Amid concerns for privacy, proportionality and reciprocity, on 11 February 2010, the European Parliament (EP) rejected the provisional agreement between the EU and the US on data transfers via the SWIFT network (SWIFT Agreement), thus rendering the SWIFT Agreement void.

The EP concurrently asked the Commission and the Council to initiate work on a long-term agreement with the US that complies with the Lisbon Treaty requirements, in particular, the Charter of Fundamental Rights. It repeated the principles it had set out in an earlier resolution with regard to data protection where it has been resolved that data should be gathered "only for the purposes of fighting terrorism" and reiterated that "the right balance" must be struck between security measures and the protection of civil liberties. The resolution calls for "the same judicial redress mechanisms as would apply to data held within the EU, including compensation in the event of unlawful processing of personal data".

Despite the vote, the EU and the US continue to share financial data to fight terrorism under a Mutual Legal Assistance agreement that allows for exchange of data within the framework of EU member states national law.