The thing to get our heads around is not that ICANN complies or not with any of the myriad of laws around the world but that it feels entitled to issue "waivers" as if it has any geo political legal standing on laws.
That seriously misrepresents what's going on. ICANN operates under US law, and all of the registrars sign the same agreement. The agreement is entirely compliant with US law, but laws in other countries are different and sometimes contract provisions that are legal in one country are not in another. This is not something unique to ICANN or to US law. So the waivers are the way that ICANN reconciles the inevitable conflicts between the terms in a complex contract and varying local laws. If the contracts were changed to reflect, say, French law, you'd still need waivers for registrars outside Europe, the'd just be different ones. R's, John