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== Regulatory Environment == | == Regulatory Environment == | ||
July 17, 2023: Norway's data protection authority, Datatilsynet, said it will fine Meta $100,000 per day over data breaches unless it takes action aimed at resolving it. The regulator said the fine will start from Aug. 4 and will run until Nov. 3 unless action is taken by Meta. Datatilsynet said Meta can not collect user information such as physical address and use it to targeted advertising. "It is so clear that this is illegal that we need to intervene now and immediately. We cannot wait any longer," head of Datatilsynet's international section, Tobias Judin told Reuters. Meta said it will review the decision while adding that no immediate impact on its services is expected. The company noted, "We continue to constructively engage with the Irish DPC, our lead regulator in the EU, regarding our compliance with its decision." "The debate around legal bases has been ongoing for some time and businesses continue to face a lack of regulatory certainty in this area." Norway is not a member of the EU but is part of the European single market<ref>https://finance.yahoo.com/news/norway-regulator-fine-meta-over-085000683.html</ref>. | |||
July 10, 2023: The EU and US have signed a new transatlantic deal that will allow transfer of user data to U.S, without causing any safety concerns. “Personal data can now flow freely and safely from the European Economic Area to the United States without any further conditions or authorizations,” EU Justice Commissioner Didier Reynders said at a press briefing in Brussels. However, the European privacy campaigner responisble for the legal challenges over the trans-atlantic data transfer has dismissed the deal. Max Schrems said he will challenge the latest deal in an EU top court. The transatlantic deal created concerns for tech giants such as Meta. During the latest earnings, Meta warned that if an agreement on the trans-atlantic EU-US data transfer doen't materialize, it will be forced to stop offering its services in Europe<ref>https://finance.yahoo.com/news/europe-signs-off-privacy-pact-160703083.html</ref>. Roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries<ref>https://www.investmentwiki.org/wiki/Meta_Platforms#:~:text=May%2022%2C%202023,%5B39%5D.</ref>. | July 10, 2023: The EU and US have signed a new transatlantic deal that will allow transfer of user data to U.S, without causing any safety concerns. “Personal data can now flow freely and safely from the European Economic Area to the United States without any further conditions or authorizations,” EU Justice Commissioner Didier Reynders said at a press briefing in Brussels. However, the European privacy campaigner responisble for the legal challenges over the trans-atlantic data transfer has dismissed the deal. Max Schrems said he will challenge the latest deal in an EU top court. The transatlantic deal created concerns for tech giants such as Meta. During the latest earnings, Meta warned that if an agreement on the trans-atlantic EU-US data transfer doen't materialize, it will be forced to stop offering its services in Europe<ref>https://finance.yahoo.com/news/europe-signs-off-privacy-pact-160703083.html</ref>. Roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries<ref>https://www.investmentwiki.org/wiki/Meta_Platforms#:~:text=May%2022%2C%202023,%5B39%5D.</ref>. | ||