outgoing and incoming administrators; > in the context of corporate transactions (for example, where trustees are asked to provide personal data for inclusion in an online data room); and > when companies ask trustees to provide personal data for the purposes of company-funded independent financial advice, for example when members approach retirement. What will we need to do differently? The GDPR retains the same core rules from the current Data Protection Directive, but introduces some significant changes. These changes are detailed in our survival guide to the GDPR, a copy of which is available for download here. Broadly, they include: > Privacy notices: the notices you give to members detailing how their personal data is used will need to be updated to include a greatly expanded list of information, such as how long you will store their information and the various rights they have in respect of the information. At the same time, the GDPR expects you to deliver this information in a simple and easy-to-understand way. You may need to undertake a re-papering exercise to comply with the new rules. See page 32 of our survival guide. > Consent: consent to the processing of personal data will become more difficult to obtain from members in general. Existing consent may not be sufficient for GDPR purposes and, in addition, you may decide that you no longer wish to rely on consent unless absolutely necessary since members will now have the right to withdraw their consent at any time, which could have significant operational implications. You should review those situations in which you rely on consent and check that any consents obtained are adequate and properly evidenced. See page 22 of the survival guide. New Data Regulation, Brexit and the Pensions Industry 2
3 > Privacy impact assessments: the GDPR requires organisations to carry out an assessment of the risks of intended processing activities (e.g. sharing member data with new service providers). Where projects will involve high risks for members you will need to conduct a privacy impact assessment. In certain circumstances, you may also need to contact a data protection regulator about your impact assessment, so you need to ensure your impact assessment is carried out early which is more easily said than done in the new age of rapid digital innovation for pension schemes. See page 35 of the survival guide. > The right to be forgotten and related rights: members will have the right, in some circumstances, to require the erasure of their personal data, or have their personal data quarantined. Systems and processes will need to be reviewed to check whether this is technically possible and how any such requests would be dealt with in practice. See page 29 of the survival guide. > Obligations for data processing contracts: contracts with data processors, such as administrators and other service providers, will need to include a greatly expanded list of obligations, such as in relation to sub-contracting and assistance in carrying out privacy impact assessments. As data processors will have direct liability for breaches under the GDPR, they are more likely to seek indemnities from trustees for data protection fines caused by the trustees acts or omissions. Trustees should consider how they will approach the renegotiation of existing contracts with processors, as well as the implementation of the mandatory terms into processor contracts. See page 44 of our survival guide. > Data transfers: transfers of personal data outside of the EU, such as to back office service providers, will continue to be restricted, and the GDPR will also regulate the onward transfer of personal data after the initial transfer (e.g. to subcontractors and retrocessionaires). See page 46 of our survival guide. > Record-keeping obligations: although under the GDPR you will no longer be required to notify data processing activities to the regulator, you will need to keep records of the processing you carry out. This will require trustees to understand their processing in more detail and to ensure that their administrators are aware of the need to collect and submit this information. The survival guide sets this out on page 33. > Notifications of data breaches: data security requirements under the GDPR are enhanced, and there will be an obligation to notify a supervisory authority of a data breach, and the relevant individuals in certain circumstances, which significantly increases the risks resulting from data breach. The breach notification process is set out at page 40 of our survival guide. New Data Regulation, Brexit and the Pensions Industry 3
