Transfer tools to ensure compliance with the EU level of protection of personal data

Summary

SIFMA and AFME provide joint comments to the EDPB’s measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data.

Excerpt

AFME and SIFMA joint comments to the EDPB’s measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data

December 10, 2020

VIA PUBLIC CONSULTATION REPLY FORM

The Association for Financial Markets in Europe1 (“AFME”) and the Securities Industry and Financial Markets Association (“SIFMA”)2 welcome the opportunity to comment on the version of the Recommendations 01/2020 on measures that supplement transfer tools to ensure compliance with the EU level of protection of personal data (the “Recommendations”) published by the European Data Protection Board (the “EDPB”) on November 11, 2020,3 as input for the final Recommendations.4

Further to the judgment of the Court of Justice of the European Union (the “CJEU”) handed down on July 16, 2020, in Data Protection Commissioner v. Facebook Ireland and Maximillian Schrems (“Schrems II”), the EDPB was essentially expected to provide clarity on:

• the criteria which data exporters should use to assess whether the laws of a particular third country enable data importers located there to comply with standard contractual clauses (“SCCs”); and
• what additional safeguards could be put in place by data exporters and importers in order to remedy any issue identified when making that assessment.

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1 AFME represents a broad array of European and global participants in the wholesale financial markets. Its members comprise pan-EU and global banks as well as key regional banks, brokers, law firms, investors and other financial market participants. We advocate stable, competitive, sustainable European financial markets that support economic growth and benefit society. AFME is the European member of the Global Financial Markets Association (“GFMA”), a global alliance with SIFMA in the United States, and the Asia Securities Industry and Financial Markets Association (“ASIFMA”) in Asia. AFME is registered on the EU Transparency Register, registration number 65110063986-76.

2 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of GFMA, a global alliance with AFME in Europe and ASIFMA in Asia.

3 https://edpb.europa.eu/sites/edpb/files/consultation/edpb_recommendations_202001_supplementarymeasurestransferstools_en.pdf.

4 AFME and SIFMA wish to thank Emmanuel Ronco and Natalie Farmer of Cleary Gottlieb for their assistance in preparing this response.