Territorial Scope of the GDPR and GDPR for US Companies

Territorial Scope of the GDPR and GDPR for US Companies

 

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Full transcript available below:

Good afternoon. Thank you for joining the webinar today. We're going to give everyone just a couple more minutes to join and then we'll start the webinar. Good afternoon and thank you for joining today's webinar Prepare your firm for GDPR hosted by me Bethany Sirven of MyComplianceOffice with feature presenter Emily Mahoney.

One of the biggies of the GDPR and what my compatriots in the US and when I've worked abroad, why they may need to understand or know about the GDPR is because it's an extra territorial beast.

The territorial scope of the GDPR is expanded to cover not only those entities that are established in the EU, but those that offer goods or services to EU-based individuals or those that monitor the behavior of EU-based individuals. Yes, again the GDPR will directly apply to financial services firms and fintechs that are already established in the EU, but it may apply to financial services firms or fintechs established outside.

For example, if there is international money transfer company based in Hong Kong or Singapore, if they're targeting EU residents or EU-based individuals, then they will likely be subject to the GDPR. If you have any friends or colleagues that are outside the EU and doing this, do let them know that they need to be aware of the GDPR. Okay next slide please.

 

 

This webinar was co-hosted with Mason Hayes & Curran www.mhc.ie

 

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