4 What if the personal data is anonymised? A common misconception is that data protection laws do not apply if names of individuals in a dataset are redacted. If an individual can be identified either from the dataset or from other data in possession of the business, the information will be personal data. An individual is identified when distinguished from other members of a group. For example, it may be possible to identify an individual from a redacted dataset (which does not include names) where other data fields disclosed include date of birth, post code and pension amount. This information may be sensitive personal information for example if provided with details of that individual s marital status (and therefore potentially sexuality) or details of retirement or of any illhealth. Do special conditions apply to sensitive personal data? The concept of sensitive personal data (referred to in the GDPR as special categories of personal data ) has been expanded under the GDPR. It includes new categories biometric and genetic data, and existing categories such as health data, racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, and data concerning a person s sex life or sexual orientation. The core rules for sensitive personal data remain largely the same, and identifying a processing justification for sensitive personal data will continue to be challenging under the GDPR. How will Brexit impact compliance with the GDPR? The GDPR will almost certainly now apply in the UK prior to Brexit, and the newly-hyped Great Repeal Bill looks sent to entrench it into UK law after Brexit for at least a time. Therefore, trustees will need to prepare for GDPR compliance notwithstanding Brexit. If trustees have their personal data processed in other EU Member States, they will have to continue to comply anyway. Post-Brexit, in the absence of any special agreement, the UK would cease to be a member of the EU and would not automatically be considered, for the purposes of EU rules, to have implemented an adequate level of data protection (irrespective of the UK s adoption of the GDPR). This means that some organisations may need to think about how to legitimise transfers of personal data from within the EU to the UK post-brexit (for example, when service providers to non-uk organisations are based in the UK). This may be unlikely, however, to be an issue for the trustees of most UK based pension schemes perhaps unless they have members employed in any EU states. New Data Regulation, Brexit and the Pensions Industry 4
5 If you would like to discuss further, please contact your usual Linklaters contact or Georgina Kon (on ) or Julian Cunningham-Day (on ). Contacts For further information please contact: Georgina Kon Partner (+44) Julian Cunningham-Day Partner (+44) Authors: Georgina Kon, Julian Cunningham-Day This publication is intended merely to highlight issues and not to be comprehensive, nor to provide legal advice. Should you have any questions on issues reported here or on other areas of law, please contact one of your regular contacts, or contact the editors. Linklaters LLP. All Rights reserved 2016 Linklaters LLP is a limited liability partnership registered in England and Wales with registered number OC It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of Linklaters LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP together with a list of those non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ or on and such persons are either solicitors, registered foreign lawyers or European lawyers. Please refer to for important information on Linklaters LLP s regulatory position. We currently hold your contact details, which we use to send you newsletters such as this and for other marketing and business communications. We use your contact details for our own internal purposes only. This information is available to our offices worldwide and to those of our associated firms. If any of your details are incorrect or have recently changed, or if you no longer wish to receive this newsletter or other marketing communications, please let us know by ing us at marketing.database@linklaters.com. Linklaters LLP One Silk Street London EC2Y 8HQ Telephone (+44) Facsimile (+44) Linklaters.com New Data Regulation, Brexit and the Pensions Industry 5 A /0.0/16 Dec 2016
DC Governance: Chair s statement
DC Governance: Chair s statement February 2016 1 DC Governance: Chair s statement New governance standards apply to trustees of most occupational pension schemes which provide defined contribution benefits
More informationAdjustment and claw back of bonuses: new rules since 1 January 2014
January 2014 Adjustment and claw back of bonuses: new rules since 1 January 2014 Introduction With immediate effect as from 1 January 2014, long-awaited legislation on the adjustment and claw back of bonuses
More informationU.S. Securities Law Briefing. SEC Raises Exchange Act Registration, Termination and Suspension Thresholds to Conform with JOBS Act and FAST Act
May 2016 U.S. Securities Law Briefing. SEC Raises Exchange Act Registration, Termination and Suspension Thresholds to Conform with JOBS Act and FAST Act Yesterday, the U.S. Securities and Exchange Commission
More informationReform of the Trustee Ordinance Consultation Conclusions.
November 2012 Reform of the Trustee Ordinance Consultation Conclusions. The Financial Services and the Treasury Bureau (the FSTB ) published the conclusions (the Conclusions ) to the Consultation on Detailed
More informationThe General Data Protection Regulation (GDPR): action plan for pension scheme trustees
The General Data Protection Regulation (GDPR): action plan for pension scheme trustees July 2017 (revised March 2018) Pension briefing HIGHLIGHTS The European General Data Protection Regulation (GDPR)
More informationIRS Provides Initial Guidance under Foreign Accounts Legislation.
