Big Problems, Short Codes: A Potential Solution to GDPR's Info Privacy Challenges
Looking ahead to GDPR, ARMs and trading venues are developing ways to better protect the personal data they are required to collect, report and store under Mifid II, while investment firms tasked with providing personally identifiable information to the venues they trade on, are pushing for an industry-wide solution. Kirsten Hyde reports.
The EU’s regulators insisted on putting personal data requirements into Mifid II, which came into effect on January 3, because they wanted a means of more quickly identifying individuals in cases of suspected market abuse.
Under Mifid II’s RTS 22 requirements for transaction reporting, investment firms must include personal data and identifiers—such as passport numbers, national ID numbers or tax codes—of the client and the trader responsible for the investment decision and execution of a
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