Significant Impact of New EU Data Protection Regulation on Financial Services

Over two years ago, in January 2012, the European Parliament published a proposal for an EU Regulation on Data Protection (the Regulation) to replace the current European Data Protection Directive. Whilst the Regulation raises significant issues for all industries, the financial services sector has been particularly concerned given the billions of financial records and transitions handled yearly. Due to its potential impact, the proposed Regulation has been one of the most lobbied pieces of European legislation in European Union history. According to reports, the European Parliament’s Civil Liberties Committee, which has been negotiating the Regulation, has received over 4,000 amendments.