How GDPR affects the activities of arbitral institutions – Martin Zahariev on Bloomberg TV
17 October 2019
Personal data protection remains an issue of vital importance for both business and legal communities. Martin Zahariev, a lawyer at Dimitrov, Petrov & Co. and an expert at the Law and Internet Foundation, was invited in the morning block of Bloomberg TV, where he presented his research on how the activities of the arbitral institutions are affected by the GDPR. The absence of specific rules regarding personal data protection applicable to arbitration is a major legislative deficiency in Bulgaria.
The expert believes that a balance will have to be found between the rights of the natural persons, provided for by the Regulation, on one hand, and ensuring fair arbitral proceedings, on the other. This might require certain restrictions with respect to personal data protection. “To put it simply, you cannot ask the creditor or arbitrator resolving your dispute to “forget you”, att. Zahariev noted.
Due to the confidential nature of the proceedings, arbitration is a preferred form of dispute resolution between commercial companies. Therefore, it is important that arbitral institutions take strict measures against data leakage, as it might lead to losses for the companies, as well to a serious fine for the institution itself. In addition, the arbitral institutions need to comply with all other requirements for personal data protection established by the Regulation.
Martin Zahariev is the author of the book ‘Data Protection in Commercial Arbitration: In the Light of GDPR’, published in English by LAP LAMBERT, 2019.« Previous Next »