On October 4, 2018, the Financial Markets Law Committee (“FMLC”) published a paper on the subject of “Data Protection: Issues of Legal Uncertainty Arising from the UK Data Protection Act 2018.” Cleary Gottlieb contributed to this paper as a participant in the FMLC’s data protection working group.
The FMLC’s paper focuses on issues of legal uncertainty potentially hindering the continuation of the lawful flow of personal data between the UK, the European Economic Area and/or Third Countries (i.e., countries that are not Member States of the European Union) following Brexit, as well as on the framework and mechanics for supervision and enforcement of the data protection regimes post-Brexit. The FMLC’s paper also proposes solutions and/or mitigants to these uncertainties.
The FMLC is an educational charity that was established at (but is independent from) the Bank of England. Its stated role is to identify issues of legal uncertainty or misunderstanding, present and future, in the framework of the wholesale financial markets which might give rise to material risks and to consider how such issues should be addressed.