European Commission publishes details on "EU-U.S. Privacy Shield" (updated)

The European Commission today issued a Communication summarising the actions taken to restore trust in transatlantic data flows since the 2013 surveillance revelations. [...]
Today, the Commission also published a draft "adequacy decision" as well as the texts that will constitute the EU-U.S. Privacy Shield. This includes the Privacy Shield Principles companies have to abide by. Moreover, the Commission makes public the U.S. Government's written commitments on the enforcement of the arrangement. [...]
Next steps
Now, 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.
Source: Press release
The assessment of the Working Party will be conducted, inter alia, in light of the Court of Justice of the European Union’s decision of 6 October 2015 in the Schrems case1, the European jurisprudence on fundamental rights2, the letter of the Working Party to the European Commission on Safe Harbour of 10 April 20143 and the Working Party’s Working Document on transfers of personal data to third countries.4
On the basis of the work of the different subgroups, the Future of Privacy subgroup will finalize the Working Party’s draft opinion which will then be adopted at the next plenary meeting on 12 and 13 April 2016.
Following the Working Party’s opinion, the next steps in the procedure before the adoption of the “adequacy-decision” by the European Commission will be the opinion of the Member States in comitology, in accordance with Article 31 of Directive 95/46/EC.