In last weeks episode of Conversations with TED, we provided insight in to the Corporate Transparency Act and how the new law may present businesses with challenges as it relates to data privacy in the United States. In this episode we speak to the Corporate Transparency Act and possible conflicts parties may have with obligations they may owe under EU privacy laws. In 2016, the EU passed sweeping privacy regulations that imposes a duty on anyone engaging with EU citizens to keep personal data private, secure and confidential. Restrictions are on the exporting of any data out of the EU and into the U.S., which include a rigorous set of hoops designed to give notice, control and transparency.
Communication is key in the equation in terms of use and access of data. EU laws apply to data of all people regardless of relationship (investor, employee, customer). On the corporate side, we advise clients to add clauses to shareholder agreements and LLC operating agreements to put guardrails in place. Watch the full episode to learn best practices and avoid missteps as it relates to the growing area of data privacy and security.
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