- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-07T13:33:00
The European Commission seeks to combat longstanding issues under the General Data Protection Regulation (GDPR) regarding cross-border cases with new proposed rules.
The GDPR Procedural Regulation, announced Tuesday, would not alter the GDPR but serve as a compliment to the landmark data privacy legislation, helping to establish clearer guidelines around the law’s “one-stop shop” mechanism. Under the one-stop shop, cross-border cases against companies are led by the relevant data protection authority (DPA) in the region in which the business is headquartered.
The mechanism has led to criticism and disagreement between EU DPAs, most notably regarding Ireland’s policing of Big Tech giants including Meta, Google, and Twitter.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
Plans to speed up General Data Protection Regulation cases against the likes of Big Tech firms by improving cooperation among the European Union’s data regulators have been largely welcomed by experts.
Adtech firm Criteo was assessed a penalty of €40 million (U.S. $44 million) for multiple alleged violations of the General Data Protection Regulation, including failing to verify it gained consent to process the data of European Union citizens.
The fifth anniversary of the European Union’s General Data Protection Regulation coming into force has highlighted the many successes of the legislation but also exposed areas where the law is still untested and unclear.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
