FinTech Belgium GDPR MeetUp - LAGA - 14/09/17 Hosted by KBC in Antwerp

1. How will GDPR affect the
collection of financial data?
Matthias Vierstraete, Laga, 14 September 2017

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Does GDPR impact FinTech?

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GDPR-compliance: More than
avoiding fines

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GPDR-compliance: More than avoiding fines
Happy Customers
Personal Data is an
Asset
Avoid Regulatory
Sanctions
Gain Competitive
Advantage

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How does GPDR impact FinTech?
Collection of Financial Data

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Legal Framework
No prohibition to collect
personal data
Special Categories of
Personal Data
Not financial data
Biometric data (e.g. fingerprint)
Accountability
At all times
Collection in line with GDPR?
Collection of Financial Data
General Aspects

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Purpose Limitation Other ObligationsLegal Basis Privacy By Design
Collection of Financial Data
Key Aspects

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Purpose Limitation
Collection of Financial Data
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2
3
Clearly define the purposes of
processing of personal data
e.g. provide payment services, direct
marketing, Big Data - profiling
Clearly inform data subjects
about these purposes
e.g. in the Privacy Policy
Only process personal data in
line with these purposes
Personal data has
not been obtained
from the data
subject

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Legal Basis
Collection of Financial Data
Consent
Performance of a
Contract
Legal
Obligation
Legitimate
Interest
Personal data has not been
obtained from the data subject

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Privacy By Design
Collection of Financial Data
Data Protection impact
Assessment (“D.P.I.A.”)
Privacy By Default
Embed Privacy into
the Design

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Data Subject’s Rights International Data TransfersTechnical and Organizational
Measures
Provisions of Directive (EU)
2016/1148 (NIS-directive) also
apply
Data Breach
Provisions of Directive (EU)
2016/1148 (NIS-directive) also
apply
How does GPDR impact FinTech?
Other (General) Obligations

12. About Laga
A top legal practice in Belgium, Laga is a full service business law firm, highly recommended by the most authoritative legal guides. Laga comprises
approximately 140 qualified lawyers, based in Brussels, Antwerp, Ghent and Kortrijk. Laga offers expert advice in the fields of banking & finance,
commercial, corporate/M&A, employment, IT/IP, public/administrative, insolvency and reorganisations, real estate, tax law, tax and legal services
for high-net-worth families and individuals (Greenille by Laga), and litigation. Where appropriate to ensure a seamless and comprehensive high-
quality service, Laga lawyers work closely with financial, assurance and advisory, tax and consulting specialists, and with select EU and US law
firms.
Laga provides thorough and practical solutions tailored to the needs of clients ranging from multinational companies, national large and medium-
sized enterprises, and financial institutions, to government bodies.
More information: www.laga.be
© 2017 Laga
Matthias Vierstraete
IP/ICT Lawyer
Tel: +32 2 800 70 37
Mobile: +32 473 56 94 70
E-mail: mvierstraete@laga.be