Emerging Markets Law

Showing 3 posts from February 2016.

Elio Motors Trades on OTC Markets

Elio Motors (OTCQX: OTCM), one of the first companies to use the expanded offering potential in Regulation A+, has listed its securities for resale on the OTC QX market.

“We are proud to welcome Elio Motors, the first company to raise capital online and go public on OTCQX under the JOBS Act Regulation A+,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “OTC Markets Group welcomes innovators and entrepreneurs and is proud to offer the market of choice for the new generation of crowdfunded capital raisings. We look forward to seeing Elio Motors grow its business and its visibility with investors.”

Continue reading Elio Motors Trades on OTC Markets ›

Google to Honor EU Privacy Requests Globally

In a huge concession, Google has agreed to apply globally the "right to be forgotten" take-down requests of EU residents. Officially, Google says the 2014 EU privacy requirement should apply only to EU-directed services such as country-specific search pages. However, in a nod to the EU's position that privacy should be globally applied, Google has stepped back from the fight about scrubbing its main site and other non-EU-specific services.

Blocking search results globally means that Google is setting a big precedent for other companies who deal with the EU and its multiple layers of privacy concerns. Although the "right to be forgotten" may not be as big an implementation problem for other companies as it is for the search industry, this still signals that privacy compliance might have to be done on a global scale in order to be effective in a targeted jurisdiction. 

Right now, as the United States and EU are on the brink of releasing new data transfer rules under the Privacy Shield that will govern US treatment of EU personal data, Google's move is especially noteworthy. It's a very high profile win for the EU in the privacy sphere, and will lend heft to any arguments it makes about strict privacy controls for EU citizens' data in the hands of US corporations. 

New EU Privacy Shield: Uncertainty Still Abounds

Posted In Privacy

United States businesses have been on tenterhooks since October, when the European Union's (EU) highest court dismantled a privacy scheme covering trans-Atlantic data transfers. That scheme, the Safe Harbor, was a negotiated solution allowing U.S. businesses to self-certify that they met certain privacy standards, and thereby to avoid dealing with laws and regulators in every individual EU member country. With the dismantling of Safe Harbor, the EU and U.S. have been scrambling to negotiate a replacement. 

Earlier this week, the "Privacy Shield" that will replace Safe Harbor was announced. Details are not yet fully available (a draft has not been published), but we know they include periodic review of U.S. practices and promises, the appointment of a U.S. ombudsman, certain individual rights of action for EU citizens who feel their information has been mishandled, and more. As of today, EU member countries say they will hold off prosecuting U.S. companies for privacy violations for at least a few months, pending implementation of the Privacy Shield.

However, U.S. businesses still do not know what the precise legal rules are that apply to their use of data from EU persons (employees, customers, vendors). In light of the uncertainty, and until the Privacy Shield is published along with any guidance from U.S. regulators, any business with trans-Atlantic connections should use caution and should be aware of where its data resides. 

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