Re: Restricting how signals intelligence can be gathered by US spy agencies ...
Actually, it does impact commercial operations.
ShieldFigleaf is basically about making data sent overseas "more or less" as safe as if it was legally being used within the EU - both from the PoV of what businesses do with it, and what the state spooks can do.
No agreement like this can paper over the structurally significant cracks that represent the fundamental difference between EU and US laws. And since Figleaf was brought in to replace Safe Harbour, US laws have gone in the wrong direction. Basically, US law is incompatible with EU law - so there cannot be any legal transfer of personal data from the EU to the US other than with the informed consent of the data subjects. Few would give informed consent (I wouldn't) which would make it pointless even trying.
This new version will be struck down as the previous ones were. But in the meantime, it gives businesses a legal process under which they can carry on. When it's struck down, there'll be something new - and that will "work" for a few more years before it too is struck down. Max will get more than a hat trick if he stays in the game for long enough !