To ask the Secretary of State for Justice, what meetings his Department has had with the (a) Corporation of London and (b) FCA on the implementation of the General Data Protection Regulation and possible costs to the UK financial services sector.
8 July 2015
Under this Government's transparency policy, meetings between ministers and external organisations are published quarterly.
The Ministry of Justice published an Impact Assessment on the Commission’s original proposals for a General Data Protection Regulation on the 22nd November 2012. The Council of the European Union agreed on a general approach at Justice and Home Affairs Council on June 15 2015 after making many amendments to the text. The Government is currently evaluating the impact the Council’s text would have on the UK overall. The potential effect of specific elements of the text on a range of sectors, including the financial sector, will also be explored.
The Ministry of Justice has not issued any guidance to companies about the General Data Protection Regulation as the final text is still under negotiation. Once the outcome of trilogue negotiations between the Council of the European Union, the European Parliament and the Commission are complete, the Information Commissioner’s Office will be considering what guidance may be necessary in due course.
The Ministry of Justice is currently exploring how it will need to implement the provisions in the General Data Protection Regulation requiring national legislation after the final text has been adopted. Negotiations on the Regulation remain ongoing. Once a final text is adopted, it will be a minimum of two years before it comes into force.