Today, Valve updated the Steam Subscriber Agreement and announced the opening of a Valve Sarl subsidiary in Luxembourg.

How they comment on this you can read in the translation of the news.
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Steam Subscriber Agreement Update
From time to time we have to adjust the Steam Subscriber Agreement and Valve Privacy Policy. These documents contain the conditions that you (and all Steam users) accepted during the registration of your Steam account. Whenever we make changes to these agreements, it is important for us to bring them to you and explain their reasons. When you next log in to Steam, you will be asked to read and accept the new terms of these agreements.
This time most of the changes are connected with the opening of a new Valve office in Luxembourg to improve service to our customers and partners from the European Union. If you live in the EU, then in your Steam Subscriber Agreement you will find new information about our subsidiary Valve Sarl in Luxembourg, along with additional agreement terms specifically for our customers from the European Union. Also, taking into account the new Steam features, we have made some other changes related to the use of the wallet and the Steam exchange.
In addition, we present a new dispute resolution process that will be convenient for both you and Valve. Recently, a number of companies have gone along a similar path, which has caused a lot of discussion within their communities, and we have carefully studied each of them. On Steam, every time a customer is dissatisfied with his purchase, our first priority is to quickly solve this problem through the usual customer service process. However, for those cases when we are unable to resolve the dispute in the usual way, we have developed a new process by which we consent to the transfer of the case to the Arbitration Court or the Small Court of Justice. During the arbitration, Valve will reimburse you for the costs of the process in the amount of a certain amount. Indemnification will occur regardless of the decision of the judge, provided that the court does not recognize the appeal and the costs unreasonable.
Most significantly, in accordance with the new terms of dispute resolution, clients can now file individual claims instead of collective ones. We thought carefully about this step. Of course, in some cases, collective claims bring more benefits to customers. However, in most cases they do not provide any real benefit to users, but on the contrary create extra costs, including for lawyers who represent these claims in court. There is no benefit from such collective actions either to us or to our users. We believe that the new dispute resolution process is faster and better for both you and Valve, eliminates unnecessary costs and is useful to the community as a whole.
Thank you for taking the time to read our thoughts on this matter, and thank you for using Steam.