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EU Adopts New Law on Fair Access to and Use of Data

In a groundbreaking move, the European Union (EU) Council recently embraced the Data Act on 27 November, 2023. This legislation represents a significant advancement in shaping how data is used within the EU, with a primary focus on promoting fair access and responsible utilization of this crucial resource in the digital age.

Key Features of the Data Act:
1. Fair Access:
The Data Act prioritizes equitable access to data, recognizing its pivotal role in driving innovation and economic growth. By fostering inclusivity, the EU aims to encourage collaboration across various industries.
2. Data Privacy and Security:
Recognizing the utmost importance of privacy and security, the legislation establishes robust guidelines for the responsible handling of data. It ensures that all data-related activities adhere to stringent privacy considerations.

3. Enhanced Data Sharing:
Encouraging data sharing among entities, the legislation promotes interoperability and data portability. This initiative contributes to a more connected and efficient data ecosystem by breaking down silos.

4. Innovation and Competition:
The Data Act seeks to stimulate innovation by creating a competitive landscape. It provides an equal playing field for businesses of all sizes to access and utilize data, thereby fostering economic growth and technological progress.

5. Individual Empowerment:
Emphasizing individual empowerment, the legislation grants individuals greater control over their personal data. It ensures transparency and upholds individuals' rights to access, correct, and delete their own data, reinforcing the principles of data sovereignty.

6. Global Collaboration:
Acknowledging the global nature of data flows, the Data Act encourages international cooperation. This collaborative approach aims to standardize practices and promote the responsible and ethical use of data on a global scale.

The EU Council's adoption of the Data Act signifies a monumental step towards a digital landscape characterized by fairness, transparency, and innovation. By prioritizing fair access and responsible data use, the EU positions itself as a global leader in the data-driven economy, paving the way for a future where data is leveraged for societal benefit while respecting privacy and fostering responsible innovation.

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RBI Regulatory Advisory

Raiffeisen Bank International AG | Member of RBI Group | Am Stadtpark 9, 1030 Vienna, Austria  | Tel: +43 1 71707 - 5923