Reporting of traders' personal information may not be legal in some countries
European reporting rules planned under the
contentious Mifid directive may clash with privacy and data
protection laws in countries outside Europe, experts have
The reporting rules under Mifid II require
firms to submit certain pieces of traders’
personal information alongside the reported transaction to the
regulator. Aside from operational and security issues that go
along with reporting names, dates of birth and national ID
numbers, experts are concerned that there may also be legal
"For certain jurisdictions, further work
is required to establish a way to comply with the Mifid II
Transaction Reporting obligations while observing local data
privacy laws. For instance, reporting personal information on
clients and traders can conflict with local law in some
countries," Kimberley van Til, consultant at Synechron, a
financial services firm, told FOW.
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