Detlev Gabel, Tim Hickman, Audrey Oh, White & Case
After an unexpectedly long legislative process, the EU has published Regulation 2016/679 (the General Data Protection Regulation or “GDPR”). But what are the future implications of this new legislation?
On 4 May 2016, after more than four years of drafts, discussions and negotiations, the GDPR was published in the Official Journal of the EU by the Secretaries-General of the European Parliament and of the Council of the EU. It will come into force after a further twenty days, followed by an effective two-year grace period, meaning that enforcement of the GDPR will not begin until 25 May 2018.
During this period, the existing collection of national data protection laws, based on EU Directive 95/46/EC, will continue to apply. However, organisations will need to use the two-year window wisely. It is important for organisations to allocate sufficient time and resources to ensure that they are compliant with the GDPR by May 2018. Failure to meet this deadline may result in enforcement action under the GDPR, including possible fines up to the greater of €20 million, or 4% of annual global turnover. France is already in the process of introducing legislation to implement fines at these levels immediately, rather than waiting for the GDPR to become enforceable. It is not yet clear whether other Member States will follow suit.
What are the key concerns for businesses?
The GDPR makes wide-ranging changes to existing EU data protection law. In particular, businesses should bear in mind the following points:
- Territorial application – The GDPR applies to non-EU businesses if they: (i) target their goods or services at EU residents (e.g., using local domain names, in the local language, offering local delivery and accepting payment in local currency); or (ii) monitor the behaviour of EU residents. Many businesses that are not subject to existing EU data protection law will be subject to the GDPR, especially businesses operating in the EU in an online context.
- Remedies and sanctions – As noted above, the consequences of breaching EU data protection law escalate dramatically under the GDPR, which sets the maximum fine for a single breach at the greater of €20 million, or 4% of annual global turnover.
- Consent – Under the GDPR, consent becomes harder for businesses to obtain and rely on. Notably, the GDPR states that consent is not valid where there is a ‘clear imbalance’ between the controller and the data subject.
- Increased compliance obligations for controllers – The GDPR imposes increased compliance obligations on businesses that act as controllers (e.g., implementing appropriate policies, keeping records of processing activities, appointing a Data Protection Officer in some cases, implementing privacy by design and by default, etc.). For many businesses, this is likely to require a significant overhaul of their data processing activities.
- Direct compliance obligations for processors – Existing EU data protection law generally does not impose direct legal compliance obligations on processors. However, under the GDPR, processors have direct legal compliance obligations, and Data Protection Authorities can take enforcement action directly against processors. For businesses that commonly act as processors (e.g., outsourced service providers to financial institutions) this is a significant change, and may result in attempts to re-negotiate existing processing agreements.
- 72-hour data breach notification – The GDPR requires businesses to report data breaches to the relevant Data Protection Authority within 72 hours of detection. For most businesses, radical changes to internal reporting structures will be needed in order to be able to meet this deadline.
The publication of the GDPR in the Official Journal marks the end of a long journey. The first draft of the GDPR, setting out a comprehensive reform package of the EU’s data protection rules, was published by the European Commission in January 2012. It has since been through numerous rounds of revisions, committees and votes, which have taken significantly longer than many commentators originally anticipated.
In parallel to the GDPR, the EU has also adopted a new Police and Criminal Justice Directive which governs the processing of personal data for the purposes of prevention, detection, investigation or prosecution of criminal offences, and related judicial activities. The UK has effectively opted out of this Directive, meaning that the processing of personal data for policing and criminal justice purposes in the UK may be governed by a different set of rules from the rest of the EU. The practical impact of the UK’s decision on this issue remains to be seen.
Once the GDPR comes into force, two further key developments are expected. First, EU Data Protection Authorities will, individually and collectively, begin to issue guidance on the application and interpretation of the GDPR, with the aim of helping organisations to achieve compliance with the requirements of the GDPR. This guidance is expected to offer additional clarification of certain issues in the GDPR that are not totally clear from the current text (e.g., several of the new data transfer mechanisms set out in the GDPR require significant further explanation before they can be used in practice).
Second, the European Commission has launched a Public Consultation with the aim of reviewing Directive 2002/58/EC (the “ePrivacy Directive”). The potential for overlap between the GDPR and the ePrivacy Directive has been the subject of much discussion in recent months. For example, that overlap could result in controllers that suffer a data breach being obliged to report that same breach twice – once under the GDPR and once under the ePrivacy Directive. It is hoped that the Commission’s efforts will resolve these issues before enforcement of the GDPR begins.
