Global securities regulators have reached a deal to preserve their ability to share information, which is essential to cross-border enforcement and market oversight.
The International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA) say they’ve received approval for a deal to share data between European and global regulators from the European Data Protection Board (EDPB).
The EDPB ruled that the arrangement between IOSCO and the ESMA provides necessary safeguards for transferring data. IOSCO says that the ruling “is the first of its kind” and will enable regulators to continue sharing enforcement and supervisory information.
“While providing data protection safeguards, this will allow [European] and [non-European] supervisory authorities to continue to share the data needed for their work in overseeing increasingly globalized and interconnected capital markets, particularly in the areas of market abuse and insider dealing,” said Steven Maijoor, chairman of the ESMA.
“Our goal in working collaboratively with the EDPB to prepare the administrative arrangement has been to ensure that personal data rights are respected in a manner that allows securities markets regulators to continue to fulfil our mandates to protect investors and ensure stability in the capital markets through information sharing,” added Maureen Jensen, chairwoman and CEO of the Ontario Securities Commission (OSC), who also chairs the IOSCO subgroup on data protection.