"This is a major decision by the EU and one that is likely to have serious ramifications for a long time to come. Right now, we are working with a decision that has a material economic impact but with limited guidance, so it is in our view unlikely that regulators will go in heavy handed. However, that does not mean do nothing. "

https://www.lewissilkin.com/en/insights/schrems-ii---practical-steps-on-what-to-do-next