The EDPB (European Data Protection Board) produced a Frequently Asked Question document on July 23, 2020, after the CJEU ruling regarding Schrems II.
Questions include:
3) Is there any grace period during which I can keep on transferring data to the U.S. without assessing my legal basis for the transfer? No, the Court has invalidated the Privacy Shield Decision without maintaining its effects, because the U.S. law assessed by the Court does not provide an essentially equivalent level of protection to the EU. This assessment has to be taken into account for any transfer to the U.S.
If you wish to understand how the EDPB, therefore each Data Protection Supervisor will now enforce data transfers, in particular to the US, you will want to read this document.
https://edpb.europa.eu/our-work-tools/our-documents/other/frequently-asked-questions-judgment-court-justice-european-union_en
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