On Wednesday 20 August, the European Data Protection Supervisor (EDPS) issued its conclusions on the proposal for an amending protocol to the agreement between the European Union and five neighbouring countries on the automatic exchange of information on financial accounts.
In July, the European Commission proposed amending the agreements between the European Union and Liechtenstein, San Marino, Monaco, Andorra and Switzerland on the automatic exchange of financial account information in order to comply with changes to the common reporting standard drawn up by the Organisation for Economic Co-operation and Development (OECD) (see EUROPE 13685/17).
With regard to Monaco and San Marino, the EDPS welcomed “the specific provisions on data protection (...) and considers that the Agreement, as updated by the Amending Protocol, provides for appropriate safeguards to enable the transfer of personal data”. However, it noted that “the Agreement would require Member States and the two jurisdictions to restrict the scope of the right of access and the right to information”.
The EDPS made the same point about Liechtenstein. It therefore recommended that the European Commission “further clarify the status of Liechtenstein in a recital to the Proposals”.
Lastly, it was of the opinion that the international transfer of personal data from Member States to Andorra and Switzerland “does not require specific authorisations nor safeguards”. It recommended “including a reference to the EU adequacy decision concerning these two countries in a recital of both the Signing and the Conclusion proposals”.
Read the EDPS opinion on Monaco: https://aeur.eu/f/i4m
Read the EDPS opinion on San Marino: https://aeur.eu/f/i4n
Read the EDPS opinion on Liechtenstein: https://aeur.eu/f/i4o
Read the EDPS opinion on Andorra: https://aeur.eu/f/i4p
Read the EDPS opinion on Switzerland: https://aeur.eu/f/i4q (Original version in French by Anne Damiani)