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- Jan 2018
The proposed new EU data protection regime extends the scope of the EU data protection law to all foreign companies processing data of EU residents. It provides for a harmonization of the data protection regulations throughout the EU, thereby making it easier for US companies to comply with these regulations; however, this comes at the cost of a strict data protection compliance regime with severe penalties of up to 2 % of worldwide turnover.
This appears to be the source for the quote. If you search the web for the quote, though, it seems most often to be attributed to Wikipedia itself.