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First of all, this paper tries to explain the principles of the General Data Protection Regulation (EU) 2016/67 of April 27 2016, which entered into the force on May 25 2018. Special attention was given to the territorial scope, and the influence on third countries, considering that the changes introduced by the Regulation are among the most important and at the same time the most controversial. Of course, this aspect of the Regulation is particularly important for Bosnia and Herzegovina, having in mind the obligations arising from the Stabilization and Association Agreement and the general economic, political and security orientation towards the European Union. Furthermore, in this paper, relation between protection of personal data and the right to privacy is considered, in accordance with the provisions of the Regulation and the Convention on Human Rights as well as Charter of Fundamental Rights of the European Union and in a very concise form relevant practice of the European Court of Human Rights in Strasbourg. Finally, this article suggests that, even though the Regulation is considered to be one of the most important and complex parts of the European Union legislation, which touches different spheres of life and society, and therefore the rights, respect for fundamental human rights and consistent application of the Convention in significant part results in respect for fundamental principle and essence of the Regulation. [ABSTRACT FROM AUTHOR]