Hefty fines: The new regulation gives authorities the power to levy fines of up to 4% of revenues on firms breaking the law.
BRUSSELS: The European Union struck an agreement on a sweeping overhaul of fragmented data protection laws on Tuesday which will give authorities the power to levy fines on companies of up to 4% of turnover, two EU sources said.
EU lawmakers and member states struck the agreement on a tough new data protection regulation in talks on Tuesday evening, several members of the European Parliament said on Twitter without giving details.
The new regulation gives national authorities the power to levy fines of up to 4% of revenues on firms breaking the law, two EU sources said on condition of anonymity.
Jan Philipp Albrecht, a Green MEP who is leading the negotiations on behalf of the Parliament, said "reports on white smoke are true" but the details of what was agreed would only follow later.
The new data protection regulation is also likely to include requirements that companies report breaches to national authorities within 72 hours.
In addition it will enshrine the "right to be forgotten" giving EU citizens the right to have obsolete information about them deleted from the web.
The executive European Commission proposed the regulation almost four years ago to replace the current patchwork of national laws dating back to the 1990s.
Member states and EU lawmakers have been locked in negotiations since June to try to reach a compromise.
The full details will be communicated after they finish the talks on a separate law protecting personal data shared between law enforcement authorities. — Reuters
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