Amid concern that the EU General Data Protection Regulation will impede cross-border coordination and jeopardize investigations into market manipulation and fraud, financial authorities from North America, the U.K. and Asia are seeking an “administrative arrangement” that would clarify how the public interest exemption under the GDPR can be applied to their cross-border data-sharing practices, Reuters reports. Two of the regulatory officials involved in the request said the EU is reluctant to grant such an exemption for fear that it could then be used to circumvent the privacy safeguards detailed in the regulation. In response to the regulators' request for written guidance, European Commission Spokeswoman Christian Wigand said that data flows between EU and non-EU countries “could be ensured using the mechanisms provided under the EU data protection legislation.”
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