Financial Cos. Urge EU Action Over US Data Transfers

Law360, London (October 7, 2020, 6:54 PM BST) -- European Union financial businesses have asked for help navigating the "legal uncertainty" after the European Court of Justice in July invalidated the Privacy Shield data transfer deal with the U.S., exposing EU companies to possible compliance breaches.

In an Oct. 5 joint letter to the European Commission and the European Data Protection Board, or EDPB, a number of trade associations said the decision has led to "substantial legal uncertainty" for businesses that want to move personal information to and from the U.S.

The letter was signed by top executives at six trade bodies, including Insurance Europe; the Association for Financial Markets in...

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