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Date
20 November 2015

Mishcon Thinks: E-Commerce and Regulation - Part 4

Partner and Head of the Betting & Gaming Group Susan Breen talks to Michael Hayman of Seven Hills about how regulation is affecting global e-commerce businesses.

Transcript

Mishcon Thinks

E-Commerce and Regulation

Michael Hayman MBE
Seven Hills

Will compliance and data management be the future workload of a firm like Mishcon de Reya?

Susan Breen
Partner

I mean it’s a sort of a Darwinian model if the biggest and the strongest survive then the systems that are being created now will be able to cope with the wealth of compliance and governance that these large European corporates need to adopt. One of the things that I’ve yet to hear anybody say but it is an interesting concept is whether there is now room for another form of big business to service these large businesses which is an aggregator of sorts. Instead of each company having their own KYC in compliance and money laundering and data functions whether there is room for all of that to be put in one, or two or three…

Michael Hayman MBE
Seven Hills

Right.

Susan Breen
Partner

…large businesses serving.

Michael Hayman MBE
Seven Hills

It’s almost like a cooperative?

Susan Breen
Partner

Yeah.  Serving.  Now there are issues with that.  Clearly the gambling companies, banks, insurance companies and the like regard and protect their clients’ data fiercely and that’s because it goes to brand value.  Having that secure within their own environment is really important to them.  An aggregator and other business who could service X company and then another company’s data and the possibility of merger and contamination would be something that I think would be an issue but it’s not impossible to see businesses being restructured in a completely different way to service what are really either ancillary to the main business or are a cost centre and for that to be placed in the most efficient operational and tax environment that it could.

Mishcon de Reya