Motivate Your Management Team
A management team, typically a group of people at the top level of management in an organization, is a team of people in the top level of managerial leadership of a business or an organization. It may consist of one person at the top level or more than one person at the top level. In this article, we are going to talk about what it takes to become a successful manager of a company and the different types of managers that can be found.
Team members will usually work in teams of two or three people. They will work together to accomplish a specific goal that the organization has set for them. These goals and the ways to reach them vary. Sometimes a management team will work in teams to achieve the same goal but in different ways. Sometimes they will work in teams to solve a particular problem.
When a team begins working, they will usually meet for the first time at their office building or another place where they will gather. They will be given a specific mission statement that they will be working towards. There will usually be meetings on a regular basis so that the team can discuss what they have done so far. If there is anything that needs to be worked out, this meeting will occur to ensure that all questions have been answered.
When it comes to meeting deadlines, there are often things that the team members will need to do in order to meet their deadline. They will have to come up with the proper solutions. Once they have done this, the next thing that needs to be done is to ensure that the other members of the team are aware of what the solution is.
Sometimes, the team members will meet at different times. This is very common for people who will have different duties and who are not always available at the same time. They can meet at random times but it is very rare for there to be meetings that occur during the night. Sometimes these meetings are held after lunch and sometimes they happen after dinner.
When the team members meet, they will need to be organized. They will need to take all of the necessary items and papers to the meeting and not leave any behind. The meeting will begin with a presentation that will be made by the team leaders that will describe what they have done so far.
After this presentation, the team members will then have to sit down with the other team members to discuss what they have discussed. This is often a very productive way to get everyone talking about what they have accomplished so far.
To be a good manager, you must be able to organize yourself and your team. This is also necessary in order for you to be able to motivate your team.
One of the ways that you can motivate your team members is by encouraging them to get things done that they want to do. By doing this, they will be able to get excited about what they are working on. The excitement that they will feel will motivate them to work even harder and to complete the task as soon as possible.
Another way that you can motivate your team members is to give them rewards. In this case, they will know that there is something for doing a great job. They will know that if they have good performance, there will be a reward for their hard work.
It is also important for you to provide support to your team members. by helping them find jobs and making sure that they are able to find employment. This will encourage them to be self-motivated and to perform better on their jobs.
When you provide support to your team members, they will feel valued and respected. This will allow them to feel as though they have an employer who is willing to put in a lot of effort in order to help them get what they want out of their jobs.
The Income Approach Vs Real Estate Valuation
The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly popular in commercial real estate valuation and other business valuation. The key difference between the three methods is that the Income Approach relies on the idea of income as a measurement rather than an absolute number.
As with all three different types of valuation methods, the underlying assumption is that price is determined by cash flows. This means that in order to determine the value of a particular asset or business, there must be an exact amount of money spent. When an individual or firm makes a purchase, they will pay money for the product and they will make payments for the privilege of continuing to use that product over time. These payments are called “cash flows.”
Real estate appraisals are based on this simple concept. There are many realtors who work at the level of measuring the net worth of a home or building by considering the current mortgage and interest owed on that loan. The appraiser uses these numbers as the basis of his or her opinion about the fair market value of the property.
On the other hand, when the method you choose is the income approach, the appraiser focuses instead on the income earned by a person or entity. This can be based on both sales volume and earnings of each employee. A company may use the income approach to calculate the value of its inventory and accounts receivable based on the income earned by the company or group of employees.
The basic concept behind the approach is that cash flows should be considered as the basis for making decisions about what kind of business or service is right for a person or group. These cash flows include the income earned by employees, purchases made by the company, and the sales volume of goods or services produced by the company. The income model is often used to value homes, businesses, real estate, and other valuable assets. in order to determine their fair market value.
The primary difference between the realtors’ method of valuing the home and that of the income approach is that the former considers only one way that the value is going to change in value over time. While realtors look at the home’s market value to determine if they can sell it and the approach works out the value of the home by using the current sales price plus the future sales price plus some percentage of the gross value of the home, the income approach values the property only by the amount of money paid out over time. on monthly or annual payments. The difference in the two approaches is that the realtors use the gross value of the home as their basis and the approach uses the net cash payments.
Because of this difference in the valuing models, some people prefer the income approach over the realtors’ approach. Because realtors’ models involve an element of forecasting, they aren’t as helpful in determining the fair market value of a property, and they are not very useful in making long-term financial plans. On the other hand, the income approach can be very helpful in helping you decide if your home or business is worth buying.
