- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-03-25T17:14:00
The United States and European Union have reached an agreement in principle on how to handle transatlantic data flows, a thorny issue that has resulted in two prior frameworks being scrapped by the EU’s top court.
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President Joe Biden’s executive order on a data privacy framework aims to provide a workable, legally resilient solution for companies to continue moving and storing the personal data of EU-based citizens to American-based servers without running afoul of the GDPR.
Reports of a potential shutdown of Meta services Facebook and Instagram in the European Union that could take place as soon as this summer underscore what’s at stake as the region works with the United States to finalize a new agreement on how to handle transatlantic data flows.
Legal and data privacy experts have expressed cautious optimism regarding the announcement that the United States and European Union have reached an agreement in principle to resume transatlantic data flows.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
