The European Commission published on 29 February 2016 the legal texts forming the basis for the EU-U.S. Privacy Shield – the new agreement reached between the European Union and the United States on transatlantic data flows, following the invalidation of the Safe Harbour Decision by the Court of Justice of the EU in October 2015. The documents made available include the legal texts that will put in place the EU-U.S. Privacy Shield, a Communication summarising the actions taken over the last years by the European Commission and a draft "adequacy decision" of the Commission.
The next steps for the agreement to enter into force will, according to the official press release, be as follows:
“A committee composed of representatives of the Member States will be consulted and the EU Data Protection Authorities (Article 29 Working Party) will give their opinion, before a final decision by the College. In the meantime, the U.S. side will make the necessary preparations to put in place the new framework, monitoring mechanisms and the new Ombudsperson mechanism.”
Find the press release here along with all other relevant documents.