Members of the European Parliament (MEPs) have adopted a resolution that argues that bulk data transfers to the US to combat terrorism would infringe EU legislation.
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Any new agreement on providing bank data to the US must avoid bulk data transfers until they can be processed within the EU, the MEPs warned.
The resolution calls for any new agreement to include strict implementation and supervision safeguards to be monitored by an EU-appointed authority.
It also calls for the maximum storage period of five years and a prohibition on disclosing the information to third parties.
The MEPs said any new agreement should be limited in duration and prepare the way for ways to enable requested data to be extracted in Europe in joint EU-US facilities.
In the meantime, an EU judicial authority should oversee the extraction of the data within the EU, they said.
Any agreement should also allow EU authorities to obtain and use data stored in servers in the US, the MEPs said.
The MEPs postponed a vote on a resolution to begin negotiations on passenger name record (PNR) agreements with the US, Australia and Canada to combat terrorism.
The vote was postponed to allow MEPs to explore options for arrangements for the use of PNR that are in line with EU law.
The MEPs called on the European Commission to present a proposal a proposal for a single PNR model and a draft mandate for negotiations with third countries by mid-July.