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00:00INSTEAD OF CELEBRATING, HE IS SAYING THE NEW RULES SHOULD BE RIPPED UP. WE'RE JOINED BY ADAM IN LONDON. A 28 EURO LOST IN LOUISIANA COME YOU DESCRIBE HIM ARRIVING LATE TO AN INTERVIEW WEARING BLACK SHORTS, A BLACK T-SHIRT, AND FLIP LOTS. HOW DID HE COME TO CAUSE SO MUCH CHANGE AND TURMOIL IN THE GLOBAL DATA PRIVACY RULES DEBATE? >> A LOT OF PERSEVERANCE. THIS STARTED SEVERAL YEARS AGO. SPOKE TO HIS CLASP. A LOT OF THEM DID APPRECIATE EUROPEAN PRIVACY LAWS AND HE REALIZED IN GETTING OUT -- THEY ARE KEEPING A LOT OF DATA ON HIM HE THOUGHT WAS DELETED. COMPLAINTS SAYING FACEBOOK VIOLATING HIS PRIVACY RIGHTS IN EUROPE. SUCCESSFUL IN THE EUROPEAN HIGH COURT, IT RULED THESE DATA PRIVACY RULES HAD TO BE REWRITTEN. ANGIE: THE NEW RULES WENT INTO EFFECT THIS WEEK, ESSENTIALLY. WHY ARE THEY SIGNIFICANT? >> BECAUSE ALL OF THE DATA, EVERY TIME A CUSTOMER IN EUROPE IS USING A COMPUTER WHETHER IT IS SEARCHES OR LIKING SOMETHING ON FACEBOOK OR MAKING PURCHASES ONLINE, THAT DATA WHEN IT MOVES TO THE U.S. IS GOVERNED BY CERTAIN RULES. THIS IS IMPORTANT LEGALLY. THE COMPANY WAS SCRAMBLING. THIS IS SUPPOSED TO COME IN ITS PLACE AND IT IS BEING QUESTIONED. THERE IS A LOT OF UNCERTAINTY AND IT IS PROVING COSTLY FOR THE BUSINESSES. >> RIGHT HERE THE SAME QUESTION, HE SAID THE RULES ARE NOT ADEQUATE. HOW SPECIFICALLY? >> A LOT OF THESE HAVE A DIFFERENCE OF OPINION ABOUT PRIVACY IN EUROPE AND THE U.S. AND A BUNCH OF IT IS BACK TO THE REVELATIONS OF EDWARD SNOWDEN AND CONCERNS ABOUT HOW THE DATA IS BEING SHARED WITH U.S. INTELLIGENCE AND GOVERNMENT AGENCIES. NEW RULES PUT IN PLACE NEW PROTECTION AROUND HOW THE DATA IS USED AND GIVES PEOPLE IN EUROPE THE RIGHT TO GO TO COURT IF THEY THINK IT IS BEING MISUSED, BUT THE TRENDS ARE SAYING THAT DOES NOT GO FAR ENOUGH AND THE U.S. GOVERNMENT STILL HAS A LOT OF LEEWAY IN ITS ABILITY TO GET ACCESS TO THE INFORMATION. SCARLET: WHAT IS NEXT THOUGH, ONCE HE FINISHES HIS DISSERTATION, HE WILL LAUNCH AN NGO AND MAKE THIS A FULL-TIME JOB. >> IT IS A FASCINATING STORY. A CLASSIC MILLENNIAL, HE DOES NOT REALLY KNOW WHAT HE WANTS TO DO NEXT, BUT THIS IS ONE OF THE IDEAS HE IS PLAYING WITH, SETTING UP AN NGO THAT WILL LOOK AT THIS ISSUE MORE CLOSELY. AT THE SAME TIME, HE HAS SAID HE IS NOT SURE HE WANTS TO BE INVOLVED IN THE PRIVACY DEBATE MORE CLOSELY LONG TERM. HE IS STILL GRAPPLING. HE HAS A PHD TO FINISH. SCARLET: WHAT IS THE RESPONSE FROM THE BIG TECH COMPANIES, FACEBOOK, APPLE, GOOGLE? >> IT IS MIXED. COMPANIES GET TO DECIDE WHETHER OR NOT THEY WANT TO ADOPT THE RULES OR INSTEAD USE PRIVATE CONTRACTS WITH COUNTERPARTIES. MICROSOFT AND AMAZON HAVE SAID

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Are New U.S.-EU Privacy Rules a Reason to Celebrate?

A new U.S.-European Union data-privacy accord that took hold this week could have been a reason to celebrate for Max Schrems, the 28-year-old whose successful landmark lawsuit against Facebook last year led to the new rules affecting more than 4,000 companies. Instead, he's saying the new rules should be thrown out as well. Bloomberg's Adam Satariano reports on "Bloomberg Markets." (Source: Bloomberg)

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