>> Terms of service, if you've never paid attention to this fine print when you signed up for a Facebook account, you may want to now. That's because Facebook is about to change it. And is doing so just as the EU prepares to roll out a strict data privacy law next month with steep financial penalties.
Users in Africa, Asia, Australia and Latin America, who account for more than 70% of Facebook's monthly active users, will no longer see this language. This statement is an agreement between you and Facebook Ireland Limited, meaning those users will no longer be under the EU's jurisdiction. The move could raise eyebrows as CEO Mark Zuckerberg vowed to give users more privacy protection after the backlash over a recent data breach scandal, says Reuters correspondent David Ingram.
>> One researcher that I spoke with said that he expected people to be very angry at Facebook for making this change. That they would have received these new protections under the EU law and they will not receive those now. And this person, this researcher I spoke with out of London thought that many countries would pass their own laws similar to Europe's new law as a response against this moves like this one by Facebook.
>> The new EU law known as the General Data Protection Regulation, or GDPR, allows for fines of up to 4% of global annual revenue. That could mean potential penalties in the billions of dollars for Facebook. Facebook opened its international headquarters in Dublin in 2008, making the legal entity there the subject of regulation across the 28 nation European Union.
In a statement about the change, Facebook said it intends to make the privacy controls and settings that Europe is getting available to the rest of the world. And Zuckerberg said in an interview earlier this month that Facebook would apply the EU law globally quote, in spirit.