According to the extensive report, the problem with GDPR is that it is tough on exemptions which can sometimes be necessary, when law enforcement agencies look to investigate cases of market manipulation and fraud.
Previous law allowed regulators to use the exemption to share vital information. As of May 25, doing so puts them into 'legally ambiguous territory', because GDPR 'leaves room for interpretation'.
The premise is simple: Without explicit guidance, US probes into fraud and market manipulation can be interpreted by some countries as a violation of privacy. Now, regulators are pressing the European Data Protection Board (EDPB) to sign-off on an “administrative arrangement” which would clarify how the exemption for the interest of the general public can be applied to cross-border information sharing.
GDPR, or General Data Protection Regulation, came into force on May 25, 2018. It is an EU-wide regulation that dictates how companies collect, store, save and share user data. It also dictates how businesses should behave in case of a data breach. Those companies that fail to comply with the new regulation face hefty fines, going up to 4 per cent of their global annual turnover, or €20 million, depending on which figure is greater.
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