New US Banking Data Policy In Trade Deals Still Has Critics

Law360, New York (May 27, 2016, 2:55 PM EDT) -- A change in the Obama administration’s strategy for crafting data localization rules for financial services firms in trade deals was met with a mixed reaction Thursday, with some stakeholders applauding the policy while others say more action is needed.

The banking sector has been in an uproar ever since it was exempted from the Trans-Pacific Partnership’s e-commerce chapter rules barring countries from requiring companies to store their data on local servers, prompting the administration to abruptly change course.

Although numerous industry groups have called for an immediate change to the TPP text, the new strategy rolled out by the U.S. Treasury...

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