“We expect the Irish Data Protection Commission (IDPC) to rule on its earlier public inquiry regarding Facebook’s transatlantic transfer of user data in May.* from the EU/EEA, including an order to suspend such transfer and a fine”, — wrote the Finance Director of Meta* Susan Li in the Q1 2023 report.
In the meta financial report* expressed hope that a new EU-US data transfers agreement, replacing the Privacy Shield Agreement that was terminated in 2020, will appear soon enough to be implemented before the deadline after which data transfers will be blocked. However, the company also warned that it is not ruling out the possibility that the creation of a new document could be delayed.
«The text of the consultation with the politicians for the storage of the Atlantic Ocean is to be made on that, that is before No new package for the European Union and the Data Privacy Framework, which is fully realised х передач, но мы не можем исключать возможность того, что он не будет завершена at present”, – writes meta*.
In a discussion with investors, the management of Meta* asked about the potential impact on the company’s bottom line in an adverse scenario if EU-US traffic is forced to suspend by order of regulators. In response, Susan Lee warned investors that Meta* in this case could lose about a tenth of global advertising revenue, pointed out “about 10%” of this revenue comes from ads served to Facebook users* in EU countries.
Li also noted that Meta* It is currently difficult to predict the overall impact of an EU data lockdown due to the lack of complete information on what the final decision will be, such as how long the data lockdown will last.
* It is included in the list of public associations and religious organizations for which the court made a final decision to liquidate or ban activities on the grounds provided for in Federal Law No. 114-FZ of July 25. 2002 “On Countering Extremist Activities”.