EU-US data protection framework agreed (ex-Safe Harbo[u]r - rebranded "EU-US Privacy Shield")

Live press conference available here. Final text unavailable as the "Adequacy Decision" will be drafted over the coming weeks, to be in force in 3 months at the earliest ...

Update: EU Commission press release, EU Commission and United States agree on new framework for transatlantic data flows: EU-US Privacy Shield:
"... The College has today mandated Vice-President Ansip and Commissioner Jourová to prepare a draft "adequacy decision" in the coming weeks, which could then be adopted by the College after obtaining the advice of the Article 29 Working Party and after consulting a committee composed of representatives of the Member States. In the meantime, the U.S. side will make the necessary preparations to put in place the new framework, monitoring mechanisms and new Ombudsman. ..."
Update 2: The Article 29 WP will hold a press conference today (3.2.2016, 13:00), livestream here. Baseline: If you are still transferring data under Safe Harbor, you are in breach of EU/national law. BCRs and standard contractual clauses are ok for now, but are under scrutiny ...
According to the Article 29 WP´s chairwoman, Ms Falque-Pierrotin, the WP will publish a statement on the Privacy Shield later this afternoon.
Update 3: Edited text above to reflect that the European Commission has presented documents regarding the "EU-U.S. Privacy Shield".