Javi
Full Member
- Joined
- Mar 10, 2012
- Messages
- 2,274
Aspects of Mifid II are draconian as will some bits of GDPR. But if we have firms running two tier regulatory compliance -EU and UK- it will be immensely difficult and there will inevitably be unintended consequences.
Regarding GDPR: it cannot make much difference to the level of regulation (or empowerment of customers, since data regulation in GDPR in essence is basically that) whether the UK make their own laws or not since cross-border data transfer (as in UK-after-Brexit with the EU) will only be possible if the third country (UK) has a comparable level of data privacy laws to the EU.
That is why the EU-U.S. Privacy Shield was so important because it allows data to flow from the EU to the U.S. and vice versa. It is true that the EU made some concessions to the U.S.' 'data is a commodity' approach but it's mostly the U.S. accepting GDPR rules and that is saying something because the U.S. has certainely more leverage in negotiations like this than the U.K. I'd expect the GDPR to be applicable to the UK either way.