A new legal mechanism to allow for transfers of personal data between the EU and the U.S. is now advancing after an October 7th, 2022 Executive Order was issued by U.S. President Biden (the “Executive Order”). The new mechanism is referred to as the EU-U.S. Data Privacy Framework
It has been reported that European Commission will publish the final versions of new forms of Standard Contractual Clauses (“SCCs”) shortly (even potentially within the next few days). The Commission published draft versions of these SCCs and the implementing Commission Decisions in December 2020. These new SCCs are, arguably, the most significant development in European data protection law since the coming into force of the EU General Data Protection Regulation (“GDPR”) in May 2018, which was three years ago this month. These new SCCs will replace prior versions of the SCCs, some of which date back to 2001 and pre-date the GDPR. We are closely monitoring developments in this area and will report on the new SCCs as soon as these are published. We expect the impact of these SCCs to be significant on organizations which are directly subject to the GDPR or which receive personal data from organizations that are subject to the GDPR.