European Data Protection Supervisor
European Data Protection Supervisor

Finance & Economy

Finance & Economy

The financial crisis has emphasised the need to harmonise rules on the functioning of financial markets, a crucial source of financing in today´s economy. The EU actively tries to improve, in particular, the accountability of financial institutions and transparency of financial markets, at the same time combatting tax evasion and money laundering. These legitimate policies often require, in practice, the collection, use and storage of large amounts of personal information. Therefore, it is necessary to balance public policy objectives with the fundamental rights to privacy and data protection.

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10/02/2012
10
Feb
2012

Insider dealing and market manipulation

Opinion on the Commission proposals for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation, and for a Directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation

See also the text of the Proposal for a Directive of the European Parliament and of the Council on criminal sanctions for insider dealing and market manipulation

See also the text of the Proposal for a Regularion of the European Parliament and of the Council on insider dealing and market manipulation (market abuse)

10/02/2012
10
Feb
2012

Access to the activity of credit institutions

Opinion on the Commission proposals for a Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, and for a Regulation on prudential requirements for credit institutions and investment firms

See also the text of the Proposal for a Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investement firms

10/02/2012
10
Feb
2012

Credit rating agencies

Opinion on the Commission proposal for a Regulation of the European Parliament and of the Council amending Regulation (EC) No 1060/2009 on credit rating agencies, OJ C 139/02 15.05.2012, p6

See also the text of the proposal for a Regulation of the European Parliament and of the Council amending Regulation (EC) No 1060/2009 on credit rating agencies

See also the text of the proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories

 

10/02/2012
10
Feb
2012

Review of EU financial markets legislation has a significant impact on data protection

The European Data Protection Supervisor (EDPS) today published a package of four opinions on Commission proposals for the reform of the financial sector in the EU. The four proposals all concern monitoring of financial data, which has a significant impact on the fundamental right to protection of personal data.

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31/01/2012
31
Jan
2012
27/01/2012
27
Jan
2012

Administrative Cooperation in the field of Excise Duties

Opinion on the Proposal for a Council Regulation on Administrative Cooperation in the field of Excise Duties, OJ C 74/1, 13.3.2012, p1

27/10/2011
27
Oct
2011
25/10/2011
25
Oct
2011

Terrorist Finance Tracking System (TFTS)

Letter to Ms Cecilia Malmström, European Commissioner for Home Affairs

Comments on the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions of 13 July 2011: “A European terrorist finance tracking system: Available options”PDF icon
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13/10/2011
13
Oct
2011

European Account Preservation Order

Opinion on a proposal for a Regulation of the European Parliament and of the Council creating a European Account Preservation Order to facilitate cross-border debt recovery in civil and commercial matters, OJ C 373/03, 21.12.2011, p.4

25/07/2011
25
Jul
2011

Credit agreements relating to residential property

Opinion on the proposal for a Directive of the European Parliament and of the Council on credit agreements relating to residential property, OJ C 377/02, 23.12.2011, p.5

08/07/2011
8
Jul
2011
06/07/2011
6
Jul
2011

EDPS comments on the Anti-Corruption Package

EDPS letter on the Commission's Communication "Fighting Corruption in the EU" and the Commission Decision establishing an EU Anti-corruption reporting mechanism for periodic assessment

23/06/2011
23
Jun
2011

Technical requirements for credit transfers and direct debits in euros

Opinion on the Proposal for a Regulation of the European Parliament and of the Council establishing technical requirements for credit transfers and direct debits in euros and amending Regulation (EC) No 924/2009, OJ C 284/01, 28.09.2011, p.1

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21/06/2011
21
Jun
2011

Energy market integrity and transparency

Opinion on the Proposal for a Regulation of the European Parliament and of the Council on energy market integrity and transparency, OJ C 279/03, 23.09.2011, p.20

The main aim of the Proposal is to prevent market manipulation and insider trading on wholesale energy (gas and electricity) markets. The Proposal contains several provisions relevant to the protection of personal data, including those on market monitoring and reporting and investigation and enforcement. The EDPS recommendations included the following:

The Proposal should clarify whether any personal data may be processed in the context of market monitoring and reporting and which safeguards will apply. If, in contrast, no processing of personal data is expected (or such processing would only be exceptional and would be restricted to rare cases, where a wholesale energy trader might be an individual rather than a legal entity), this should be clearly set forth in the Proposal, at least in a recital.

