After long negotiations, U.S. & EU agreed to establisha Trans-Atlantic Data Security Framework.This framework is designed to facilitate data transfers across the Atlantic.

This Framework addresses EU concerns about surveillance of EU citizens' data by
-Introducingprinciples of necessity and proportionatemeasures of surveillance.
-companies will have to adhere tothe Privacy Shield Principles, including 'the requirement to self-certify their adherence to the Principles through the U.S. Department of Commerce.
-oversight of signals intelligence activities (mainly NSA)
-an independentData Protection Review Courtthat 'would consist of individuals chosen from outside the U.S. Government who would have full authority to adjudicate claims and direct remedial measures as needed;'

Next is the adoption of the Framework via legal mechanisms in the U.S.A. or EU of the Framework. It will be done in the U.S. through an Executive Order.

For more information, you can consult the Fact Sheet.