Privacy Shield a more formal compliance framework
Disagreement over the Safe Harbour, which let American companies use a single standard for consumer privacy and data storage in both the US and Europe, appears to have finally ended. Safe Harbour was rejected by the EU following leaks by Edward Snowden which discredited it because US Government security agencies were revealed to have flouted the rules.
Safe Harbour let US companies self-certify they protected data about EU citizens appropriately; however, the US National Security Agency practiced widespread surveillance through accessing data which was supposedly protected by Safe Harbour.