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Compliance with Data Legislation
Complying with data legislation has an enormous bearing on the ways corporate data is managed. Data compliance procedures will only become more stringent in the future and no organisation can afford to ignore data quality.
Data legislation varies from country to country. Please click on any of the links below for data legislation requirements in the countries listed. This list is not exhaustive, so please check data protection legislation in your own country.
Financial services organisations are required to comply with The Markets in Financial Instruments Directive (MiFID) which came into effect on 1 November 2007, and the Basel II agreement. Both Basel II and MiFID require organisations involved in trading relationships to plan and act to mitigate against various types of risk to demonstrate how they do this.
Whatever your requirements, DQ Global understands the issues involved in complying with data legislation and are able to deliver software systems to ensure that companies affected by the regulations are able to demonstrate their compliance.
Financial Services
Basel II
Basel II is a revision of the existing Basel I framework, which aims to make the framework more risk sensitive and representative of modern banks' risk management practices. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations about how much capital banks need to put aside to guard against the types of financial and operational risks banks face.
Basel II requires organisations in trading relationships to plan and act to mitigate against risk and to demonstrate how they do this.
DQ Global understand the need for compliance with financial legislation, and the impacts of not complying. We have been working with financial services organisations worldwide for more than 10 years and are able to deliver software systems to ensure that companies affected by the regulations are able to demonstrate their compliance.
MifID
The Markets in Financial Instruments Directive (MiFID) came into force on 1 November 2007 and replaces the Investment Services Directive (Directive 93/22/EEC). It is a European Union law which provides a harmonised regulatory regime for investment services across the 30 member states of the European Economic Area (the 27 Member States of the European Union plus Iceland, Norway and Liechtenstein). The main objectives of the Directive are to increase competition and consumer protection in investment services.
MiFID replaces the Investment Services Directive (ISD) and extends its coverage and introduces new and more extensive requirements that firms will have to adapt to, in particular for their conduct of business and internal organisation.
DQ Global understand the need for compliance with financial legislation, and the impacts of not complying. We have been working with financial services organisations worldwide for more than 10 years and are able to deliver software systems to ensure that companies affected by the regulations are able to demonstrate their compliance.
Data privacy guide
The eight principles of data protection:
- Only use personal data with informed consent from the individual
- Only use personal data for lawful and disclosed purposes
- Only use and store data that is adequate and relevant to your job
- Keep all personal data up to date
- Keep personal data for only as long as it is necessary
- Always respect the rights of individuals when processing their data
- Keep data safe
- Do not transfer data outside the EU
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