A European commission official Tuesday termed as "unfounded" U.S. government concerns over privacy rules being considered by the EC. The rules could affect American financial services firms doing business in Europe, in particular their data gathering and transmission activities. "They expressed . . .
A European commission official Tuesday termed as "unfounded" U.S. government concerns over privacy rules being considered by the EC. The rules could affect American financial services firms doing business in Europe, in particular their data gathering and transmission activities. "They expressed their concerns, but in our view these concerns are unfounded," said the Brussels, Belgium-based EC official, who requested anonymity.

The official confirmed that the EC received a joint letter from the U.S. Department of Commerce and the U.S. Department of the Treasury on Monday that says the Bush administration is worried that standard contractual clauses being drafted by the EC will force U.S. companies in the financial sector to abide by European Union (EU) privacy rules, which are stricter than U.S. privacy rules.

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