Microsoft&nbsp;said on Monday it was updating the&nbsp;privacy&nbsp;provisions of its commercial cloud contracts after&nbsp;European regulators found its deals with&nbsp;European Union institutions failed to protect&nbsp;data&nbsp;in line with&nbsp;EU&nbsp;law.

The EDPS, the&nbsp;EU's&nbsp;data&nbsp;watchdog, opened an investigation in April to assess whether&nbsp;Microsoft's contracts with the&nbsp;European Commission and other&nbsp;EU&nbsp;institutions met&nbsp;data&nbsp;protection rules. It raised concerns about compliance in October.

In a statement on its website addressing the issue,&nbsp;Microsoft&nbsp;said: "We will increase our&nbsp;data&nbsp;protection responsibilities for a subset of processing that&nbsp;Microsoft&nbsp;engages in when we provide enterprise services."

The company, the only major cloud provider to offer such&nbsp;terms&nbsp;in the&nbsp;European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law.

Microsoft said on Monday it was updating the privacy provisions of its commercial cloud contracts after European regulators found its deals with European Union institutions failed to protect data in line with EU law. The EDPS, the EU's data watchdog, opened an investigation in April to assess whether Microsoft's contracts with the European Commission and other EU institutions met data protection rules. It raised concerns about compliance in October. In a statement on its website addressing the issue, Microsoft said: "We will increase our data protection responsibilities for a subset of processing that Microsoft engages in when we provide enterprise services." The company, the only major cloud provider to offer such terms in the European Economic Area and beyond, expects to offer the new provisions to public sector and enterprise customers in early 2020.

Microsoft increases data protection responsibilities for European Union

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London&#39;s financial centre was at risk of losing its prized &quot;EU passport&quot;. 
 
Banks based in London rely on a so-called EU passport to operate across the bloc&#39;s capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. 
 
The City of London will not be able to keep that passport if Britain leaves the EU&#39;s single market of trade in goods and services, Villeroy told France Inter radio. 
 
&quot;There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules,&quot; he said. 
 
&quot;It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market.&quot; 
 
Central banks are efficiently dealing with the fallout of Thursday&#39;s UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: &quot;The euro is a solid currency.&quot; 
 
&quot;What happened on Thursday is bad news, first of all for Britain,&quot; he said. &quot;Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy.&quot; 
 
Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. 
 
(Reuters)

Some London-based banks have said they would shift operations to the euro zone if Britain left the EU

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London's financial centre was at risk of losing its prized "EU passport". Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. The City of London will not be able to keep that passport if Britain leaves the EU's single market of trade in goods and services, Villeroy told France Inter radio. "There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said. "It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market." Central banks are efficiently dealing with the fallout of Thursday's UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: "The euro is a solid currency." "What happened on Thursday is bad news, first of all for Britain," he said. "Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy." Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. (Reuters)

ECB's Villeroy: Brexit talks must be quick, City of London at risk of losing 'EU passport'

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Microsoft increases data protection responsibilities for European Union

ECB's Villeroy: Brexit talks must be quick, City of London at risk of losing 'EU passport'