On February 29, 2016, the European Commission and United States released the terms of the much-anticipated renewed framework for the transfer, sharing, and processing of European individuals’ data to the United States. The framework replaces the “Safe Harbour” mechanism, which enabled U.S. to transfer data from the EU to the United States by self-certifying that their practices ensured an adequate level of protection for personal data under the EU Data Protection Directive. In October, the “Safe Harbour” framework was declared invalid by the European Court of Justice in the Schrems decision covered earlier in this blog.
Continue Reading EU-US Privacy Shield: Brace Yourself . . . or Maybe Not

Privacy activists across Europe raised their data protection banner following the announcement by EU Commissioner for Justice, Consumers and Gender Equality Věra Jourová on Tuesday 2 February 2016 that a political agreement had been reached between the EU and the US on a new framework for handling transatlantic data flows. This does not bode well, especially because the exact content of the new agreement which will replace the “Safe Harbour” mechanism is still unknown. We will expand on the indications provided by the Commissioner on some of the negotiated protection mechanisms. More importantly, we will highlight the risks that over 4.000 companies, mainly US tech companies, still face and the measures they should put in place to ensure compliance with EU data protection rules.
Continue Reading EU-US Privacy Shield: Still Awaiting Certainty

Like a needle to a balloon, the Schrems decision has drastically altered the data privacy landscape. Who is affected? Everyone – consumers, corporations, employees. But who needs to take action? Any company with offices in the European Union and the United States, any European company that outsources work to the United States (do you know where your cloud is?), and any company that sends information from the EU to the United States.
Continue Reading The Schrems Decision: How the End of Safe Harbor Affects Your FCPA Compliance Plan

After a twelve-year standoff that saw the United States and Europe ratchet up sanctions pressure on Iran, a diplomatic breakthrough has been reached. But robust trade between Iran and the West will not arise immediately, since the end of sanctions is a long way away.
Continue Reading Implementation Day: Do the Rules Let You Play in the New Ballgame for Business in Iran?

On June 5, new EU’s anti-money laundering (AML) rules, namely the Fourth EU Anti-Money Laundering Directive (“4AMLD”) and a new Regulation on the information accompanying transfer of funds were published in the Official Journal of the European Union.  Together, this legislation represents the revised EU framework on anti-money laundering and terrorist financing. Member States have until June 26, 2017 to transpose the requirements of the 4AMLD into national law. 
Continue Reading New EU Rules on Disclosure of Ultimate Beneficial Owners