Consumer Data Protection & Competition in Banking

Webinar part of the "Antitrust in the Financial Sector: Hot Issues & Global Perspectives" webinars organized by Concurrences and Morgan Lewis, with Fabrizio Di Benedetto (Intesa Sanpaolo), Joel Mitnick (Cadwalader, Wickersham & Taft), Maria Velentza (EU Commission), and Andrew Finch (Paul Weiss).

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Moderator, Andrew Finch (Paul Weiss), introduced the panelists and gave each speaker a chance to comment on the intersection of consumer data protection and competition policy.

Maria Velentza (EU Commission) provided her insight of data protection and competition law from a European standpoint, specifically in the financial services sector. She observed that data has become an essential input for many activities in the financial services sector and described two pieces of legislation from the European Union that are important in relation to the use of data: (1) General Data Protection Regulation (GDPR), which applies across different sectors; and (2) Payment Services Directive II (PSD2). Both pieces of legislation are built on the principle of an individual’s autonomy over the use of one’s data. The GDPR requires informed consent from platform users and the right to data portability (transmission of one’s data to another controller). The PSD2 enables third-party provider access to a specific set of the consumer’s data and for a specific purpose. In the EU, requests to access data are only granted if a number of strict conditions are fulfilled. The two main conditions are that the data is indispensable to compete in a particular market (quasi-essential facility), and the request is proportionate.

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