In July, the Court of Justice of the European Union (EU) issued a verdict that ruled that the EU-US Data Protection Shield was invalidated due to concerns around surveillance by US state and law enforcement agencies. This verdict later came to be colloquially known as ‘Schrems II,’ after Max Schrems, an activist and lawyer who initiated this legal saga following his complaints against Facebook in 2013. Companies have fifteen months to transition from the use of the previous clause to the revised system.
Source: https://www.helpnetsecurity.com/2021/07/09/transatlantic-data-transfers/