There are no regulations concerning what information can & cannot be collected with smart devices, nor how that information is transmitted. This article from the BBC explains how LG’s SmartTV sends the names of his family members in clear text across the internet— something that most people would be uncomfortable having publicly available.
Besides selling your private information to any and all advertisers or 3rd party entities willing to pay for it, none seem to have anyway to prevent those 3rd parties from transferring it to others (aside from legal clauses — which would be hard to prove & a lengthy process to fix). Nor it there anyway to redact information once released to 3rd parties.
But this is only part of the threat to personal security because it would be trivial for a person with the technical ability or a warrant to obtain any and all information collected by such devices. Smart devices — those with convenience features tied to internet connectivity — are trojan horses for violations of privacy far more invasive and covert than anything else and rely of consumer ignorance to operate unfettered:
The only solution is to either never connect the devices to the internet, block all traffic or not purchase them at all.