Abstract
The restrictions imposed by data protection legislation on the transfer of data outside the European Economic Area (EEA), and particularly to the USA, have been the subject of much comment. A recently introduced ‘Safe Harbor’ arrangement between the EU and the USA is not the panacea that many hoped for, as it currently does not apply to US banking and insurance companies. However, if those responsible for data transfer (data controllers) undertake appropriate risk assessments and put in place procedures to eliminate any perceived inadequacies, most data transfers can be effected legally to financial services companies in the USA. Requests to EU entities from US group members to transfer personal data to the USA in order to assist with their compliance with US laws should be treated with circumspection. Such compliance may not be reconcilable with EU personal data protection compliance.
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