The Dubai International Financial Centre's Gate Building.Dubai's Financial Hub Rolls Out 'Enhanced' Data Laws to Align With GDPR
UK-headquartered Clyde & Co advised the Dubai International Financial Centre on a wideranging piece of legislation designed to modernise the hub's data regulations.
June 02, 2020 at 12:00 PM
3 minute read
The Dubai International Financial Centre (DIFC) Authority has introduced new data protection legislation designed to align the area's data laws with those in Europe and the U.S.
The DIFC Data Protection Law, which is set to come into force on July 1, replaces existing laws to align the Centre more closely with internationally-accepted data protection laws, including the General Data Protection Regulation (GDPR), according to lawyers at Clyde & Co, which advised the DIFC on the legislation.
Key changes will include direct obligations on data processors, enhanced provisions dealing with processing on the basis of consent and legitimate interests, and enhanced accountability requirements, lawyers at Clyde & Co said in a statement.
According to Clyde & Co, the law also imposes obligations on controllers and processors to appoint a data protection officer if certain criteria are met as well as enhanced obligations where a controller appoints a processor.
"It brings new clarification regarding international transfers and removal of the permit-to-transfer process under the previous law," the firm said.
The new legislation will also regulate the use of 'personal data' in the DIFC.
Dino Wilkinson, partner and head of the technology, media and telecommunications team at Clyde & Co in the Middle East, told Law.com International that the new law would position the DIFC as a safe and top-tier jurisdiction as regards data protection issues.
"Data protection is becoming an increasingly important global issue and the new DIFC Data Protection Law will help to align the DIFC's regulatory framework with international best practices. In addressing issues such as emerging technology and creating enhanced accountability on the part of data controllers, this is a landmark law for the Centre and the entire Middle East region."
Addressing data protection in a speech in Dubai in October, Bryan Stirewalt, the chief executive of the Dubai Financial Services Authority, said that financial services institutions had found ways to unlock the value of a vast amount of the data they held, and use it to enable greater insight into their customers.
"This allows them to anticipate their customer's needs, increase their involvement in their customer's journey," he said. "And if I am honest, to use that data to develop more products, cross-sell products and services and to obtain enhanced insight of customer purchasing behaviours.
He added: "In order to counterbalance this increased use of data, there is now an increasing amount of regulation in this area.
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