A Study on The Right to Financial Privacy: Focusing on the Rules of Opt-in and Opt-out

• Main Authors: KUO, FU-MING, 郭富明
• Other Authors: CHUANG, YUNG-CHENG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/4nw22n

碩士 === 東吳大學 === 法律學系 === 106 === As economy developes swiftly, it raises the demand of financial products and services from the public. Although the development of technology enables the convenience of acquiring information, it makes the public concern about the protection of their personal information privacy as well. The free flow of information is vital to financial industry. The use of personal information of customers for the co-selling activities purpose of the subsidiaries of a financial holding company, however, is conflicting with the financial privacy of financial consumers. On the basis of the above mentioned, the legislators amended article 43 in “Financial Holding Company Act” in 2014 regarding the regulations of engagement in co-selling activities and jointly collecting, processing, and using the personal basic data and dealing or transaction records of customers among the subsidiaries of a financial holding company. It turned the mode about jointly collecting, processing, and using personal basic data from “Opt-out” mode to nearly complete “Opt-in” mode. It is the point of this article that whether the amendment of the regulation was appropriate. The two different modes between “Opt-out” and “Opt-in” just like the two sides between protection of personal information of consumers and the use of personal information of consumers by financial institutions. Thus, how to make the balance and which mode can bring more social welfare than the other are the points that this article focuses on. In general, the public usually think that “Opt-out” mode can’t provide more protection than “Opt-in” mode. By reviewing and analyzing relevant articles, however, this article holds the belief that comparing to “Opt-in” mode, “Opt-out” mode can reduce the cost of management to financial institutions, and benefit the development of financial industry. Moreover, if the subsidiaries of a financial holding company can share personal information of customers among the subsidiaries of a financial holding company, it enables the financial holding company not only to multi-business, but to reach economies of scope and economies of scale and to create the synergy. Most important, it creates more social welfare. Finally, by researching and discussing the regulations of other countries, this article reviews the regulation of article 43 in “Financial Holding Company Act” in our country regarding the regulations of engagement in co-selling activities and jointly collecting, processing, and using the personal data and dealing or transaction records of customers among the subsidiaries of a financial holding company, and then proposes the opinions of this article. Hoping the relevant regulations about jointly collecting, processing, and using the personal data and dealing or transaction records of customers among the subsidiaries of a financial holding company could meet the legislative purpose of Financial Holding Company Act in the long run.