Late last month, the European Commission and the U.S. Department of Commerce jointly released the text of the proposed new “Privacy Shield” agreement allowing for transfer of personal information from the European Union to the United States. The text fills in many of the details missing from the initial announcement of the agreement earlier in the month. The Privacy Shield would replace the U.S.-EU Safe Harbor, which was invalidated by the European Court of Justice last year. It will not take effect until the European Commission issues an “adequacy decision” confirming that the Privacy Shield meets the requirements of the EU Data Protection Directive. The next step will be consideration of the draft adequacy decision by the Article 29 Working Party of EU data protection commissioners, which will surely raise objections. It remains to be seen whether such objections will be sufficient to require negotiations between EU and U.S. authorities on changes to the agreement.