PMAC’s mission statement is “advancing standards” and we are consistently supportive of measures that improve standards for the benefit of investors (the clients of asset managers). PMAC and its members care deeply about the protection and proper use of investors’ personal information.
We support the OPC’s long-term goal of ensuring effective privacy protection in the context of transborder data flows and transfers for processing. We also agree with the OPC’s statement that both domestic and international transfers of data bring significant benefits to individuals and organizations.
PMAC provides the following submissions with a view to supporting an interpretation of the current law – and any future law – that strikes the appropriate balance between the protection of investors’ personal information and the ability of Canadian asset managers of all sizes to service investors efficiently and effectively. It is important that Canada’s privacy regime be equivalent and compatible with that of other jurisdictions, while at the same time not imposing undue hardship on Canadian businesses.
Onerous requirements such as the need to obtain express consent and/or to source domestic alternatives for data processing have the potential to impede our members’ ability to properly serve their clients. As further detailed below, the time and costs required to implement and comply with such requirements would be prohibitive, which could have a chilling effect on Canadian business. Importantly, it is not clear how such measures would improve the security of investors’ personal information. PMAC believes the existing principles of accountability and openness under the Personal Information Protection and Electronic Documents Act (PIPEDA) appropriately and effectively protect privacy.