“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.”