The European Commission has today given preliminary approval to the UK’s data protection standards, paving the way for a long-term adequacy decision that will allow data to continue to flow freely between the UK and the EU.
The lack of a data 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.
Commenting on the news, Miles Celic, Chief Executive Officer, TheCityUK, said,
This is a positive decision for UK and EU businesses and consumers. It recognises that while the UK has left the EU, both sides remain committed to maintaining high standards and close social, cultural and economic ties.
“We urge that a similarly pragmatic approach is taken to resolving other issues. Outstanding areas of concern for the UK-based industry include the preservation of cross-border civil and commercial rulings, the mutual recognition of professional qualifications, and regulatory equivalence in areas where UK rules are either identical, or more robust than existing EU standards.”