Jurisdiction(s):
European Union

EU GDPR for Financial Services Firms: Legal Obligation versus Legitimate Interests, Regulatory Context and Legitimate Interest Assessments—One‑Minute Guide

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note outlines how financial services firms may rely on legal obligation or legitimate interest as a lawful basis for handling personal data under the General Data Protection Regulation (EU) 2016/679 (EU GDPR). For general information on the EU GDPR, see Practice Note: The EU’s General Data Protection Regulation (EU GDPR).

Lawful grounds for data processing under the GDPR—summary for financial services firms

Definitions

Personal data: any information about an identified or identifiable natural person (data subject)—that is, someone who can be recognised, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier, or to one or more factors unique to the physical, physiological, genetic, mental, economic, cultural or social identity of that person.
Processing: any operation or set of operations carried out on personal data or on sets of personal data, whether or not by automated means, including collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.
Controller: the natural or legal person, public authority,

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Web page updated on 21/05/2026

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