Goodbye Safe Harbor, hello Privacy Shield: that’s the name given by European Union and U.S. negotiators to the deal they struck on Tuesday enabling legal transfers of personal data between the two regions.

The EU-US Privacy Shield “will protect the fundamental rights of Europeans where their data is transferred to the United States and ensure legal certainty for businesses,” the European Commission said in a statement announcing the agreement.

Designed to replace the Safe Harbor agreement that was struck down in October, the new deal imposes stronger obligations on U.S. companies to protect the personal data of European citizens. It also calls for stronger monitoring and enforcement by the U.S. Department of Commerce and the Federal Trade Commission, both of which will cooperate with European data-protection authorities to address any complaints by EU citizens. A dedicated new ombudsman will help oversee complaints and enquiries as well.

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