IDG.net: EU and US reach data privacy accord

"After over two years of talks, negotiators agreed that the U.S.'s largely self-regulatory system based on so-called safe harbor principles represents 'adequate protection' as defined and required by the rules of the European Union on the transfer of personal data outside the E.U."

"The agreement, which must be approved by the 15 member states of the European Union and the Strasbourg-based European Parliament, does not, however, include financial services -- an apparently major gap in the agreement."

"As a result of the agreement, the U.S. will undoubtedly be the first country that the EU formally classifies as having adequate protection, a process that should happen by the end of June."

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