The latest quarterly financial results filed with the US Securities and Exchange Commission (SEC) reveal how Meta is preparing for a ban on its EU-US data transfer and a fine under the EU General Data Protection Regulation.
Meta's filing indicates the company expects the Irish Data Protection Commission (DPC) to issue its decision in May, "including a suspension order for such transfers and a fine." The news comes after the European Data Protection Board (EDPB) confirmed it had resolved the dispute concerning the DPC's draft decision over the lawfulness of Meta's EU-US data transfers and ordered the DPC to issue its final decision by 12 May.
More interestingly, Meta's filing reveals it still expects (although it cannot guarantee) the proposed EU-US Data Privacy Framework will be "fully implemented before the deadline for suspension of such transfers" comes into effect.
The IAPP provides further analysis of the fillings. Meanwhile, In its summary of the earnings report, TechCrunch highlights that 10% of Meta's global ad revenue is at risk from the data transfer ban.
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