Provisions on data protection, data security and accountability should be clarified and further strengthened, especially if the processing of personal data would play a more structural role. The Commission should ensure that adequate controls are in place to ensure data protection compliance and provide evidence thereof ("accountability").

The Proposal should clarify whether on-site inspections would be limited to a business property (premises and vehicles) of a market participant or also apply to private properties (premises or vehicles) of individuals. In the latter case, the necessity and proportionality of this power should be clearly justified and a judicial warrant and additional safeguards should be required. This should be clearly foreseen in the proposed Regulation.

The scope of the powers to require "existing telephone and existing data traffic records" should be clarified. The Proposal should unambiguously specify what records can be required and from whom. The fact that no data can be required from providers of publicly available electronic communications services should be explicitly mentioned in the text of the proposed Regulation, at least in a recital. The Proposal should also clarify whether the authorities may also require private records of individuals, such as employees or executives of the market participant under investigation (e.g. text messages sent from personal mobile devices or browsing history of home internet use). If this would be the case, the necessity and proportionality of this power should be clearly justified and the Proposal should also require a warrant from a judicial authority.

With regard to reporting of suspected market abuse, the Proposal should explicitly provide that any personal data contained in these reports should only be used for purposes of investigating the suspected market abuse reported. Unless a suspected market abuse has led to a specific investigation and the investigation is still on-going (or a suspicion has proved to be well-founded and has led to a successful investigation), all personal data related to the reported suspected market abuse should be deleted from the records of all recipients after the lapse of a specified period (unless otherwise justified, at the latest two years following the date of report). In addition, parties to an information exchange should also send each other an update in case a suspicion proves to be unfounded and/or an investigation has been closed without taking further action.

19/04/2011
19
Apr
2011

OTC derivatives, central counterparties and trade repositories

Opinion on the proposal for a Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories, OJ C 216/04, 22.07.2011, p.9

Proposal for a Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories

18/04/2011
18
Apr
2011

EDPS opinion on EU Financial Regulation: EU budget needs clear rules on transparency, also to protect individuals' personal data

On 15 April 2011, the European Data Protection Supervisor (EDPS) adopted an opinion on the Commission's proposal aimed at revising the financial rules applicable to the annual budget of the European Union ("EU Financial Regulation"). The proposal covers several matters which involve the processing of personal data by the EU institutions and by entities at Member State level.

11/11/2010
11
Nov
2010
09/09/2010
9
Sep
2010

Deposit Guarantee Schemes

Opinion on the proposal for a Directive of the European Parliament and of the Council on Deposit Guarantee Schemes (recast)

See also the text of the proposal for a Directive of the European Parliament and of the Council on Deposit Guarantee Schemes (recast).

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22/06/2010
22
Jun
2010

EU-US new draft agreement on financial data transfers: EDPS calls for further data protection improvements

Today, the European Data Protection Supervisor (EDPS) issued an opinion on the European Commission's draft Agreement with the United States on the Terrorist Financing Tracking Programme (TFTP) to allow US authorities access to European based financial data managed by the Belgian company SWIFT in cases of anti-terrorism investigations (*).

22/06/2010
22
Jun
2010

Processing and transfer of Financial Messaging Data from the EU to the US for purposes of the Terrorist Finance Tracking Program (TFTP II)

Opinion on the Proposal for a Council Decision on the conclusion of the Agreement between the European Union and the United States of America on the processing and transfer of Financial Messaging Data from the European Union to the United States for purposes of the Terrorist Finance Tracking Program (TFTP II)

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