Data protection can support the European economy, said the European Data Protection Supervisor (EDPS) today, following the publication of his 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.
Peter Hustinx, EDPS, 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."
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Read the EDPS guidelines