(TR12) (FIC) Transatlantic data exchange agreement: towards Schrems III?

By calling into question the legal framework for the transfer of personal data across the Atlantic, the invalidation of the Privacy Shield in July 2020 has opened a long period of legal uncertainty for all companies concerned. It has also made it more difficult to enforce sanctions against organisations that do not comply with European standards in this area. To remedy this, the new agreement announced by the President of the European Commission Ursula Von Der Leyen and US President Joe Biden in March promised «predictable and trusted data transfers between the EU and the US». However, the US executive order of October 2022 detailing the US government’s commitments and modifying certain provisions of US law leaves some sceptical, including Max Schrems and his None of Your Business (nyob) association, which has already led the protest against the two previous agreements and led to their being struck down. What can be expected from this agreement? Under what conditions could it be deemed to be in line with European standards on personal data protection? Can an equivalence decision from the European Commission be reasonably expected? And if so, can a new invalidation procedure and a third Schrems decision be expected?