An agreement was reached on the new privacy Safe Harbor for transfer of data between the EU and the US with a massive impact on US companies.
What had happened to the Safe Harbor principles?
Back in October 2016 the European Court of Justice had invalidated the so called EU Safe Harbor program on which a number of US companies used to rely for the transfer of personal data of EU citizens to the United States. This invalidation created a situation of “panic” in the sector and US companies started implementing the so called Model Clauses or the binding corporate rules.
But even such move was not 100% safe as the arguments raised by the European Court of Justice against the Safe Harbor program could be used also against these tools. Pending the negotiations between the EU and the United States on the so called Safe Harbor 2.0 scheme, the EU privacy regulators granted a “grace period” up to the end of January 2016 committing not to challenge data transfers to the US during this time window.