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The Monetary Authority of Singapore has released its new outsourcing guidelines to financial institutions, which apply to existing outsourcings. Financial institutions have until 27 October 2016, to carry out a self-assessment of all existing outsourcing arrangements against the new guidelines. The guidelines also cover the use of cloud services and a revision to the definition of “material outsourcing arrangement”. For further information on the requirements of the new guidelines please read our full update.…
A number of jurisdictions around the world follow the lead from Europe in relation to data protection and impose similar restrictions on the export of personal data unless there is an “adequate level” of protection offered in the recipient jurisdiction. The EU Commission’s “US Safe Harbor” decision had permitted the transfer of personal data between Europe and the US by establishing that an adequate level of data protection was ensured by the EU-US Safe Harbor…