BRUSSELS—The European Union took a significant step toward completing a deal with the U.S. that would allow personal information about Europeans to be stored legally on U.S. soil, reducing the threat of regulatory action against thousands of companies that routinely transmit such information.
The European Commission, the EU’s executive arm, on Tuesday published a draft approval of the preliminary deal it struck in March with the U.S. government. The agreement would re-establish a framework that makes it easy for businesses to transfer such information again following the invalidation of a previous agreement by an EU court in 2020.
