Revelations by former National Security Agency contractor Edward Snowden claimed that the NSA was systematically undermining the SWIFT agreement. The US side did not deny this and the European Parliament adopted a non-binding vote calling for the suspension of the agreement.   However, a suspension would require the agreement of a two-thirds majority of EU governments.  In June 2010, the PDSP adopted an opinion on the European Commission`s draft agreement, calling for further improvements in the area of data protection. In July 2010, the European Parliament approved the conclusion of a revised agreement. As a result, the European Union (EU) has reached an agreement to send an investigating judge as eu high representative to the United States of America to oversee the activities of the TFTP. This judge, Jean-Louis Bruguier, had a permanent office in Washington, D.C. at the U.S. Treasury.
 In February 2010, on the basis of these data protection problems, the European Parliament rejected the conclusion of an agreement allowing US authorities to access data on European financial transactions. In May 2010, the Commission began negotiations for a new agreement to improve data protection safeguards. SEPA data is not within the scope of the EU-US agreement. Since the introduction of SWIFT`s distributed architecture in early 2010, intra-European embassies have only been channelled (and, if necessary, archived) only in SWIFT`s European operations centres and no longer in the United States. SEPA messages are generally exchanged between European financial institutions and are therefore generally not handled by SWIFT in us US operations and are therefore not subject to subpoenas. In addition, SEPA payment messages are sent by banks via a messaging service called FileAct, a file transfer service. SEPA files sent via FileAct are not archived by SWIFT and therefore cannot be accessed for a subpoena. On 22 July 2019, the Commission presented the “joint review of the implementation of the agreement between the European Union and the United States of America on the processing and transfer of financial intelligence data from the European Union to the United States for the purposes of the terrorist financing monitoring programme.” This is the fifth evaluation report of the agreement, which came into force on August 1, 2010. The agreement allows law enforcement agencies to obtain accurate and reliable information on activities related to the alleged planning and financing of terrorism in a timely manner.
It helps identify and track terrorists and their support networks around the world. Memo: Statement by Commissioner Malmstrom on the European Parliament`s resolution on the EU-US TFTP agreement We welcome the fact that this international agreement provides legal certainty and respects the protection measures and guarantees SWIFT has received in the past.