The proposed new “Privacy Shield” agreement for data transfer from the European Union to the US was released on February 29, 2016 by the European Commission and the US Department of Commerce. The new agreement aims to replace the invalidated Safe Harbor agreement (as previously discussed here, here and here) but will not take effect until the European Commission confirms that it adequately protects data as required by the Data Protection Directive. Privacy Shield is structurally similar to Safe Harbor, but includes notable differences including new enforcement and dispute resolution mechanisms.
Click here to read an analysis of the agreement.