On December 15, 2015, European Union (“EU”) politicians and officials reached a political agreement on a new EU-wide legal framework to govern data sharing and collection and related consumer privacy rights. It is called the General Data Protection Regulation (the “Regulation”) and it will have an extremely significant impact on how businesses collect, store, transfer and use data. The Regulation consists of a rule package of more than 200 pages and represents the biggest update to EU privacy law in two decades. Although the text of the agreement has yet to be finalized or published, and refinements are possible until final approval is given by the European Parliament (the “Parliament”) and the Council of the EU (the “Council”), the version that is now publicly available is likely to be very close to what is eventually published. After the approvals, the Regulation will be translated and published in 24 languages, likely around May, and will become effective two years after that. Read more.
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