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Not an answer to your overall question of compliance, but to the specific point:

> Copilot for Business does not retain any telemetry or Code Snippets Data.

The key word being "retain".

It's probably still sent to their servers.

And if that page changes without notifying you?

... Unless they are selling the compliance as a feature, be careful.

As long as it's part of the agreement, they would need to at least notify you if they're planning to change that.