Moving Towards A Global Harmonized Approach To Cross-Border Data Transfers?

Today, data can be transferred around the world instantaneously, making the global marketplace seem almost borderless. As any multinational company knows, however, compliance with each country's data transfer and privacy laws can be onerous. As the U.S. contemplates data protection legislation, the FTC last week announced a joint initiative with agency officials from the European Union's Article 29 Working Party and Asia-Pacific Economic Cooperation (APEC), designed to help companies comply with cross-border data transfer and privacy laws in both regions. The coalition created the "Referential," a new tool that maps the APEC Cross-Border Privacy Rules ("CBPRs") to the EU's Binding Corporate Rules ("BCRs"). It is designed to be a practical reference guide for companies that seek "double certification" under both EU and APEC systems. This new tool is an important step towards mutual-recognition, interoperability and the seamless cross-border transfer of personal