Art. 29 WP: Consequences of the CJEU judgment in the Schrems case for international transfers

Article 29 Data Protection Working Party - STATEMENT on the consequences of the Schrems judgment (pdf):
[...] The WP29 recalls that since the Schrems judgment, transfers to the U.S. cannot take place on the basis of the invalidated Safe Harbour decision. EU data protection authorities will therefore deal with related cases and complaints on a case-by-case basis.
The WP29 calls on the Commission to communicate all documents pertaining to the new arrangement by the end of February. The WP29 will then be in position to complete its assessment for all personal data transfers to the U.S. at an extraordinary plenary meeting that will be organized in the coming weeks. After this period, the WP29 will consider whether transfer mechanisms, such as Standard Contractual Clauses and Binding Corporate Rules, can still be used for personal data transfers to the U.S. In the meantime, the WP29 considers that this is still the case for existing transfer mechanisms.
Update 05.02.2016: Memorandum dated 1 February 2016 by Prof. Lokke Moerel of Morrison & Foerster: "An assessment of the impact of the Schrems judgement on the data transfer grounds available under EU data protection law for data transfers to the U.S." (pdf)
UpdatePressemitteilung vom 5.2.2016, Konferenz der unabhängigen Datenschutzbehörden des Bundes und der Länder (BRD); some critical views on the #PrivacyShield: Erich Möchel auf FM4, Bei "Safe Harbour 2" droht EU-Kapitulation; AccessNow, Activating the EU-US Privacy Shield: To protect privacy, we need reform, not rebranding