September 2010 IRS Provides Initial Guidance under Foreign Accounts Legislation. On August 27, 2010, the US Internal Revenue Service ( IRS ) released Notice 2010-60 (the Notice ), which contains guidance
More informationCommittee of European Securities Regulators consults on client classification under MiFID
July 2010 Stop Press Committee of European Securities Regulators consults on client classification under MiFID The Committee of European Securities Regulators ( CESR ) published on 12 July a consultation
More informationESMA publishes Part II Technical Advice on Retail Cascades and certain provisions of the Prospectus Regulation
March 2012 ESMA publishes Part II Technical Advice on Retail Cascades and certain provisions of the Prospectus Regulation Overview On 20 January 2011, the European Commission mandated the European Securities
More informationICB Interim Report on UK Banking Reform. 12 April 2011
ICB Interim Report on UK Banking Reform. 12 April 2011 The UK Independent Commission on Banking (the ICB ), chaired by Sir John Vickers, yesterday published its interim report on reforms to the UK banking
More informationOmnibus 3 - EU proposes centralized approval of certain prospectuses
September 2017 Omnibus 3 - EU proposes centralized approval of certain prospectuses On 20 September, 2017 the European Commission published a package of legislative proposals to further strengthen and
More informationDATA PROTECTION NOTICE
DATA PROTECTION NOTICE Who are we? We are the Trustees of the Pension Scheme for the Nursing and Midwifery Council and Associated Employers (the Scheme). We collect, hold and use personal information to
More informationNew legal framework for funds in Germany
July 2012 New legal framework for funds in Germany German law-maker uses AIFMD to propose comprehensive new draft law on funds Draft Capital Investment Act introduces uniform and comprehensive legal framework
More informationThe Market Abuse Regulation in Belgium
April 2016 The Market Abuse Regulation in Belgium Will you be ready? The new Market Abuse Regulation ( MAR ) will apply as from 3 July 2016. It will replace the existing Market Abuse Directive and the
More informationHKMA consults on amendments to the Guideline on Authorization of Virtual Banks - what do you need to know about setting up a virtual bank?
February 2018 HKMA consults on amendments to the Guideline on Authorization of Virtual Banks - what do you need to know about setting up a virtual bank? On 6 February 2018, the Hong Kong Monetary Authority
More informationEMIR Update - ESMA Publishes Finalised Technical Standards
October 2012 EMIR Update - ESMA Publishes Finalised Technical Standards Introduction The European Securities and Markets Authority ( ESMA ) published on 27 September its technical standards and final report
More informationTakeover Code: September changes to profit forecasts and merger benefit statements regime
September 2013 Takeover Code: September changes to profit forecasts and merger benefit statements regime On 30 September 2013 changes will be made to the Takeover Code s rules on profit forecasts and merger
More informationNew data protection rules
New data protection rules Amendment of the German Federal Data Protection Act 2009 On 3, the German Bundestag passed the Federal Data Protection Act Amendment Law (Novelle des Bundesdatenschutzgesetzes),
More informationCourt of Appeal Rules on the ISDA Master Agreement
3 April 2012 Court of Appeal Rules on the ISDA Master Agreement In a decision that will be welcomed by the derivatives market, the Court of Appeal has today handed down judgment in a series of conjoined
More informationShanghai Clearing House Launches Client Clearing Service
August 2014 Shanghai Clearing House Launches Client Clearing Service On 1 July 2014, China introduced mandatory central clearing for standard Renminbi interest rate swaps ( RMB IRS ) concluded on the interbank
More informationFATCA IRS Proposes Extending Certain Deadlines and Grandfathering Provisions.
