On May 29, AmCham Bulgaria submitted its position on the proposed Bill for amendment and supplement of the Personal Data Protection which was published for public consultation end of April 2018. The Bill aims to effectively implement in the national legislation the General Data Protection Regulation (GDPR).
With the publication of the EU Cybersecurity Act proposal, the European Commission aims at increasing the cyber resilience of the European digital economy by empowering the European Union Agency for Network and Information Security (ENISA) and creating an EU cybersecurity certification framework.
The American Chamber of Commerce to the European Union (AmCham EU) takes a keen interest in ensuring the stability of financial markets as a prerequisite to promoting economic growth and jobs in Europe. AmCham EU is supportive of European rules aimed at improving prudential requirements, recovery and resolution (risk reduction measures, hereinafter ĎRRMí)1. This paper sets out recommendations to further enhance the framework.
Our overarching objective is to ensure consistency with global standards and to avoid undue impediments in our ability to service our clients. Divergences create not only an un-level playing field, but also lead to the misallocation of capital in the financial system, to the detriment of overall growth. It is important that EU policymakers engage fully in the global rule-making process to ensure that the agreed standards meet their needs on key issues, to enable consistent implementation.
Keeping the important transatlantic and global financial markets in mind while implementing the next iteration of prudential and resolution tools will be key to its success. While we support measures to ensure financial stability and high regulatory standards in the EU, it is crucial that transatlantic financial services activities are not constrained or complicated by divergent or inappropriate legislative developments which could discourage US investment in Europe and damage the EUís economic growth.