EU-U.S. data transfer pact ruled invalid

Oct. 06, 2015 5:23 AM ETSMH, IYZ, XLK, IGN, IGM, IXN, IYW, XNTK, VGT, IGV, PSI, PSJ, PXQ, VOX, PBS, IXP, QTEC, GGT, FDN, XSD, RYT, SSG, REW, USD, ROM, FXL, PNQI, IPK, IST, TECL, TECS, LTL, SOXL, SOXS, PSCT, SOXX, XTL, SKYY, XSW, SOCL, FTEC, FCOM, ARKQ, ARKW, BST, EMQQ, XTBy: Yoel Minkoff, SA News Editor3 Comments
  • Making a big ruckus in this morning's news is the European Court of Justice's ruling that deemed a 15-year-old data-sharing pact between the EU and U.S. invalid. The decision cannot be appealed.
  • "Legislation permitting...access on a generalized basis to the content of electronic communications must be regarded as compromising the essence of the fundamental right to respect for private life," Europe's highest court said in a statement.
  • The ruling has significant implications on how internet groups can operate in the 28-member bloc, and will likely force thousands of companies to overhaul their businesses to avoid breaking the law.
  • ETFs: XLK, VGT, SOXL, SOCL, FDN, GGT, TECL, USD, SMH, SKYY, IYW, IYZ, PNQI, IPK, SOXX, ROM, XSD, VOX, IXP, SOXS, FTEC, TECS, RYT, PBS, IST, IXN, PSI, IGV, QTEC, IGM, FXL, SSG, IGN, PSCT, MTK, REW, XTL, PXQ, EMQQ, FCOM, XSW, PSJ, XT, LTL, ARKW, ARKQ, BST

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