The Data Protection Unit of the Directorate-General for Justice, Freedom and Security at the European Commission has published aswers to FAQs with a view to assisting EU/EEA entities, and more particularly SMEs, in understanding the EU legal framework applicable to transfers of personal data processed in the EU (and the EEA) to “third countries” (i.e. countries that are not members of the EU or the EEA).
Download the document here: http://ec.europa.eu/justice_home/fsj/privacy/docs/international_transfers_faq/international_transfers_faq.pdf
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