Brexit: Potential Implications for Digital and ‘Fintech’ Industries
International Data Privacy Law, Vol. 7, Issue 1, pp. 3-21, 2017
31 Pages Posted: 14 Jun 2017
Date Written: 2017
Following the outcome of the historic ‘Brexit’ referendum on 23rd June 2016 in which a majority of eligible voters in the UK voted to ‘Leave,’ the United Kingdom is potentially on course to leave the European Union, but to ensure continued economic success it will seek to maintain a favourable trading relationship with the EU.
This article identifies and critically evaluates the various types of trade deals the UK might negotiate upon exit with a particular focus on trade in services since financial and digital services are key components of the UK economy.
It also offers both pre and post exit guidance on the data protection permutations of each type of trade deal and concludes that post-withdrawal, the UK should ensure that its data protection law is fully compliant with Regulation (EU) 2016/679. Forging its own data protection path could lead to isolation.
Keywords: Brexit, Data Protection, Fintechs, Digital Economy, Passporting, Trade Deals, GDPR, GDPR 2016/679
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