In order to reflect the requirements of GDPR, the Article 29 Working Party (WP29) has published the following updated guidelines on Binding Corporate Rules (BCRs):

•  Working Document setting up a table with the elements and principles to be found in Binding Corporate Rules (WP 256)
• Working Document setting up a table with the elements and principles to be found in Processor Binding Corporate Rules (WP 257)

The tables have been amended to meet the requirements of Article 47 GDPR, in order to clarify the necessary content of BCR's and make the distinction between what must be included in BCR's to be presented to the competent supervisory authority in the BCRs application. The amendments will also effect corresponding the principles with the Article 47 text references for controller BCR's, as well as providing further guidance on each of the requirements.

The Key terms and definitions you need to know: 

Binding corporate rules: personal Data Protection policies adhered to by controller or processor in the Member State for transfer of personal data to controller or processor in third country

Originally devised by Article 29 Working Party to transfer secure large data internationally while reducing bureaucracy

GDPR establishes conditions for Member State to establish own binding corporate rules to streamline international transfers.