Since the death of Safe Harbor last year, the European Commission and the US have been negotiating the so-called "Son of Safe Harbor", now called the "EU-US Privacy Shield".
The Privacy Shield is not, apparently, the board that hangs down on the front of your desk to preserve modesty when wearing a skirt. It is a comprehensive framework to improve the protection of European personal data processed in the US. Notably, it could lead to the creation of a US Ombudsperson - America's first Information Commissioner?
But let's not get too excited just yet. This is essentially just a proposal. Son of Safe Harbor is in gestation, but not yet born.