Despite the fact that data localization requirements have increased globally in recent years, the preliminary U.S.-Mexico trade deal would prevent both countries from requiring financial institutions to store data locally, as long as regulators can reach the information they need.
Ms. Krayem added that the prohibition may also serve as a warning to nations that have imposed their own data localization laws, which are viewed by some banks and companies as trade barriers that can inhibit their growth into new markets. The data localization prohibition is a "sign to other nations that the U.S. will no longer stand for unwarranted access into U.S. companies systems," she said.
Reproduced with permission. Published Aug. 28, 2018. Copyright 2018 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com.
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