Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

Start by selecting your Topic of interest below. Then choose your Regions and finally refine the exact Subjects you are seeking clarity on to view detailed analysis provided by our carefully selected internationally recognised experts.

4. Results: Answers
Data security and cybersecurity
What is the applicable data protection regime in your jurisdiction and what specific implications does this have for fintech companies?

Answer ... Fintech companies must comply with the following legislation when they process personal data:

  • EU Regulation 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (GDPR); and
  • the Law of 1 August 2018 on the Organisation of the National Commission for Data Protection and Implementing the GDPR.

Processing of payment service users’ personal data by payment service providers is subject to the GDPR requirements. Amongst others requirements, this processing must be based on at least one of the legal grounds as provided by the GDPR (i.e. payment service users’ consent, performance of a contract, compliance with a legal obligation to which the payment service providers is subject…).

The first piece of EU-wide legislation on cybersecurity, Directive (EU) 2016/1148 of the European Parliament and of the Council of 6 July 2016 concerning measures for a high common level of security of network and information systems across the Union (NIS Directive), has been recently implemented in Luxembourg by the law of 28 May 2019 implementing the NIS Directive.

Today, boards of directors are expected to be increasingly aware of cybersecurity issues and actively involved in such matters.

For more information about this answer please contact: Anne-Marie Nicolas from Loyens & Loeff
No answer submitted for this question.