Daily DashboardEuropean Data Protection Digest

Commissioner: SWIFT Negotiations Near Completion

FINANCIAL PRIVACY—EU & U.S.

June 11, 2010

Negotiations between the EU and U.S. on the sharing of bank transfer data are close to being finalised, European Commissioner Cecilia Malmström told MEPs on Thursday. The talks have yielded "considerable improvements" over the interim deal rejected by MEPs in February, Malmström said in a European Voice report, with "significantly stronger" data protection guarantees. Malmström will ask her fellow commissioners to approve the agreement at their June meeting, the report states, at which point it would be forwarded to the European Parliament and the Council of Ministers for adoption. MEP Alexander Alvaro, however, said questions remain about issues including data retention and sharing, suggesting, "The draft as it is now still has room for improvement." MEP Jan Philipp Albrecht went a step further, stating it has "serious flaws" and should be renegotiated. (Registration may be required to access this story.)
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