Implementation of the European General Data Protection Regulation on the Procedures and Systems of the Capital Markets Authority
The Capital Markets Authority issued a resolution that aims to regulate the legal protection of personal data of natural persons and the procedures of transferring and exchanging the data with similar regulatory entities in the other member states of IOSCO. Necessary amendments were therefore made to Modules One and Two of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, to include the necessary developments.
As the CMA recognizes the importance of protecting the personal data of natural persons, and of having robust data protection system in place to protect the data, in addition to regulations to the transfer and exchange. It was therefore necessary to make the amendments needed and prepare the legislative and technical infrastructure to implement the policy of the EU General Data Protection Regulation on its procedures and systems, so as to comply with the requirements of the Regulation.
These amendments, in addition to regulating the transfer of personal data between member authorities signatory to this agreement, provide the appropriate safeguards for the processing of such personal data on CMA’s database in the exercise of its respective regulatory mandates and responsibilities. It also affirms the rights and obligations of the person who is the subject/data subject by amending the Executive Bylaws as per the requirements of that Regulation, in line with the highest standards of legal protection of the personal data of natural persons.