(Bloomberg) -- U.S. and European Union officials raced to get a new deal on data transfers by Tuesday as regulators threatened to impose tight restrictions on how technology giants and thousands of multinational companies move information across the Atlantic.

Even as negotiators work around the clock to clinch a new pact national privacy watchdogs are poised to examine the legality of hundreds of contractual workarounds that firms rushed to put in place after judges banned a so-called safe harbor agreement, said people familiar with the situation, who asked not to be named because the process is private.

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