There is also a new law that allows fines for capturing information on non-users, the fines for this can be 4% of turnover.
This law fails on both counts. No investor/shareholder will actually worry about this paltry fine. All other companies will take notice and decide that the penalty cost of infraction is much smaller than the opportunity cost of expansion. This is the kind of precedent that emboldens companies to do as they please.
Of course, all this assumes that governments and top tech companies don't have some mutual back scratching agreements going on.