The European Commission has today adopted two adequacy decisions for the UK allowing personal data to continue to flow freely from the EU to the UK.
Commenting on the news, Miles Celic, Chief Executive Officer, TheCityUK, said,
This decision recognises that while the UK has left the EU, both sides remain committed to maintaining high standards and close social, cultural and economic ties. It is also an important step forward in ensuring that while the UK and EU are free to make their own rules, and where regulations continue to be essentially equivalent, markets should be open and accessible for the benefit of customers and clients. We urge that a similarly pragmatic approach is taken to resolving other issues.”
The need for an adequacy agreement between the UK and the EU was one of the key outstanding issues for the financial and related professional services industry highlighted by TheCityUK in a paper published in early February.