EU’s Latest Export is Regulations
Apple Inc., Facebook and Twitter Inc. all have updated their global privacy rules in anticipation of the European Union’s internet-privacy rule that takes effect late this month.
The impact of the General Data Protection Regulation beyond the EU’s borders is the latest sign of the bloc’s growing power in global rule-making, reports The Journal’s Daniel Michaels.
EU rules targeting industries within the bloc—from consumer products to financial services—have set international benchmarks with increasing frequency. Some are taken piecemeal, as with GDPR, from which non-EU companies are cherry-picking elements. Other rules have become de facto world-wide references.
“There are a whole series of actors in the U.S. and Asia who will now be subject to the law,” Isabelle Falque-Pierrotin, head of France’s privacy regulator, told WSJ. “GDPR is an important signal that Europe has influence in this digital society.”
The EU’s Undertakings for Collective Investment in Transferable Securities, or UCITS V–which in 2016 updated a financial directive first adopted in 1985–“is clearly regarded as a global standard,” said Guy Monson, chief investment officer at asset manager Sarasin & Partners. California’s electronic-waste recycling act of 2003, updated last year, specifically cites a broader EU law passed in 2002.
Wall Street Journal Morning Risk Report 2018