The Article 29 Working Party pledged a moratorium on challenging Privacy Shield for one year. They do plan to raise any issues at the time of the first annual review.

Document attached.

Link to statement document: http://ec.europa.eu/justice/data-protection/article-29/press-material/press-release/art29_press_material/2016/20160726_wp29_wp_statement_eu_us_privacy_shield_en.pdf