The people of the United Kingdom (UK) have spoken, and will be leaving the European Union (EU). The full ramifications of the exit decision are unknown, but one clear result is that the UK will no longer be bound or benefit from EU regulations, treaties and trade agreements, including the currently pending Privacy Shield* designed to facilitate the transfer of confidential data between the U.S. and the EU. It is too early to venture a guess whether the U.S. and the UK will seek a similar direct agreement; however, there likely will be a push to do so given the high level of investment by U.S. companies in the UK. For more information about the impact of the Brexit vote on data privacy regulations, please read our analysis in the June 24 Client Alert.
* Privacy Shield is the framework that is currently pending and is intended to replace the invalidated Safe Harbor Agreement, and which will provide an avenue for EU-to-U.S. data transfers once it is passed by the EU Commission.
Check out our series, Privacy Perils, to learn what steps you can take to guard your personal and company data. For more information about this topic and other cyber security concerns, please contact Bob Brewer, Tony McFarland, Elizabeth Warren or a member of our Privacy & Data Security team.