Unless Congress stops it, foreign police will soon be able to collect and search data on the servers of U.S. Internet companies. They’ll be able to do it without a probable cause warrant, or any oversight from a U.S. judge.
Just one more way the government is trying to violate your 4th Amendment rights. The U.K. has privacy laws and the U.S. has privacy laws (including the 4th Amendment). However, to get around them, each of these countries is trying to use the law enforcement organizations of the other. I guess somehow this is supposed to make it all okay...