U.S. and European regulators have agreed to a tentative deal, officials say, that would allow thousands of U.S. companies to continue moving the personal information of ordinary Europeans across the Atlantic. The new “E.U.-U.S. Privacy Shield” deal will replace the original “Safe Harbor” pact — an agreement was struck down by Europe’s top court about three months ago, sending regulators on both sides scrambling to fashion a new arrangement that could withstand a legal challenge.A deal is crucial to companies such as Facebook and Google, which rely on collecting personal data seamlessly across the world to sell targeted advertising to users. But Safe Harbor is also crucial to thousands of other companies, from start-ups to big multinationals such Coca-Cola and General Electric, which keep track of how customers are using their products.
https://www.washingtonpost.com/news/the-switch/wp/2016/02/02/the-massive-new-privacy-deal-between-u-s-and-europe-explained/