On February 2, 2016, a day after the European Union (EU) deadline had passed, the US and the European Union announced a deal on the methods by which US businesses can gather personal customer information from across the Atlantic without violating EU regulations on internet privacy.
The new protocols of the “EU-US Privacy Shield” were not immediately released, but the announcement of a deal relieved a lot of tension and anxiety on the US side. There had been fears that US companies involved in online commerce with European customers might be exposed to EU legal sanctions for failure to comply with EU privacy regulations. The terms of the new arrangement still have to be fully approved, but the announcement of a deal prompted widespread hope that EU regulators will hold off on enforcement actions until the new framework is fully in place.
This article originally appeared in the ACBA Business Section's February Newsletter. Read the full newsletter here. To join the Business Section for only $35, please contact our membership department at email@example.com or call (510) 302-2200. Check out the ACBA Business Section's webpage here for upcoming events and business law updates.