November 2012 FATCA IRS Proposes Extending Certain Deadlines and Grandfathering Provisions. The US Internal Revenue Service released Announcement 2012-42 (the Announcement ) on October 24, 2012 containing
More informationProjected Compliance Timelines for the CFTC s Trading Documentation Rules and Uncleared Swap Margin Rules
September 20, 2011 Projected Compliance Timelines for the CFTC s Trading Documentation Rules and Uncleared Swap Margin Rules Contents On September 8, 2011, the Commodity Futures Trading Commission (the
More informationCFTC Staff Issues Time-Limited No-Action Relief from Some Swap Data Reporting Requirements for Certain Counterparties
April 12, 2013 CFTC Staff Issues Time-Limited No-Action Relief from Some Swap Data Reporting Requirements for Certain Counterparties Key Takeaways: > Non-SD/MSP financial entities now have until May 29,
More informationDATA PRIVACY & FAIR PROCESSING NOTICE
Scope All data subjects whose data is processed by TC Debt Solutions, which is part of Thomson Cooper Accountants. Responsibilities Thomson Cooper Partner Mark Mitchell (mmitchell@thomsoncooper.com) is
More informationLOCAL GOVERNMENT PENSION SCHEME (LGPS) GENERAL DATA PROTECTION REGULATION - THE IMPLICATIONS FOR THE LGPS
LOCAL GOVERNMENT PENSION SCHEME (LGPS) GENERAL DATA PROTECTION REGULATION - THE IMPLICATIONS FOR THE LGPS INTRODUCTION Thank you for providing us with a list of questions and background information in
More informationLinking executive pay to performance the challenges for 2016 Survey results
Linking executive pay to performance the challenges for 2016 Survey results Linklaters Employee Incentives Practice Introduction For further information please contact: Gillian Chapman Partner +44 207
More informationCFTC Staff Grants Relief from Clearing for Multilateral Compression Exercises and Partial Novation and Termination of Certain Swaps
March 22, 2012 CFTC Staff Grants Relief from Clearing for Multilateral Compression Exercises and Partial Novation and Termination of Certain Swaps Key Takeaways: > CFTC staff grants no-action relief permitting
More informationImplementation of the PD Amending Directive in Luxembourg.
July 2012 Implementation of the PD Amending Directive in Luxembourg. The aim hereof is to provide you with a short overview of the main changes and new requirements that will be relevant for issuers making
More informationManagement of Personal Information Policy (Privacy Policy)
Management of Personal Information Policy (Privacy Policy) Henkel Australia and New Zealand Prepared by: Reviewed by: Human Resources Henkel Australia ANZ EXCOM Henkel Australia & New Zealand Approved
More informationPrivacy Notice under the General Data Protection Regulation (GDPR)
Privacy Notice under the General Data Protection Regulation (GDPR) Who we are Royal Mail Pensions Trustees Limited is the trustee ( the Trustee ) of the Royal Mail Pension Plan ( the RMPP ). As the Trustee,
More informationPrivacy Statement. Key Definitions. Data Controller. Processing
Privacy Statement This Privacy Statement details our policies and procedures in relation to the personal data we process. Haven Claims ( Haven ) are committed to processing data in accordance with the
More informationNew legislation brings changes to how data is handled
New legislation brings changes to how data is handled April 2018 Lockton Companies New European Union (EU) data protection rules may require changes to how businesses handle personal data even if the businesses
More informationNew Investor ID Regime for China Connect how big is the impact?
8 December 2017 New Investor ID Regime for China Connect how big is the impact? Contents Introduction Earlier in the year, there has been speculation that some form of investor ID system will be implemented
More informationCorporate Social Responsibility under the New Companies Act.
April 2014 Corporate Social Responsibility under the New Companies Act. 1 Introduction The recently enacted Companies Act, 2013 seeks to encourage large companies to invest in developmental activities
More informationMoxtra, Inc. DATA PROCESSING ADDENDUM
Moxtra, Inc. DATA PROCESSING ADDENDUM This Data Processing Addendum ( DPA ) forms a part of the Terms of Service found at http://moxtra.com/terms-of-service/, unless Company has entered into a superseding
More informationEU Data Processing Addendum
EU Data Processing Addendum This EU Data Processing Addendum ( Addendum ) is made and entered into by and between AlienVault, Inc., a Delaware corporation ( AlienVault ) and the customer specified in the
More informationDematerialised securities under Luxembourg law.
July 2013 Dematerialised securities under Luxembourg law. The law on (the Law ) of 6 April 2013 has the aim of modernising the Luxembourg law by introducing the possibility to issue. The Law only applies
More informationMandatory Clearing in Singapore Noteworthy next step
July 2015 Mandatory Clearing in Singapore Noteworthy next step Introduction On 1 July 2015, the Monetary Authority of Singapore ( MAS ) issued a consultation paper entitled Draft Regulations for Mandatory
More informationWHO IS RESPONSIBLE FOR LOOKING AFTER YOUR PERSONAL DATA?
OVERVIEW of this Policy and Commitments to Privacy within Dual At Dual ("we", "us", "our"), we regularly collect and use information which may identify individuals ("personal data"), including insured
More informationTowards a New Prospectus Regulation.
