Cross-border data flow in the digital single market: study on data location restrictions (SMART 2015/0054) 2.3.2 Financial data, particularly data which is subject to supervision by national regulators Overview and subtypes of data While financial data is of course a relatively broad concept, several smaller subcategories of financial data (notably tax records and accounting data) were split off for the purposes of this study into separate data types and therefore addressed by separate reports, which are discussed in the sections below. Therefore, this section of the report relates mainly to a residual category of financial records being kept or otherwise processed by banks, insurance companies and other supervised service providers from the financial industry (e.g. mainly rules on (cross-border) outsourcing of financial data and services by financial institutions, the access to financial data which falls under the banking secrecy act). The barriers were also highly uniform in nature: in all 7 reported cases, the reported barriers were indirect. Scope of the barrier There was more diversity in the way the barriers were phrased and approached. Looking at the breakdown, the following barriers can be distinguished:
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