Just another PRETTY FACE? This could spell the END for FB and even rattle the stock now######################
Facebook, Google May Face More Data-Use Limits, EU Lawmaker Says
By Stephanie Bodoni - Jan 8, 2013 3:00 PM PT
Facebook Inc. (FB), Google Inc. (GOOG) and Microsoft Corp. (MSFT) may face stricter privacy rules requiring them to let users shift data to rivals in the European Union under proposed changes to a draft law.
People need control over their personal data, according to a report yesterday recommending amendments to the rules proposed by the Brussels-based European Commission. Social networks should let users move information “from one platform to another” and get precisely what sort of details companies have on them, free of charge, said Jan Philipp Albrecht, a German Green Party politician leading the effort in the European Parliament.
Social networks “should be encouraged as much as possible to store data in a way which permits efficient data portability for data subjects,” according to Albrecht’s report. Requiring consent “is the best way for individuals to control data processing activities.”
Under the commission proposal, for the first time all EU data-protection watchdogs would be empowered to fine companies as much as 2 percent of yearly global sales for “intentionally or negligently” violating the rules. Google, Facebook and other Internet companies have faced investigations by regulators around the world as authorities grapple with how to better police corporate use of personal data.
To date, the heaviest penalty levied by an EU privacy regulator was a 100,000 euro ($131,000) fine by French authorities in 2011 for Google’s unauthorized collection of personal data for its Street View mapping service.
EU Justice Commissioner Viviane Reding, who put forward the overhaul of the rules in January 2012, hailed the report as “supporting the commission’s aim to strengthen Europe’s data protection rules,” in a statement yesterday.