And there is not much change in the EEA, because most financial services legislation is EEA wide not EU wide, and that certainly includes MIFID. But one matter that does stay within EU is the data protection reform that is coming your way for full implementation in 2018. This EU directive is different to EU regulation, because it must be transposed verbatim, and no member interpretation or amendment is allowed at country level. The aim of the regulation is to harmonise EU data protection law within the EU. This makes sense since so much information now goes cross border. According to the BCCA (consumer credit trade body) it is not uncommon for EEA members anyway to have exactly the same legislation to their EU counterparts in order to facilitate free trade.
The key changes from the data protection law at present are summarized here
This is all coming your way - oh the excitement. All in all there are not many changes and not much to worry about – just a mild tightening up but mostly in line with common sense. However if you have read some of the commentary (my ghastly competitors) on the subject you would be forgiven for thinking that the end of the world is fast coming upon us. But one thing is sure, the emailing client files should always be encrypted or better still use a system such as Bat