What impact does the EU-US Privacy Shield have for financial institutions engaged in litigation requiring the transfer of data from the EU to the US?
5 August 2016
Mayer Brown Legal Update
On Monday 1 August 2016 the EU-US Privacy Shield regime 'went live', replacing the Safe Harbour regime (which had been declared invalid by the European Court of Justice). Under the Privacy Shield regime personal data can be transferred from member states of the EU and the European Economic Area to specific entities in the United States which can certify themselves compliant with the Privacy Shield Principles. However as we explain below this will have little, if any, impact on financial institutions faced with requests to transfer data from the EU to the US in connection with US litigation.
Before considering the Privacy Shield regime, we consider the processing of data in the EU before its transfer out to the US.