You may recall that the European Commission issued new standard contractual clauses ("SCCs") pursuant to the GDPR for the transfer of personal data to third countries. Thus, all "old" contracts must be transitioned to the new SCCs by 27 December 2022. Concluding the "new" SCCs also requires a Transfer Impact Assessment (TIA). This means that detailed documentation needs to be in place that analyses if there are any legal provisions or practices of the third country which may impinge on the effectiveness of the transfer safeguards. If so, additional measures must be taken to achieve a data protection level equivalent to that of the EU.
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