Tag Archives: safe harbor

ILN Today Post

From #SAFEHARBOR to #PRIVACYSHIELD through the Judicial Redress Act

No matter what anybody says, the “privacy shield” is just “smoke in the eyes”. There are not fundamentals to protect personal data in the way the European Court of Justice asked in October 2015 Judgment versus Facebook (C-362/14, 6 October 2015).

Many people thought of the Judicial Redress Act (hereinafter JRA) as a rule extending to US citizens’ prerogatives to “allied countries citizens”.

Maybe the first version of the JRA, the one passed behind the House of Representatives in October 2015, was drafted in this perspective.

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ILN Today Post

Agreement on EU-U.S. Privacy Shield to Replace Safe Harbor Faces Hurdles

Negotiators from the European Commission and the United States have announced an agreement to replace the U.S.-EU Safe Harbor Framework for certain cross-border data transfers which was struck down last October by the European Union’s Court of Justice. However, complete details of the agreement have not yet been made available, and significant hurdles remain before it can take effect.

Background
The European Commission’s Data Protection Directive requires that countries to which the personal data of EU residents are transferred maintain adequate standards for data protection (to see a previous D&G Alert on data protection, click here). Over 15 years ago, the Safe Harbor program was put in place to enable the transfer of personal data from EU residents to companies in the United States in a manner that, it was expected, was in compliance with the EU standards.

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ILN Today Post

Sending personal data to US companies: Safe Harbor shenanigans

Executive summary

  • UK businesses which transfer to or share with US companies any databases containing personal data have to comply with rules set out in the Data Protection Act to ensure that the transfer or sharing protects the individuals’ privacy rights.
  • One way of doing this was a voluntary scheme set up by the US Department of Commerce called “Safe Harbor”. The EU’s highest court has now ruled that Safe Harbor is not fit for purpose and cannot be used.
  • Transfers/sharing which relied on Safe Harbor therefore breach the DPA and, after 31 January 2016, further transfers risk enforcement action, including fines.
  • Other compliance methods can be used instead, but these need to be put in place quickly to stay within the law.

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ILN Today Post

Rule 506 “Bad Actor” Disqualification from 506 Safe Harbor

VIA E-MAIL
To Our Investment Adviser Clients and Other Friends
Re: Rule 506 “Bad Actor” Disqualification from 506 Safe Harbor
On July 10, 2013, the SEC adopted rules prohibiting the use of Rule 506 of Regulation D (“Rule 506”) for any securities offering involving certain “bad actors” (the “Rule”). We addressed the Rule in our letter dated August 2, 2013. This letter reminds advisers that manage private funds of actions to consider soon, given that the Rule goes into effect on Monday, September 23, 2013 (the “Effective Date”). More…

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