New York, NY
On October 20, Jim Bowers participated on a panel at the Lex Mundi Cross-Border Transactions Practice Group global meeting held in New York City. The panel discussed key privacy and cybersecurity issues to be addressed when executing a cross-border M&A deal and best practices for conducting privacy and cybersecurity due diligence preceding an M&A transaction. The panel especially focused on the difficulties of conducting due diligence in cross-border M&A deals with companies in the European Union (EU) in the wake of the EU’s recent invalidation of privacy safe-harbor protections that have been in existence for over 15 years. The consequence of the invalidation of the U.S./EU safe-harbor framework is that transacting companies can no longer rely on a unified EU rule governing the exchange of personal data but must now comply with privacy rules of potentially 28 EU member countries.