December 2016 Towards a New Prospectus Regulation. Key features for Debt Capital Markets. Political agreement has been reached on a new prospectus regime, which will take the form of a regulation and have
More informationDATA PROTECTION ADDENDUM
DATA PROTECTION ADDENDUM In the event an agreement ( Underlying Agreement ) entered into by and between (i) either Sunovion Pharmaceuticals Inc. or its subsidiary, Sunovion Pharmaceuticals Europe Ltd.
More informationConsultation paper on the Securities and Futures (OTC Derivative Transactions Reporting and Record Keeping) Rules
31 July 2014 Consultation paper on the Securities and Futures (OTC Derivative Transactions Reporting and Record Keeping) Rules Contents On 18 July 2014, the Securities and Futures Commission ( SFC ) and
More informationFCA calls for the unbundling of research from dealing commissions
July 2014 FCA calls for the unbundling of research from dealing commissions Introduction On 10 July 2014 the Financial Conduct Authority ("FCA") published a discussion paper (DP14/3) on the use of dealing
More informationA NEW ROYAL DECREE-LAW FOR THE RATIONALIZATION OF THE FINANCIAL SYSTEM HAS BEEN APPROVED
7 February 2012 A NEW ROYAL DECREE-LAW FOR THE RATIONALIZATION OF THE FINANCIAL SYSTEM HAS BEEN APPROVED Following the approval since 2008 of several regulations in order to shore up, restructure and strengthen
More informationHong Kong regulators publish proposed rules for mandatory clearing and expanded mandatory reporting
October 2015 Hong Kong regulators publish proposed rules for mandatory clearing and expanded mandatory reporting On 30 September, the HKMA and SFC published their proposed next steps in the regulation
More informationNew Legislation on Pledges in Russia.
April 2014 New Legislation on Pledges in Russia. On 21 December 2013 a set of amendments to the Civil Code (the Amendments ) 1 was adopted which brought long-awaited improvements to the legislation on
More informationUK Tax Flash. Reform of the UK CFC Rules: The Next Chapter.
27 January 2010 UK Tax Flash. Reform of the UK CFC Rules: The Next Chapter. The long-awaited discussion document on the reform of the UK s controlled foreign company rules has at last been published by
More informationJuly 16, Key Takeaways: Contents
July 16, 2012 CFTC Proposes Interpretative Guidance on the Extraterritorial Reach of Title VII of the Dodd-Frank Act and Exemptive Relief to Extend Compliance Deadlines for Many Title VII Requirements,
More informationMobius Life Limited Data Privacy Notice
Mobius Life Limited Data Privacy Notice Introduction This data privacy notice confirms how Mobius Life Limited (referred to hereafter as our, us, we or MLL ) obtains, manages, uses, retains and destroys
More informationBond Connect - Frequently Asked Questions for the Buy Side Investors
1 September 2017 Bond Connect - Frequently Asked Questions for the Buy Side Investors What is Bond Connect? Bond Connect is a new mutual market access scheme that is established to allow Mainland China
More informationSFC consults on enhancements to the OTC derivatives regime in Hong Kong: mandatory reporting, clearing and trading obligations
April 2018 SFC consults on enhancements to the OTC derivatives regime in Hong Kong: mandatory reporting, clearing and trading obligations On 27 March 2017, the Securities and Futures Commission ( SFC )
More informationIRS Provides Further Guidance for Foreign Accounts Reporting.
April 2011 IRS Provides Further Guidance for Foreign Accounts Reporting. On April 8, 2011, the U.S. Internal Revenue Service ( IRS ) released Notice 2011-34 (the Notice ), which contains a second round
More informationEuropean Commission Green Paper on Shadow Banking
23 March 2012 European Commission Green Paper on Shadow Banking On 19 March 2012, the European Commission launched a consultation in the form of a Green Paper on regulation of the shadow banking sector.
More informationChina Finalises Rules on Cross-Border Transfer
20 May 2017 China Finalises Rules on Cross-Border Transfer of Personal Information and Important Data Important Clarifications Included; Basic Structure Unaffected Contents Measures on the Security Assessment
More informationShanghai International Energy Exchange: Direct Trading Access for Overseas Participants
September 2017 Shanghai International Energy Exchange: Direct Trading Access for Overseas Participants Introduction After nearly two years of preparation, the Shanghai International Energy Exchange Corporation
More informationAn amended regime on foreign investment control came into force on 18 July 2017, introducing stricter rules on German foreign investment control.
