The Council of the European Union has adopted a new Regulation on harmonized standards for fair access and use of data. The aim is to position the European Union (“EU”) as a leader in the data-driven society.
The legislation obliges manufacturers and service providers to allow users to access and reuse data generated by their products. Users can share this data with third parties, fostering data commerce and innovation. Additionally, the law seeks to ensure fairness in the allocation of data value, stimulate a competitive market, and make data more accessible.
On the other hand, it includes provisions on dispute resolution, data sharing, and fair compensation. The regulation applies to connected devices and related services, with a focus on data from Internet of Things (“IoT”) products and services.
Finally, the law is expected to come into effect 20 months after its publication, with specific provisions applicable to connected products after 32 months.