After nearly 10 months of negotiation, the U.S. and European Union have reached an agreement this morning regarding overseas data sharing. The agreement follows the EU’s initial decision to invalidate the Safe Harbor agreement in October.

The new agreement, named the U.S-EU Privacy Shield, builds on past framework and aims to protect European citizens’ data that is processed or shared with U.S. businesses. Privacy Shield includes guidelines to navigating perceived privacy violations, as well as repercussions for such violations and an official ombudsman from the state department to assess privacy violation claims.

“For businesses, the Framework will facilitate more trade across our borders, more collaboration across the Atlantic, and more job creating investments in our communities,” Commerce Secretary Penny Pritzker said. “For consumers, the Framework will ensure you have access to your favorite online services and the latest technologies, while strongly protecting your privacy.”

U.S. companies are able to begin applying for Privacy Shield approval August 1, 2016.