On July 16, 2020, the Court of Justice of the European Union issued a judgment declaring the inadequacy of the protections provided by the EU-US Privacy Shield Framework. Privacy Shield was developed by the US Department of Commerce and the European Commission to facilitate compliance with personal data protection requirements when transferring personal data from the European Union to the United States. As a result of the decision the framework was no longer a valid mechanism to comply with the GDPR.
The European Commission and the United States reached an agreement in principle for a new framework for transatlantic data flows, the Trans-Atlantic Data Privacy Framework. A copy of the fact sheet issued by the European Commission outlining the new framework can be found here.