July 2017 Federal Government introduced stricter rules on German foreign investment control Berlin Wall rebuilt? Amendment of the German Foreign Trade and Payments Ordinance (AWV) An amended regime on
More informationClaims Handling We process Your Personal Data in order to record and handle your insurance claim. This may include sharing your Personal Data with:
Privacy Statement This Privacy Statement details our policies and procedures in relation to the personal data we process. Haven Claims are committed to processing data in accordance with the General Data
More informationSFC Consults on Structured Products Marketing Regime
5 November 2009 SFC Consults on Structured Products Marketing Regime Introduction As part of the ongoing reforms anticipated in the Consultation Paper on Proposals to Enhance Protection for the Investing
More informationPRIVACY STATEMENT. There are terms in bold with specific meanings. Those meanings can be found in the attached Glossary.
PRIVACY STATEMENT Insurance is the pooling and sharing of risk in order to provide protection against a possible eventuality. In order to do this, information, including your personal data, needs to be
More informationROSETTA STONE LTD. PROCESSING ADDENDUM
ROSETTA STONE LTD. PROCESSING ADDENDUM This Data Processing Addendum (this DPA ) forms part of the order document(s) (each a Service Order ) and Services Agreement (collectively, the Agreement ), entered
More informationAll Sorts UK Limited Data Protection Policy 17 th May 2018
All Sorts UK Limited Data Protection Policy 17 th May 2018 1. Introduction This Policy sets out the obligations of All Sorts UK Limited, a company registered in England under number 03534972, whose registered
More informationReform proposed by PRC SAFE
March 2014 Reform proposed by PRC SAFE Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction SAFE is considering making sweeping changes to the regulatory regime
More informationRelaxation of PRC regulatory restrictions on cross-border security and guarantees
May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration
More informationUK Pensions. Trustees and Money Laundering Systems and reporting requirements. Summary of requirements
UK Pensions. Trustees and Money Laundering Systems and reporting requirements The Money Laundering Regulations 2007 introduce new requirements for anyone who acts by way of business carried on in the UK
More informationAegon Asset Management Europe ICAV ( the Fund ) Data Protection Policy
Aegon Asset Management Europe ICAV ( the Fund ) Data Protection Policy Contents Definitions.. 2 The Product... 2 Fund Board Governance... 2 Delegation of the Processing of Personal Data... 2 Data Protection
More informationGROUP PRIVACY POLICY. Adopted June 20th, 2017 by each of the Boards of Carnegie Holding AB and Carnegie Investment Bank AB (publ).
GROUP PRIVACY POLICY Adopted June 20th, 2017 by each of the Boards of Carnegie Holding AB and Carnegie Investment Bank AB (publ). 1 PURPOSE AND SCOPE 1.1 The aim of this policy is to establish uniform,
More informationPut and call options: Recent Legal and Regulatory Developments
January 2014 Put and call options: Recent Legal and Regulatory Developments 1. Background: Significance of option contracts 1.1 Put and call options on Indian securities (issued by both public and private
More informationDATA PROCESSING ADDENDUM
Page 1 of 20 DATA PROCESSING ADDENDUM This Data Processing Addendum ( DPA ) forms a part of the Customer Terms of Service found at https://slack.com/terms-of-service, unless Customer has entered into a
More informationPrivacy Policy. Naval Group
Privacy Policy Naval Group Unless otherwise stated, all references in this document to Naval Group or the Company means Naval Group, and all of their authorised agents or employees. This document does
More informationChina Banking Regulatory Commission s Reply to Questions on Close-Out Netting.
