The global digital advertising industry spent 2021 monitoring a flurry of European guidance and enforcement around cookie consent, but 2022 may see some real change – two regulators have made broad moves that could significantly impact behavioral advertising in the E.U. The Belgian data regulator is set to demand changes in the privacy and consent framework currently used for the continent’s advertising, IAB Europe’s Transparency and Consent Framework. Across the channel, the U.K.’s ICO became the first regulator to warn about the next generation of advertising trackers, like Google’s Privacy Sandbox, being developed to replace the doomed third-party cookie. In this article, we gather insight from privacy lawyers at Bird & Bird, Hogan Lovells, Latham & Watkins and Reed Smith to provide takeaways on the ICO and TCF actions, including the guidance they offer. See “Recommended Data Strategies As Google Swears Off Web Tracking” (Mar. 24, 2021).