EU Parliament Gives Final Nod To Data Protection Overhaul

By Allison Grande (April 14, 2016, 7:03 PM EDT) -- The European Parliament on Thursday became the final regulatory body to sign off on sweeping data protection reforms that will subject multinational companies to fines of up to 4 percent of their global annual revenue, clearing the way for the regulation to take effect in 2018.

After more than four years of intense discussions and debate, the European Parliament agreed to adopt the comprehensive data reform package first floated by the European Commission in January 2012. The package consists of general data protection regulation and a separate directive on data transfers for the police and criminal justice sector, but multinational companies...

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