August 2017 China Banking Regulatory Commission s Reply to Questions on Close-Out Netting. Contents Introduction With the global implementation of variation margin (VM) for non-centrally cleared derivatives,
More informationNewsletter NEW DATA PROTECTION REGIMES IN THE EU AND JAPAN: Similarities and Differences. Atsumi & Sakai
Newsletter Atsumi & Sakai NEW DATA PROTECTION REGIMES IN THE EU AND JAPAN: Similarities and Differences ATSUMI & SAKAI TOKYO LONDON FRANKFURT www.aplaw.jp/en NEW DATA PROTECTION REGIMES IN THE EU AND JAPAN:
More informationCPI PROPERTY GROUP. Group Data Protection Policy. 25 May Summary
CPI PROPERTY GROUP Group Data Protection Policy Summary This Group Data Protection Policy ( Data Protection Policy ) stipulates the rules for personal data protection in the CPI PROPERTY GROUP ( CPIPG
More information1 Introduction. 2 Creditor Set-off as a Self-Help Remedy. October Contents. 1 Introduction 1
October 2013 A Step Closer to the Recognition of Close-out Netting in China? -- Judicial Interpretation of the PRC Enterprise Bankruptcy Law by the Supreme People s Court 1 Introduction For as long as
More informationHow to compute the one-month period under Article 346,3rd indent Income Tax Code, as applicable before 7 June 2010, in pending tax litigations?
April 2011 How to compute the one-month period under Article 346,3rd indent Income Tax Code, as applicable before 7 June 2010, in pending tax litigations? Contents The Tax Administration has to respect
More informationRegulatory Capital. Contents. Introduction
Regulatory Capital. Adoption of CRD Amendments, Publication of CEBS Consultation Paper and Publication of the UK Government s Report on Reforming financial markets Introduction Contents Incccc Introduction
More informationU.S. Securities Law Briefing.
March 2010 U.S. Securities Law Briefing. SEC Adopts Circuit Breaker Plus Alternative Uptick Rule Limiting Short Sales. Following a strongly divided vote by its Commissioners, the U.S. Securities and Exchange
More informationThe Impact of Proposed Volcker Rule Regulations on Activities of Non-U.S. Banks Outside of the United States
October 18, 2011 The Impact of Proposed Volcker Rule Regulations on Activities of Non-U.S. Banks Outside of the United States Contents Last week, the Board of Governors of the Federal Reserve System (the
More informationDATA PROTECTION INSURANCE MARKET CORE USES INFORMATION NOTICE
DATA PROTECTION INSURANCE MARKET CORE USES INFORMATION NOTICE 31 May 2018 LANDING PAGE INSURANCE MARKET INFORMATION NOTICE Insurance is the pooling and sharing of risk in order to provide protection against
More informationNew financial sector legislation: what do you need to know?
19 February 2018 New financial sector legislation: what do you need to know? On 6 February 2018, the Luxembourg Parliament adopted two long-awaited laws namely draft bill 7024 which amends inter alia rules
More informationLinklaters Learning Hub Programme 2018
Linklaters Learning Hub Programme 2018 2018 Welcome to our Linklaters Learning Hub Programme Introduction Linklaters is fully committed to support the development of young professionals and encourages
More informationPrivacy Statement v 1.1
Privacy Statement v 1.1 Context and Overview This notice will take effect from 25/05/2018 Burke Insurances Ltd. is committed to protecting and respecting your privacy. It is the intention of this privacy
More informationInvestment Online Submission Declaration form
Submission Declaration Investment Online Submission Declaration form About this form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must be initialled by the
More informationPOSITIVE SOLUTIONS FAIR PROCESSING NOTICE
FAIR PROCESSING NOTICE P 1 POSITIVE SOLUTIONS FAIR PROCESSING NOTICE INTRODUCTION following: Positive Solutions (Financial Services) Ltd. Registered Individuals of Positive Solutions (Financial Services)
More informationArk Syndicate Management Limited. Privacy and Transparency Notice. Version 1
Ark Syndicate Management Limited Privacy and Transparency Notice Insurance Market Information Notice Insurance is the pooling and sharing of risk in order to provide protection against a possible eventuality.
