Adequacy Versus Equivalency: Financial Data Protection and the U.S.-EU Divide Harvard Case Solution & Analysis

In year 1995, the European Union permitted Directive 95/46/EC, which bought the legal skeleton for European Union general public to own the constitutional rights to their personal data.

However, American law confer ownership to the holder of the data, not the individual, and bureaucrat were hesitant about the European Union proposal which might disturb data allotment among United States and European Union affiliates. In 1995, the European Union passed Directive 95/46/EC, which set the legal framework for European Union citizens to own the rights to their private info. Consequently, they negotiated the 2000 Safe Harbor Agreement to permit firms to voluntarily submit to annual certifications that met European Union demands, but kept U.S. businesses in management of their data; however, the Arrangement does not include financial and banking services. Instead, the USA asserted the privacy protections within the Gramm-Leach-Bliley Act sufficiently met European Union guidelines.

Fiscal information sharing and the European Union differed has managed under a moratorium for the last decade. However, the 2008 financial catastrophe has customers and authorities clamouring for more information foil to determine risk in the fiscal system. These international efforts, the European Union's recent drive to reinforce the Directive, as well as the Dodd - info sharing to the policy vanguard has been pushed by Frank Act. This article maintains that transatlantic info sharing will ultimately need to adapt the privacy cultures in both America and the European Union, but company should be prepared to compete with requirements on their information by generating government relations offices, standardizing information systems, enriching instruction for compliance officials, and humanizing business school programs.

PUBLICATION DATE: November 15, 2013 PRODUCT #: BH575-HCB-ENG

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