Market Chatter: Irish Supreme Court Allows TikTok to Continue EU-China Data Transfers Amid Pending Appeal
Ireland's Supreme Court has allowed TikTok to continue transferring data from the European Union to China amid an appeal by the short video app against a regulatory order to halt the transfers due to privacy concerns, according to multiple media reports Thursday.In May, the Irish Data Protection Commission fined TikTok 530 million euros and ordered the app to suspend data transfers to China if the processing is not complied with in six months.Ireland's High Court implemented a stay on the fine and the data transfer ban, stating the risk to consumers is "limited and will be temporary," adding that the damage on TikTok would be "virtually impossible" to quantify.The Supreme Court said the stay should remain until Ireland's High Court renders judgment in the appeal against the penalties, Reuters reported Thursday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)