More informationData Privacy Notice of Sumitomo Mitsui Banking Corporation, Brussels Branch ( SMBC )
Data Privacy Notice of Sumitomo Mitsui Banking Corporation, Brussels Branch ( SMBC ) 1 ABOUT THIS NOTICE 1.1 Company issuing this Notice Sumitomo Mitsui Banking Corporation Brussels Branch, Neo Building,
More informationWhat U.S.- Based Investment Advisers Should Know
BulletPoint June 2018 What U.S.- Based Investment Advisers Should Know The European Union s ( EU ) General Data Protection Regulation (the GDPR ) became effective on May 25, 2018, and provides individuals
More informationNDRC publishes draft revisions to Administrative Rules for Outbound Investments by Enterprises for public consultation
9 November 2017 China s new approach to regulation of outbound investment. Proposals indicate more comprehensive regulatory scrutiny alongside procedural simplifications Contents NDRC publishes draft revisions
More informationFINANCIAL SERVICES OPPORTUNITIES INVESTMENT FUND LIMITED Company Registration Number: PRIVACY NOTICE
FINANCIAL SERVICES OPPORTUNITIES INVESTMENT FUND LIMITED Company Registration Number: 62421 PRIVACY NOTICE This Privacy Notice sets out how your personal data is collected, processed and disclosed in connection
More informationFinal recommendations of Walker review published
November 2009 Final recommendations of Walker review published Walker at a glance: Key recommendations > FTSE 100 banks and major building societies to disclose numbers of high earning employees, within
More informationFinancial Institutions (Resolution) Ordinance the derivatives angle
July 2016 Financial Institutions (Resolution) Ordinance the derivatives angle Introduction Following two rounds of public consultation on proposals to establish a resolution regime for financial institutions
More informationSAIC Releases Guidelines on the Enforcement of the Anti-Monopoly Law with Respect to IP Rights.
May 2015 SAIC Releases Guidelines on the Enforcement of the Anti-Monopoly Law with Respect to IP Rights. Contents On 7 April 2015, the State Administration for Industry and Commerce ( SAIC ) released its
More informationTax Alert. Rules for the preservation of losses in case of a continuation of business enacted.
January 2017 Tax Alert. Rules for the preservation of losses in case of a continuation of business enacted. Content Law on the further development of the offsetting of tax losses of corporations passed
More informationThe CSSF clarifies the concept of independence under UCITS V
July 2017 The CSSF clarifies the concept of independence under V On 6 of July 2017, the CSSF updated its FAQ concerning the law of 17 December 2010 relating to undertakings for collective investment and
More informationEU VAT: Cross-border chain transactions in the single market under scrutiny Court of Justice of the EU decision in Toridas UAB
August 2017 EU VAT: Cross-border chain transactions in the single market under scrutiny Court of Justice of the EU decision in Toridas UAB A recently published decision of the Court of Justice of the EU
More informationImportant information and declaration
Important information and declaration Name of Applicant Retirement Account Number (if known) Date of birth Your declaration As HM Revenue & Customs grant tax relief at source on the strength of your application
More informationDOJ s New Policy Incentivizes Voluntary Self- Disclosure of Criminal Export Controls and Sanctions Violations.
October 2016 DOJ s New Policy Incentivizes Voluntary Self- Disclosure of Criminal Export Controls and Sanctions Violations. The Department of Justice ( DOJ ) recently issued new guidance (the Guidance
More informationTax News. The new Income Tax Treaty between Germany and the Netherlands. Overview. April 2012
April 2012 Tax News. The new Income Tax Treaty between Germany and the Netherlands On 12 April 2012 the newly negotiated Treaty between the Federal Republic of Germany and the Kingdom of the Netherlands
More informationDATA PROCESSING TERMS DEFINITIONS
DATA PROCESSING TERMS DEFINITIONS Agency: means KTS Events Limited (company registration number 05289039) and any business entity from time to time controlling, controlled by, or under common control or
More informationNegative interest determined not to be payable under an ISDA Credit Support Annex
August 2018 Negative interest determined not to be payable under an ISDA Credit Support Annex On 25 July 2018, the English High Court handed down its judgment in The State of the Netherlands v Deutsche
More informationWHAT DOES THE GDPR MEAN FOR PENSIONS? HANDY GUIDE
WHAT DOES THE GDPR MEAN FOR PENSIONS? HANDY GUIDE The General Data Protection Regulation How will the pensions industry be affected? The pensions industry processes huge amounts of personal data - member's
More informationAppropriate Policy Document
Appropriate Policy Document Schedule 1, Part 4, Data Protection Act 2018 July 2018 Privacy Notice - Appropriate Policy Document v2.docx Page 1 of 8 Contents 1 Introduction... 3 2 Relevant Schedule 1 conditions
More information