Advertisement
UK markets closed

  • FTSE 100

    8,213.49
    +41.34 (+0.51%)
     

  • FTSE 250

    20,164.54
    +112.21 (+0.56%)
     

  • AIM

    771.53
    +3.42 (+0.45%)
     

  • GBP/EUR

    1.1652
    -0.0031 (-0.26%)
     

  • GBP/USD

    1.2546
    +0.0013 (+0.11%)
     

  • Bitcoin GBP

    50,754.55
    +1,677.31 (+3.42%)
     

  • CMC Crypto 200

    1,359.39
    +82.41 (+6.45%)
     

  • S&P 500

    5,127.79
    +63.59 (+1.26%)
     

  • DOW

    38,675.68
    +450.02 (+1.18%)
     

  • CRUDE OIL

    77.99
    -0.96 (-1.22%)
     

  • GOLD FUTURES

    2,310.10
    +0.50 (+0.02%)
     

  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     

  • HANG SENG

    18,475.92
    +268.79 (+1.48%)
     

  • DAX

    18,001.60
    +105.10 (+0.59%)
     

  • CAC 40

    7,957.57
    +42.92 (+0.54%)
     
MONEY:

Best savings accounts that offer above inflation rates

Where to find a top-rated deal that works for you

EU member states agree higher fines for firms for privacy violations

Reuters - UK Focus

* EU trying to agree on new data protection law by end of year

* EU lawmakers want to fine firms up to 5 pct of global revenue

* EU member states are suggesting a ceiling a 4 pct

By Julia Fioretti

BRUSSELS, Dec (Shanghai: 600875.SS - news) 2 (Reuters) - Businesses operating in the European Union could be fined up to 4 percent of their annual global turnover for breaching data protection rules under a proposal agreed on Wednesday.

The EU is negotiating a data protection law to replace a patchwork of national laws dating back to 1995, aiming to set clearer limits on how companies can use EU citizens' private data and beef up regulators' enforcement powers.

ADVERTISEMENT

Under the current system, not all national regulators have the power to levy fines, and when they do the amounts are often paltry compared with the revenues of some of the companies affected, particularly big U.S (Other OTC: UBGXF - news) . tech companies such as Google and Facebook (NasdaqGS: FB - news) .

Members of the European Parliament are pushing for fines running up to 5 percent of a company's global annual turnover, but member states have been more cautious, initially proposing a 2 percent ceiling.

The two sides are in talks to try to a find a compromise before year end and member states on Wednesday accepted a proposal from Luxembourg, which holds the rotating presidency of the EU, to raise the sanctions ceiling to 4 percent of revenue, according to two EU diplomats.

However, the ceiling may still change in negotiations with the European Parliament.

Businesses have pushed back against higher fines, arguing they would deter investment in data-based services in Europe.

"It (Other OTC: ITGL - news) will move innovative solutions to other regions and EU will be left behind," Rene Summer, spokesman for the European Data Coalition, whose members include Ericsson (Xetra: ERCA.DE - news) , SAP (Amsterdam: AP6.AS - news) and Nokia (Milan: 23568.MI - news) , said in a statement on Tuesday. (Editing by David Holmes)