Domestic institutions have for the most part taken steps to comply with Europe’s stringent data and privacy rules — the General Data Protection Regulation (GDPR) — that took effect on Friday, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said the same day.
Most domestic financial firms are expected to be able to comply with GDPR as they have made the required preparations, Koo told reporters on the sidelines of a corporate governance event in Taipei.
However, some Taiwanese lenders would have to do more than their peers, Koo said, noting that the six state-run banks that have branches in Europe would have to appoint data protection officers who report to chief privacy officers and commit additional resources toward information and information transmission security.
Photo: CNA
State-run banks subject to the requirement are the Bank of Taiwan (臺灣銀行), Taiwan Cooperative Bank (合庫銀行), Mega International Commercial Bank (兆豐銀行), First Commercial Bank (第一銀行), Hua Nan Commercial Bank (華南銀行) and Chang Hwa Bank (彰化銀行).
Foreign banks with operations in Taiwan should easily be able to adjust to GDPR as they follow protocols set by their head offices, while domestic banks that do not have branches in Europe are still subject to GDPR if their business involve collecting personal data from residents in Europe, Koo said.
The GDPR helps clarify individuals’ rights to the personal data collected by companies around the world for targeted advertising and other purposes. It applies to all users in the EU, regardless of where the companies collecting, analyzing and using their data are located.
Violators could face fines of up to 20 million euros (US$24 million) or 4 percent of their annual global revenue, whichever is greater.
The National Development Council said the finance, e-commerce, airlines and transport industries are expected to see the greatest impact from the new rule.
The council has outlined plans to setup a cross-departmental platform to help Taiwan’s businesses cope with the new rule, Koo said.
It is hoped that financial companies would step up and share their experience with other industries in Taiwan, he said.
Koo also announced that next year financial institutions and listed companies would be required to staff corporate governance positions to help provide their board of directors with information and assistance.
Under the commission’s plans, financial institutions such as banks and insurance companies as well as listed firms with paid-in capital of NT$10 billion (US$333.95 million) or more are required to establish corporate governance posts as of next year.
About 120 companies initially will be subject to the requirement, but the requirement would be expanded to securities brokerages, futures houses and listed firms with paid-in capital of NT$2 billion in the second phase, the commission said.
Additional reporting by AP and staff writer
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