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From the magazine SZW-RSDA 2/2017 | p. 144-162 The following page is 144

Protection des données et nouvelles procédures de communication aux autorités fiscales et de surveillance étrangères

At a time when banking secrecy is shrinking, the lawmaker has decided to redefine the role of data protection in international cooperation procedures with regulatory and tax authorities. The law allows a supervised entity, typically a bank, to transmit confidential information to certain foreign authorities and organizations, but requires it to safeguard the rights of its clients and other third parties. In tax matters, the law governing the automatic exchange of information restricts parties’ rights, especially vis-à-vis the Federal Tax Administration: lawsuits based on provisions governing data protection must be directed against the financial intermediary, not the Administration. These new rules raise a number of legal and policy questions because they shift public tasks to private actors. Financial intermediaries need to decide what organizational and contractual measures they will take to properly implement these rules. Courts – including civil courts – face a considerable…

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