Meta warns of service shutdown without Privacy Shield replacement

Meta disclosed in an annual financial report that Facebook and Instagram may cease European operations if the EU and the U.S. can't reach an agreement on data flows, City A.M. reports. The filing to the U.S. Securities and Exchange Commission indicated Meta will be unable to continue offering its "most significant products and services" if the EU and the U.S. can't hash out a Privacy Shield replacement or allow the current transfer regime and transfer mechanisms to remain in place.