CNBC runs through all you need to know about the new EU-U.S. privacy framework, why it matters, and its chances of success. What's the new EU-U.S. Data Privacy Framework? Schrems said that revelations from NSA whistleblower Edward Snowden about U.S. surveillance meant that American data protection standards couldn't be trusted. Instead, individual U.S. states have come up with their own respective regulations for data privacy, with California leading the charge. The approval of a new data privacy framework means that businesses will now have certainty over how they can process data across borders going forward.

---

Persons: Pavlo Gonchar, Max Schrems, Schrems, Edward Snowden, Cambridge Analytica, Holger Lutz, Clifford Chance, Meta Organizations: Getty, European Union, CNBC, EU, U.S, European Commission, Protection, European Court of Justice, Facebook, Irish Data Protection, Data, Meta, Google, Cambridge, General Data Locations: America, EU, Europe, U.S, California, Austrian