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Rebuilding trust in financial services markets: 10 steps for responsible handling of personal information

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d7025207013a307d6b460f4798c04711Data protection can support the European economy, said European Data Protection Supervisor (EDPS) Peter Hustinx (pictured) today (25 November), following the publication of guidelines on data protection in EU financial services regulation.  In his guidelines, the EDPS explains how the close supervision of financial markets should respect the rights of individuals to privacy and data protection in addition to rebuilding trust in markets for financial services.

Hustinx said: "Sweeping regulatory reforms are being put in place to prevent a repeat of the 2008 financial crisis. The accountability and transparency of markets are legitimate policy aims, but in practice this means the collection, use and storage of large amounts of personal information by industry and by regulators. Our guidelines are a practical toolkit for ensuring that EU data protection rules are integrated when developing EU financial policies and rules."

More than 40 new laws in the area of financial services have been introduced since 2008, and the EDPS has been active in advising the Parliament, the Council and the Commission on the need for compliance with the Charter of Fundamental Rights. The EDPS guidelines bring together this advice in a single document.

Giovanni Buttarelli, assistant supervisor, said: "Data protection rules, like financial services regulation, can seem complex for non-specialists. Our guidelines explain in easy-to-follow, practical steps how the protection of the rights of the individual is necessary - and compatible - with effective financial services regulation. The value of personal information has increased in line with the growth of the digital economy and it is important that it is protected across all industry sectors. This is the first of several planned guidelines from the EDPS which will address the specific needs of different sectors."

The EDPS is working with other EU institutions in their efforts to stabilize the financial services sector and to address similar privacy issues in other sectors. A policy toolkit consisting of guidelines by sector was one of the undertakings announced in the policy paper published in June 2014, The EDPS as an advisor to EU institutions on policy and legislation: building on ten years of experience.

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