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51. EU Privacy Regulation: Implications for U.S. and EI Law Enforcement

Author:
Carlton Forbes and Jacob Victor
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Center for Global Legal Challenges, Yale Law School
Abstract:
In January 2012, the European Commission released drafts of two new pieces of legislation that would provide more stringent and more uniform regulation to the processing of electronic data relating to EU citizens. The proposed General Data Protection Regulation would govern the processing of data for general purposes, while the proposed Criminal Justice Directive would govern data processed in the specific context of criminal investigations. The Data Protection Regulation has proven controversial because of the significant number of requirements it imposes on private data processors, including requirements that the processor notify a consumer when her data is shared with a third party, and requirements that processors respect a number of new individual rights, such as the right of a consumer to request that her data be deleted (a.k.a. “the right to be forgotten”). Furthermore, the Regulation would mandate that many non-EU corporations would need to comply with its requirements when processing the data of EU citizens, or face harsh penalties. This memo summarizes the existing EU data protection regime, analyzes the changes proposed by the new Data Protection Regulation and Criminal Justice Directive, and explores the implications of this new legislation for U.S. criminal and national security investigations. We arrive at three main conclusions
Topic:
Law Enforcement, Law, European Union, Regulation, and Legal Theory
Political Geography:
Europe, North America, and United States of America

52. The Global Financial Crisis and Obstacles to U.S. Leadership

Author:
David Singer
Publication Date:
10-2008
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
The regulatory environment in the U.S., however, is likely to change. The Treasury’s blueprint calls for the disman- tling of OTS, the enhancement of the Fed’s supervisory authority, and the creation of a national insurance regulator to replace the 50 separate regulators. Regulatory consolida- tion in the U.S. might be the most important catalyst for the creation of new international regulatory standards in banking. Consider the immense challenges of creating a global standard—which most likely cannot occur without U.S. support—when the agencies within the U.S. are at odds with one another! Ironically, U.S. investment banks themselves may have cleared one obstacle to international coopera- tion: the remaining free-standing securities firms (Goldman Sachs and Morgan Stanley) have opted to transform themselves into bank holding companies. This move reduces the SEC’s influence and gives the Fed a more uniform role in supervising financial institutions. Nevertheless, there is still consider- able fragmentation in the regulation of a range of activities that clearly have an important bearing on the stability of the banking system. If today’s financial crisis triggers the institutional consolidation of domestic financial regulation, then fruitful international negotiations will be more likely in the future. But until such consolidation occurs, the welter of U.S. regulatory agencies will face considerable obstacles in addressing the complicated inter- actions between banking, disintermediation, and capital markets that are at the root of today’s financial crisis. And the fragmentation of accountability among regulators and policymakers will continue to hamper U.S. leadership in preventing such a terrible crisis from happening again.
Topic:
Governance, Regulation, Financial Institutions, and Banking
Political Geography:
North America and United States of America