On August 11, the Information Commissioner Office (ICO) released its Consultation paper to gather views on its draft international data transfer agreement (IDTA). The IDTA will replace its current standard contractual clauses to protect personal data out of the UK.

The Consultation paper includes ICO’s proposal and plans to update its guidance on international transfers (e.g., processor, sub-processor).

ICO is requesting comments on the following documents, briefly described below.

• Draft international data transfer agreement: The IDTA draft available on ICO’ website (see link above) includes a (i) detailed description of the IDTA (including the definition of transfer risk assessment), (ii) guidance on how to complete the IDTA, (iii) the template of the IDTA and (iv) and guidance on how to complete the template.

• Draft transfer risk assessment and tool (‘TRA’): The TRA include the tools to assess the risks related to the transfer (e.g., is the transfer enforceable, is there a third-party risk…).

The consultation will run until October 7, 2021 and responses to IDTA.consultation@ico.org.uk

1. UK Launches Digital Payments Initiative

Announced on July 30 by the Payment Systems Regulator (PSR), the initiative will be carried out by the PSR Panel and focused on four key areas :

• Identifying potential purchases or transactions where digital payments could provide a solution to future needs.

• Collating relevant evidence from international experience and payment initiation aspects of Open Banking.

• Identifying the practical challenges for users and small businesses that could prevent digital payment options being adopted.

• Identifying technical and/or regulatory barriers within the PSR’s remit to enable suppliers of digital payment services to develop new payment solutions.

The findings of this Panel-led initiative are scheduled to be submitted to the PSR later this year.

1. SEC Approved Nasdaq’ Proposal on Board Diversity Measures.

On August 6, the Securities Exchanges Commission (SEC) announced its approval of NASDAQ proposal to change its listing rules related to board diversity (“Board Diversity Proposal”).

The Board Diversity Proposal, subject to the ‘comply or explain’ principle, requires entities with a board of directors of five or fewer members to have at least one member of its board of directors who is Diverse, including at least one Diverse director who self-identifies as Female and at least one Diverse director who self-identifies as an Underrepresented Minority or LGBTQ+.

Each Nasdaq-listed company would be required to disclose annually to the public its board-level diversity data.