Commercial law is constantly evolving, and recent changes have had a significant impact on modern business practices. One of the most notable examples is the EU's General Data Protection Regulation (GDPR), which came into effect in 2018. The GDPR represents a major shift in how businesses handle and process personal data, and it has far-reaching implications for companies operating within the European Union (EU).
The GDPR introduces new obligations for companies, including the requirement to obtain explicit consent from individuals for the collection and processing of their personal data. It also strengthens the rights of individuals over their own data, giving them greater control over how their information is used. Companies must now be more transparent about the personal data they collect and how it is processed, and they must also put in place robust measures to protect the security of this information.
In addition to these requirements, the GDPR introduces significant penalties for non-compliance, including fines of up to 4% of a company's global turnover or €20 million, whichever is greater. This means that companies must take their obligations under the GDPR seriously, and they must ensure that their internal processes and systems are compliant with the new regulations.
The impact of the GDPR on businesses has been significant, and it has led to increased awareness of the importance of data privacy and protection. However, it has also presented new challenges for companies, particularly in terms of compliance and data management. The recent changes in commercial law underline the need for businesses to stay up-to-date with the latest legal developments, and to adapt their practices accordingly.
At our law firm, we stay at the forefront of developments in commercial law, and we are well-equipped to advise clients on their obligations under the GDPR and other key regulations. Whether you are a small business just starting out or a large corporation looking to stay compliant, we can help you navigate the ever-changing landscape of commercial law and ensure that your business is in the best possible position to succeed.