The Privacy Shield should take effect in July 2016, but before that it needs to be approved by the EU member states in April. Their position towards the shield is unclear and the opponents claim that the new rules will bring no improvement compared with Safe Harbor.
The Privacy Shield Agreement does not state how long personal data can be stored. Read more in Czech in an article by the EurActiv.cz server. View a video interview with Max Schrems after hearing in the European Parliament on 17 March.