Re: doesn't mean the business will start operating out of the US
It's not about operating out of the US, but lack of regulation and oversight of US companies in the US, control, privacy etc. Safe Harbor has proved to be an illusion.
Everyday big US companies ignore the laws outside of the USA.
Just because a US company already have both Irish and British subsidiaries that are authorised merchant services providers by the relevant authority in each country shouldn't mean automatic approval.
Maybe ALL US ownership of companies processing EU data needs looked at. Would the USA allow foreign citizens to own and run even a TV station?