While tax benefit of the income approach can also play a part in determining its value, it will not be nearly as large as the tax benefit of the realtors’ approach. In addition to providing tax benefits, the approach allows the person or organization to buy a home or business that is under-priced because it may increase their tax benefit. in the long run. Because this is not the primary reason that most realtors use the approach to value properties, it is not as well known as the realtors’ method, but it can be very useful for some people who don’t want to invest a large amount of time in planning their future, so they may want to consider it.
How To Create A Leadership Philosophy
A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your leadership philosophy can be based on your personal traits and beliefs or it can be based on what you believe is best for the organization you work with. In order to improve your management style and leadership style, you need to understand your leadership philosophies. It can either help or hinder you.
Your personal philosophy, or personality, is largely influenced by your personal beliefs and character. It helps guide you and keeps you on track. If your personal philosophy supports the goals and mission of the organization, it will motivate you to pursue those goals. If it doesn’t, it can hinder you from achieving your goal. Your personal philosophy can be as varied as your own personality and beliefs.
A good leadership philosophy can be created through the development of personal values, goals and dreams. Through this process you will discover that some personal values are important and others aren’t. You can make the difference and decide which ones are more important than others. Once you have a firm foundation established, you can move on to finding a way to achieve your objectives.
Personal philosophies need to be examined in terms of their relevance to the organization’s mission. Your leadership philosophy needs to be based on whether the organization or the leader wants to help people or just help themselves. If it is the former, then your personal philosophy should focus on providing the resources needed to make it happen. If it is the latter, then your personal philosophy should focus on helping those who need it most.
Another part of your personal philosophy should look at the individual needs of the organization. If the organization is looking to help the underprivileged, your leadership philosophy should be focused on assisting them in getting a better education so they can get a better job and earn more money. This is a prime example of a personal philosophy that would not benefit the organization in any manner.
Leadership is a process, not a person. Leaders need to be willing to change and adapt in order to get the job done right. Leaders should always try to learn from the past mistakes and try to improve on the mistakes that they made. have made and this is not possible if a leadership philosophy doesn’t allow them to grow and change as individuals in the organization.
Your personal philosophy should be aligned with the values of the organization in which you are working with. You need to create a vision that your organization has. Your vision can be anything from the improvement of the organization to the success of the employees. Your vision can be a company motto, mission statement or a corporate image.
Leadership isn’t about being the leader of all or nothing. It is about bringing in the right people to make the organization the best it can be and growing it over time. There are a lot of people who are qualified to lead an organization but don’t get the opportunity because they don’t have the right leadership philosophy. The more qualified individuals you can hire, the higher your chances of success and the better results you will see.
The best leaders aren’t the ones who walk into the building and are the leader but are the one who goes out of their way to show the organization how they feel. They do something that no one else in the room is doing. They give their time and effort in order to make their organizational goals come true. They work hard and are willing to do the work, but not do it for others, they do it for themselves and they don’t let anyone else take advantage of them.
Creating a leadership philosophy can be a good idea to help you in building your leadership team. When you create a good leadership philosophy, it creates a level of respect and integrity within the organization.
Developing a personal philosophy can be very beneficial to an organization. It can be the thing that gives your organization a sense of self worth.
Motivate Your Management Team
A management team, typically a group of people at the top level of management in an organization, is a team...
The Income Approach Vs Real Estate Valuation
The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly...
How To Create A Leadership Philosophy
A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your...
How to Build an AI Strategy that Works
By Michael Chalmers, MD EMEA at Contino Six steps to boosting digital transformation through AI In the age of artificial...
Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager
Multi-specialist bank announces the appointment of Guy Brocklehurst to its property finance team Guy Brocklehurst has joined London-based Leumi UK...
Three times as many SMEs are satisfied than dissatisfied with COVID-19 support from their bank or building society
More SMEs are satisfied (38%) than dissatisfied (13%) with their COVID-19 banking support Decline in SMEs using personal current accounts...
Tax administrations around the world were already going digital. The pandemic has only accelerated the trend.
By Emine Constantin, Global Head of Accoutning and Tax at TMF Group. Why do tax administrations choose to go digital?...
Time for financial institutions to Take Back Control of market data costs
By Yann Bloch, Vice President of Product Management at NeoXam Brexit may well be just around the corner, but it is...
An outlook on equities and bonds
By Rupert Thompson, Chief Investment Officer at Kingswood The equity market rally paused last week with global equities little changed...
Optimising tax reclaim through tech: What wealth managers need to know in trying times
By Christophe Lapaire, Head Advanced Tax Services, Swiss Stock Exchange This has been a year of trials: first, a global...