Balancing Regulatory Transparency with Data Protection

DataManagementReview.comSeptember 25, 2018
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Welcome to A-Team Group’s webinar
Balancing regulatory transparency
with data protection

FROM
A recording of this webinar can be found
at:
http://resource.datamanagementreview.c
om/webinar-recording-balancing-
regulatory-transparency-sept2018

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Moderator:
Sarah Underwood, Editor, A-Team Group

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Panel Member: Sue Baldwin, Vendor Management
Expert and Independent Consultant
Areas of Expertise:
• Independent data management consultant
specialising in driving data strategy and data privacy
across organisations
• 30 years of experience in financial services
• Currently the EU GDPR programme manager for
Lloyds of London

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Panel Member: Dessa Glasser, Principal at Financial
Risk Group, and Independent Board Member of
Oppenheimer & Co
Areas of Expertise:
• A proven track record of designing and executing
global innovative solutions for clients in the areas of
data, analytics and risk
• The first Chief Data Officer for JPMorgan Chase
Asset Management
• The first Deputy Director of the Office of Financial
Research (US Treasury), responsible for data,
standards, analytics and technology
• First Chief Risk Officer for Bunge

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Panel Member: Ken Krupa, Chief Technology Officer,
Marklogic
Areas of Expertise:
• Software design and development
• Infrastructure design
• Application architecture
• Enterprise architecture
• Business strategy
• Technology strategy
• FinTech
• Technical evangelism

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Personal data requirements of MiFID II and their importance
Personal data protection rights of GDPR and the regulatory aim
Conflict between personal data requirements of MiFID II and GDPR
How firms are coping the conflict and what they should prioritise
A best practice strategic approach to reconciling conflicts
Data management implications of reconciliation across regulations
Technology solutions to support compliance with MiFID II and GDPR
Advice for practitioners working across both the regulations
Talking Points

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Personal data requirements of MiFID II
“MiFID II includes provisions
governing the recording of
trading-related electronic and
voice communications. Firms
must store and archive records
so they are easily accessible to
regulators and must store
records for five years or up to
seven years if requested by a
competent authority.”
Source: A-Team Group MiFID II Handbook

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Personal data protection rights enshrined in GDPR
“GDPR gives individuals extensive
rights to find out what personal
information firms hold about them
and how it is used. They can also
enforce rights to rectify and erase
data – essentially the right to be
forgotten. All good from an
individual’s perspective, but for
firms storing and processing
personal data, the compliance
challenge is considerable.”
Source: A-Team Group GDPR Handbook

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Conflict between personal data requirements of
MiFID II and GDPR and how it could affect business

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How firms are coping with the conflict and
prioritising requirements
• GDPR takes priority
because fines for non-
compliance are enormous
• MiFID II takes priority
because regulatory scrutiny
of comms data is intense
• Neither of these priorities
works successfully
• A hybrid approach is
necessary to resolve the
conflict between MiFID II
and GDPR

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Are firms taking a tactical or strategic approach
to stay within the boundaries of MiFID II and GDPR?

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Cases of non-compliance and penalties
Potential penalties of
non-compliance
• Financial fines
• Reputational damage
• Loss of customers
• Increased regulatory scrutiny
• Cease and desist orders

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Best practice approaches to developing a
strategic response to the conflict

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The data management implications of
reconciliating the conflict
• Identifying conflicting data
• Managing data for
compliance with both
MiFID II and GDPR
• Demonstrating how this has
been done
• Sustaining compliance

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Technology solutions to solve the problems of
different personal data requirements across
MiFID II and GDPR

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Examples of conflict and resolution

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Could future rules or regulations exacerbate the
problem with more conflicting requirements?

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Advice for practitioners working to resolve the
conflict between the personal data requirements
of MiFID II and GDPR

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Thank you to our sponsor
Ken Krupa,
Enterprise CTO
+1 212-613-6641 (o)
ken.krupa@marklogic.com
www.marklogic.com
https://www.linkedin.com/in/kekrupa
Twitter @kenkrupa

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Upcoming A-Team Group Events
Visit DataManagementReview.com/events
RegTech Summit for Capital Markets - London, 4th October 2018
RegTech Summit for Capital Markets - New York City, 15th November 2018
Data Management Summit - London, 21st March 2019

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DataManagementReview.com
Client lifecycle management: faster Onboarding, KYC, AML and GDPR
processing, October 2nd
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blockchain in data management, October 11th
Data Governance frameworks, October 18th
Balancing compliance and value in data management initiatives, October 25th

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Balancing Regulatory Transparency with Data Protection

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