Various government privacy regulations, including GDPR, CCPA, various state regulations, and the draft federal privacy bill currently in Congress (the Consumer Data Protection Act) all include some form of the right to data erasure, otherwise known as the right to be forgotten. Because the regulations don’t specify the specifics behind the right to data erasure, some are questioning what this right means when considering PI deletion. The purpose behind this particular privacy requirement needs to be better understood as to what the regulatory authority was actually trying to accomplish.
MiFID II is right around the corner, January 2018, and there are new data handling, storage, and indexing requirements that some (or many) financial services organizations may not be aware of. In fact, MiFID II, focuses on the EU financial services sector and aims to improve the quality of advice presented to clients as well as offer additional investor protections. To accomplish these requirements, the new regulations add additional data recording, retention, and search requirements.
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