Recital 103

(103) The Commission may determine, with effect for the entire Union, that a third country - or a territory or a specific sector within a third country - or an international organization ensures an adequate level of data protection, thus guaranteeing legal certainty and uniformity throughout the Union with respect to third countries or international organizations that have been recognized as providing such a level of protection. In such cases, transfers of personal data to that third country or international organization may take place without the need for additional authorization. The Commission may also decide, by informing the third country or international organization in advance and providing them with reasons, to revoke such a decision.

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Recital 103 of the preamble to the GDPR | ODO 24