UK data protection authority [ICO](https://ico.org.uk/] has issued a letter to the US Securities and Exchange Commission (SEC) on the application of the GDPR as it relates to the sharing of personal data.
This will enable the SEC to start the process to accept and process filings from UK firms to register as investment advisers. The announcement was made at the 23rd Conference in London, SEC Regulation Outside the United States.
The halt on registrations, in place since the introduction of the GDPR, has prevented UK, EU, and Swiss investment advisers from gaining SEC registration.
“The ICO’s guidance and the SEC’s cooperation are key and welcome steps in helping re-open the door to our firms registering and is a significant development at a critical time in our markets”, said Mark Berman, CEO of CompliGlobe, a former SEC lawyer.
"By advising and working closely with clients and through working group discussions with the ICO, we helped smooth the path to remove this obstacle", said Alexander Brown, a data protection specialist Partner at Simmons.
A group comprised of government and industry professionals worked behind the scenes to help achieve this result. They included Sebastian Bayer and Clare Bromiley-Carmen from the UK Department of International Trade, Richard Normington from the Investment Association UK, Adam Jacobs-Dean from AIMA, and Mr Berman and Mr Brown, both of whom drafted key briefing materials and opinions and advised on the project.
