On September 8, 2020, the Swiss Federal Supervisory Authority (“Swiss SA”) issued a position paper stating that Swiss companies can no longer rely on the Swiss-US Privacy Shield Framework to transfer data to the US. The Swiss SA did not revoke the Swiss-US Privacy Shield Framework because it does not have the power to do so, but it did remove the US from its list of adequate countries.
The position paper is a clear reaction to the recent ruling of the Court of Justice of the European Union (“CJEU”) in the Schrems II case and aims to bring legal certainty to Swiss companies affected by the judgment. It is understood that EU authorities encouraged Switzerland, which is the beneficiary of an EU adequacy determination, to adopt a position more aligned with the EU’s following the judgement.
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