On 12 February 2019, the European Data Protection Board adopted its first opinion on an “administrative arrangement,” which provides a new mechanism for the transfer of personal data between European Union financial supervisory authorities and securities agencies and their non-EU counterparts.
Under the EU’s General Data Protection Regulation 2016/679, personal data cannot be transferred from the European Economic Area to a third country unless the European Commission has decided that such third country is “adequate” from a data protection laws perspective, or “appropriate safeguards” are in place to ensure that the treatment of personal data in the hands of the recipient reflects the GDPR’s high standards. Article 46 of the GDPR provides for various safeguarding options, including the possibility of “provisions to be inserted into administrative arrangements between public authorities or bodies which include enforceable and effective data subject rights.” No such “administrative arrangements” have been approved by the EDPB until now.
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