The President of the Republic, Guillermo Lasso, signed the Decrees on the issuance of the regulations of the Personal Data and Fintech laws.
Referential image of two people reviewing a document.
Almost two and a half years after the entry into force of the Organic Law on the Protection of Personal Data, the national government issues the Regulation of this norm, with the signing of Executive Decree 904, by the President of the Republic, Guillermo Lasso.
The purpose of the Personal Data Protection Law is to guarantee the right of citizens to know where their personal information is and the use that companies, public or private, give to it.
In accordance with the law, the Regulation establishes the necessary aspects to develop and apply the legal framework, in favor of the ” protection, treatment and custody of protected information,” according to a statement from the Presidency.
Some topics that the Regulation develops are:
- The content and procedure for requesting rights protected by law: access, rectification, updating, deletion, opposition and portability.
- It regulates matters relating to the data protection authority, establishing its form of operation and organization of the Public Registry under its charge.
- Establishes the specific regulations of the actors involved in the application and compliance of the law: data controller, data processor and data protection officer.
Regarding the creation of the Superintendency of Personal Data Protection, the Presidency clarifies that this is subject to obtaining the respective favorable opinion from the Ministry of Economy and Finance.
Regulations to the Fintech Law
The Government also issued the Regulations of the Organic Law for the Development, Regulation and Control of Technological Financial Services (Fintech Law), with the signing of Executive Decree 903, by the President.
This law, in force since December 2022, regulates the activities carried out by technology initiatives in financial matters , which includes the financial, securities and insurance markets; for example, technology-focused payment methods.
The regulation will allow the development of the local fintech market, “preserving the rights of its users and safe access to these services ,” says the Presidency statement.
It also regulates that the control of activities related to this field will be carried out by the Central Bank of Ecuador, the Superintendence of Companies, Securities and Insurance and the Superintendency of Banks.
The regulations of the Personal Data Protection Law and the Fintech Law will come into force with their publication in the Official Registry .
