The European Commission and the United States have agreed on a new framework for the exchange of transatlantic data: the EU-US Privacy Shield.
Transatlantic data flows have a significant economic impact. Even though no single legal instrument can address for all time all of the privacy issues on both sides of the Atlantic, the Privacy Shield is a step forward in providing EU as well as US companies with a legal basis for transmitting data across the Atlantic while safeguarding basic individual privacy rights. With many larger organizations having moved in the last six months to alternative mechanisms for transferring data, like model clauses, or Binding Corporate Rules, the Shield remains the simplest and most cost-effective way to move data for many small and mid-sized organizations.
The EIF breakfast intended to discuss the significance of data flows for businesses on both sides of the Atlantic, the improvements of the Shield compared to the previous regime “Safe Harbour”, and to address key concerns that were expressed by the Art 29 WG and the privacy community.
Daniel Fesler is Partner at Baker McKenzie.