Data residency refers to the physical or geographic location of an organization's data or information. Similar to data sovereignty, data residency also refers to the legal or regulatory requirements imposed on data based on the country or region in which it resides.
This will now help address renewed concerns from UK business around data sovereignty and privacy, particularly in the wake of the European High Court's recent decision to scrap the Safe Harbour agreement
However with the fallout from Brexit it is still unclear what agreements the UK will keep from the EU in regards to these, and it pleasing to see, Microsoft (as well as Amazon) are stilling launching their UK Datacenters
Industries effect the most by Data residency
Microsoft’s “How to request your data move” page is clear that for UK customers the request period begins on 1 December 2016 and ends on 28 February 2017, the actual migration of the data can take up to 2 years