Council and Commission statement on stablecoins
The Council of the EU and the European Commission have prepared a joint draft statement on the potential dangers of stablecoins. The text refers to the work of the G7 report on this topic pointing out challenges and risks stablecoins may pose to consumer protection, privacy, taxation, cybersecurity and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty.
The declaration reiterates G7 conclusion that no global cryptocurrency could operate in the EU until legal, regulatory and prudential challenges and risks have been identified and adequately addressed.
The statement is submitted to the Council (ECOFIN) for approval at its meeting on 5 December. Read more
The EC conducts its third annual review of the ‘Privacy Shield’
On 23 October, the European Commission presented the results of the third review of the ‘Privacy Shield’. The report confirms that the US continues to ensure an “adequate level of protection” for personal data transferred from the EU to US companies participating in the data protection framework (currently around 5,000 companies).
While the Commission welcomes progress, it also recommends some further improvements such as strengthening the (re)certification process for companies who want to participate by shortening the time of the (re)certification process; expanding compliance checks, including concerning false claims of participation in the framework; and developing additional guidance for companies related to human resources data. Read more
Member States call for more clarity in review of GDPR Regulation
The EU Council is preparing its position on the review of the General Data Protection Regulation (GDPR). Member States had an opportunity to share feedback on their experiences with the application of the Regulation. 19 countries submitted written comments requesting more clarity on a range of matters.
The adoption of the final version of the EU Council’s report is expected by the end of the year. The European Commission report on the evaluation and review of the Regulation is expected by 25 May 2020.
MEPs select Wojciech Wiewiórowski as new European Data Protection Supervisor
On November 26, the European Data Protection Supervisor’s office (“EDPS”) and the European Parliament announced that Wojciech Wiewiórowski will be the new European Data Protection Supervisor for a 5-year mandate.
The EDPS is the EU independent data protection authority. Its mission is to supervise how EU institutions and bodies process the personal data of individuals, advise them on all matters relating to the processing of personal data, monitor new technology that may affect the protection of personal information. Read more