Key industry privacy protocols unveiled
The Office of the Privacy Commissioner has published a final report providing guidance to the financial services sector.
In March 2024, the office sought market input on potential gaps to be addressed between new privacy laws and financial regulation.
Businesses and organisations are now mandated to comply with the Personal Information Protection Act 2016, which was came into force on January 1.
The Financial Services Guidance Notes concluded that “no material issues were identified regarding the application of Pipa, particularly with respect to the commercial and administrative activities of organisations operating within Bermuda’s financial services sector”.
The report found that potential challenges on processing and sharing personal information are adequately addressed by the legislation.
It said: “The Office of the Privacy Commissioner has also established a constructive stakeholder engagement mechanism and consultation process with financial service providers in Bermuda, and with domestic and overseas regulators.”
The office said the arrangement would allow for effective future stakeholder engagement as well as tracking the progress of Pipa implementation.
The report added: “This proactive approach to stimulating stakeholder engagement has created a positive dynamic for co-operation and collaboration in Bermuda between regulators and Bermuda’s financial services sector.
“Proactive engagement with Bermuda’s financial services stakeholders has the potential to offer PrivCom [the office] the capacity to support further pre-emptive regulatory action specifically intended to support commercial and regulatory innovation.“
Alexander White, the Privacy Commissioner, said he was proud of the report and thanked members of the public who took part.
He added: “This was a full team effort, so I would also like to thank our internal staff who contributed comments and especially two individuals who played a big part in its drafting, Kendra Mello and Jordan Cutts, in addition to Vivienne Artz, who provided us with external support.
“As we like to say, privacy means business, and this report shows how privacy practices can be incorporated into Bermuda’s important financial services industry.”
The report said that PrivCom had a “listen, learn and engage” approach to enforcing data protection, which has brought “improved awareness and understanding of Pipa for businesses in Bermuda and a better understanding by PrivCom of business entities”.
“Through careful drafting of Pipa and proactive guidance, Bermuda appears poised to avoid many of the regulatory obstacles experienced in other jurisdictions when a new horizontal legislation comes into effect which impacts both personal and business lives.”
• For more information, visit the Office of the Privacy Commissioner’s website at www.privacy.bm or call 543-7748
• To read the report in full, see Related Media
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