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Opinion

New legislation around privacy fits well within existing SRO structure

By Ian Russell      

The existing regulatory framework in the securities industry, and in fact across the financial sector, can be modified or adopted to the proposals within the draft privacy legislation for making relevant codes and guidelines to manage individual online rights and impose a formal enforcement and certification process.

In May 2019, the federal government requested public comments on proposed amendments to federal privacy legislation. These amendments are sweeping, including changes to existing privacy laws and incorporating a set of “online rights” for Canadians. These new online rights include data portability; the ability to withdraw, remove and erase basic personal data from a platform; the knowledge of how personal data is used; and the ability to review and challenge the amount of personal data a company or government has collected. The purpose of these amendments is to bring Canadian privacy laws compatible with the new digital era for the economy; and to bring Canadian laws into step with privacy legislation in Europe, the General Data Protection Regulation (GDPR). Additionally, the Canada-EU Comprehensive Economic and Trade Agreement (CETA) provides a number of broad and specific provisions to protect personal information.

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