Saudi Arabia’s CITC Hosts 1st RegTech Symposium with Participation of Global Experts

Among other things the symposium aims to shed light on the role and importance of regulatory technologies in governance
Among other things the symposium aims to shed light on the role and importance of regulatory technologies in governance
TT

Saudi Arabia’s CITC Hosts 1st RegTech Symposium with Participation of Global Experts

Among other things the symposium aims to shed light on the role and importance of regulatory technologies in governance
Among other things the symposium aims to shed light on the role and importance of regulatory technologies in governance

Saudi Arabia’s Communications and Information Technology Commission (CITC) will host the first Regulatory Technologies (RegTech) symposium on Monday.

The symposium aims to shed light on the role and importance of regulatory technologies in governance, risk, and compliance management. It discusses a multitude of topics that range from the roles played by companies and institutes in regulation and oversight to the promising opportunities for startups and entrepreneurs.

The symposium will comprise lively panel discussions and engaging presentations, which in their entirety will lay the foundation for what RegTech is, examine the most promising opportunities for RegTech in the Kingdom, and sneak a peek into the latest global practices in RegTech. This will take place in the presence of some internationally-acclaimed experts as well as compliance and risk management specialists from various companies and regulatory bodies in the Kingdom.

Within its wide spectrum of topics, the symposium will put emerging and advance technologies under the spotlight for the purposes of emphasizing the role of those technologies in improving regulatory and supervisory performance, contributing to compliance, alleviating regulatory burdens, and increasing operational efficiency.

The event will also survey the most prominent RegTech solutions and emerging companies.



LinkedIn Hit with 310 million Euro Fine for Data Privacy Violations from Irish Watchdog

The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
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LinkedIn Hit with 310 million Euro Fine for Data Privacy Violations from Irish Watchdog

The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith
The logo for LinkedIn Corporation, a social networking website for people in professional occupations, is pictured in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith

European Union regulators slapped LinkedIn on Thursday with a 310 million euro ($335 million) fine for violations of the bloc's stringent data privacy rules.

Ireland's Data Protection Commission reprimanded the Microsoft-owned professional social networking site over concerns about the “lawfulness, fairness and transparency” of its personal data processing for advertising purposes, according to The AP.

The Dublin-based watchdog is LinkedIn's lead privacy regulator in the 27-nation EU because that's where the company's European headquarters is based.

The watchdog said it carried out an investigation that found LinkedIn did not have a lawful basis to gather data so it could target users with online ads, which is a breach of the privacy rules known as General Data Protection Regulation, or GDPR. It ordered LinkedIn to comply with the rules.

Processing personal data “without an appropriate legal basis is a clear and serious violation” of the right to data protection in the EU, Deputy Commissioner Graham Doyle said in a statement.

LinkedIn said it that while it believes it has been “in compliance” with the rules, it's working to ensure its “ad practices” meet the requirements.