However, on 25 January 2012, the European Commission published a proposal for a new data protection regulation, which, if adopted, would provide the basis for a new EU wide date protection regulatory framework. 4.4 United States Nature of the AIB Group’s activities Notwithstanding the disposal of its significant shareholding in M&T, AIB continues to be subject to federal and state banking and securities law supervision and regulation in the United States as a result of the banking activities conducted by its branch in New York and AIB's ongoing SEC reporting obligations under the Exchange Act.