Update on UK adequacy regulationsJanuary 2023
On 23 November 2022 the UK completed its consideration of South Korea’s data protection regime and concluded that it is adequate. The regulation came into force on 19 December 2022. The UK Government have stated that the regulation should save organisations a total of £11 million per year in administrative and other financial burdens and increase exports to South Korea by £3.8 million annually.
This is the first independent adequacy regulation made by the UK since it left the European Union, although the European Union has recently granted an adequacy decision in South Korea’s favour, which undoubtedly will have had an influence on the UK Government’s thinking.