European and U.S. negotiators are on the brink of clinching a deal on a new transatlantic data transfer pact just in time for a meeting of European privacy regulators who were poised to start restricting companies’ ability to move data across the Atlantic, two people familiar with the talks said on Tuesday.

While the new framework still needs political approval, the two sides should finalize the framework on Tuesday, the sources said.

The European Union and the United States have been racing to replace the previous data transfer framework, called Safe Harbour, after it was struck down last year by the European Court of Justice (ECJ) on concerns about U.S. mass surveillance, leaving thousands of companies in legal limbo.

If a new deal is finalised, companies such as Facebook and Google will likely no longer face the prospect of seeing their ability to move user data across the Atlantic curtailed.

(Reporting by Julia Fioretti; Editing by Mark Potter)

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