Meta made some statements in the report it presented to the SEC the other day, which attracted a lot of attention. The parent company of Facebook, Instagram and WhatsApp has announced that they can withdraw from the market if there is no new regulation on data privacy in Europe.
Meta, the umbrella company of Facebook, WhatsApp and Instagram, recently submitted a report covering the year 2021 to the US Securities and Exchange Commission (SEC). While presenting the annual summary of the company in this 134-page annual report, a strange and rather ambitious sentence was discovered just today. Meta, directly to Europe.
In its report to the SEC, the company rebelled against the ‘Schrems II’ decision taken by the European Union in July 2020. This decision, also known as the ‘Privacy Shield’, prevents Meta from collecting the personal information of its users through platforms. a major legal hurdle forming. Here’s Meta, for exactly this reason ‘Either a reorganization or we withdraw from Europe.He formed a sentence that connects to .
“We will not be able to offer some of our services in Europe”
“If a new transatlantic data transmission framework is not adopted and we cannot continue to rely on SCCs (Standard Contract Clauses) or other alternative means of data transmission from Europe to the United States, including Facebook and Instagrammaterially and adversely affect our business, financial condition and results of operations. we will not be able to offer some of our most important products and services in Europe”
The ‘Privacy Shield’, which complicates Meta’s job legally, prevents the transfer of personal information of Europeans from Europe to servers in the United States. Meta is instead obligated to keep all data in Europe. Therefore, Meta, especially Facebook’s revenue stream data required for personalized advertisements can’t get it.
The Schrems II decision includes not only Meta but also Google, Microsoft and Amazon. It affects all US-based companies.
If Meta withdraws from Europe, will it also withdraw from Turkey?
The Schrems II decision that Meta is complaining about, covers only European Union members. In other words, this decision is not a decision applied to US companies in our country. Therefore, there is no application in our country that puts Meta’s activities into difficulties. Although this is currently pulling Meta’s services from Europe may not withdraw from Turkey is showing.
On the other hand, there is a different discussion going on between Meta and Turkey:
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Source :
https://itwire.com/listed-tech/meta-threatens-to-pull-facebook-and-instagram-from-europe-if-it-can-t-target-ads.html