JOINT INDUSTRY LETTER
Impact of CJEU Schrems II ruling on the framework for international data transfers
BRUSSELS, 6 October 2020 – The European Banking Federation, together with five other financial industry associations, has co-signed a letter calling attention to the impact of the Court of Justice of the European Union (CJEU) “Schrems II” ruling on the framework for international data transfers.
The signatories note the substantial legal uncertainty which companies currently face regarding the conditions under which Standard Contractual Clauses (SCCs) can be used for data transfers, especially to the US, and to the questions it has raised on all the available mechanisms under the GDPR to transfer personal data between EU and non-EU countries.
Warning against risks such as the fragmentation in the interpretation and enforcement of the judgement by national data protection authorities (DPAs), the signatories welcome the European Data Protection Board’s (EDPB) work on guidance on additional measures companies can put in place alongside SCCs, and stress the need for a proportionate and risk based approach. The Annex of the letter includes specific recommendations for this upcoming Guidance.
The European Commission’s work on modernizing the SCCs is also welcome and the signatories call on the Commission to finalize their work, providing SCCs which take a risk based approach, provide for transfers in a variety of situations and relationships and are available for use as standalone tools.
Liga Semane, Policy Adviser – Data & Innovation email@example.com
About the European Banking Federation:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.