European Union approved Standard Contractual Clauses SCCs and have been upheld by the EU’s top court, however the Court has invalidated Privacy Shield with immediate effect, ensuring that European personal data is adequately protected when it is transferred.
Processor to Processor (NEW!)
By providing for processor-to-controller and processor-to-processor transfers, the Commission has plugged one of the most significant gaps in the EU’s approved data transfer mechanism. Among other industries, the pharmaceutical industry will welcome the new flexibility: US (and other third country) clinical trial sponsors that are not established in Europe will soon be able to use the SCCs to cover routine transfers of EU clinical study data from their European CROs (which are processors). In addition, it is now clear that controllers who are subject to the GDPR but are not established in the EU can sign the SCCs as data exporters.
On 19 May 2021, the financial industry taskforce of Singapore (known as the Green Finance Industry Taskforce (GFIT)) released guidelines on climate-related disclosures and a white paper.
new SCCs”) on Friday, 4 June 2021. The new SCCs incorporate a number of additional provisions intended to strengthen the degree of protection for personal data transferred to “third countries”, such as the United States, which have not been recognised by the European Commission as providing “adequate” protection.
The adoption of the revised SCCs follows the Court of Justice of the European Union’s (“
CJEU”) ruling in the
Schrems II judgment (Case c-311/18) which invalidated the EU–US Privacy Shield mechanism and determined that transfers based on the SCCs could continue provided that a level of protection over the transferred personal data that was “essentially equivalent” to that provided by the General Data Protection Regulation (2016/679) (“
The Monetary Authority of Singapore MAS and Green Finance Industry Taskforce GFIT objectives foster environmentally sustainable growth, recognizing important role banks and nonbank financial institutions play in low-carbon future in line with Singapore Green Plan 2030.