The capabilities and use cases for AI and ML are moving at lightning speed, and the law is trying to catch up. Legal, compliance and governance functions must manage risk and develop processes and policies for AI projects that work with the law as it is today, while also anticipating the coming wave of legal, regulatory and technological change.
In this webinar series, our EMEA team discussed the IP and data privacy issues raised by AI, the developing regulatory landscape and practical issues when contracting for AI.
On 28 July 2023, Regulation (EU) 2023/1542 concerning batteries and waste batteries was published in the Official Journal. The new Regulation repeals and replaces the existing Batteries Directive (2006/66/EC) and seeks to make all batteries placed on the EU market more durable, safe, sustainable, and efficient. It takes the extended producer responsibility (EPR) regime created by the existing Directive and expands it significantly through the introduction of more detailed mandatory design, content and conformity assessment requirements aimed at ensuring the sustainability and circularity of batteries. It also introduces new mandatory supply chain due diligence requirements from August 2025 to address the social and environmental risks inherent in the extraction, processing and trading of certain raw materials and secondary raw materials used in battery manufacturing.
On 29 May 2023, the National Executive Power sent the Liquefied Natural Gas Promotion Bill to the Honorable Chamber of Deputies of the Nation. The Bill, while still a draft, creates a Promotional Regime for Large Liquefied Natural Gas Investment Projects for the production, storage, commercialization, transportation and infrastructure of LNG and/or its export, through the granting of tax, customs and exchange control benefits.
On 29 May 2023, the National Executive Power sent the Liquefied Natural Gas Promotion Bill to the Honorable Chamber of Deputies of the Nation. The Bill, while still a draft, creates a Promotional Regime for Large Liquefied Natural Gas Investment Projects for the production, storage, commercialization, transportation and infrastructure of LNG and/or its export, through the granting of tax, customs and exchange control benefits.
On 18 July 2023, the Dutch government published draft legislation to implement the EU’s Corporate Sustainability Reporting Directive, which was adopted on 14 December 2022 by the EU. The government has invited stakeholders and other interested parties to provide feedback on the draft bill before 10 September 2023. The draft bill requires certain companies to report on sustainability issues and addresses the audit requirements for auditors and accounting firms for the corporate sustainability report. It also expands the reporting obligations for listed companies.
In this issue, we focus on the FY2023 Tax Reform Enforcement Order and Enforcement Regulations and the Guidelines on Respecting Human Rights in Responsible Supply Chains.
On the tax side, the Cabinet Order Partially Amending the Order for Enforcement of the Income Tax Act and the Ministerial Order Partially Amending the Ordinance for Enforcement of the Income Tax Act in relation to the 2023 Tax Reforms were published in a special extra (No. 25) of the Official Gazette dated 31 March 2023.
On 13 July 2023, Resolution No. 90/2023 of the National Mining Secretariat was published, establishing the updated mining fee that considers the consumer price index published by the National Institute of Statistics and Census. The update will be carried out in December of each year and will be applicable to the value of the mining canon in the following year.
On 23 February 2022, the EU Commission proposed the Corporate Sustainability Due Diligence Directive (CSDDD). Later, on 30 November 2022 the EU Council adopted its negotiating position on the CSDDD. Recently, on 1 June 2023, the European Parliament voted in favor of the proposed CSDDD and adopted its position for negotiations with Member States on rules to integrate human rights and environmental impact into companies’ governance.
On 17 July 2023, the US Securities and Exchange Commission (SEC) urged Chinese companies to disclose certain business links they may have to Uyghurs and other Muslim minorities. The companies may face compliance risk and supply chain disruptions if they operate in the Xinjiang region of China or do business with companies that operate in the area known for its Uyghur population, the SEC said in new guidance. The Uyghur Forced Labor Prevention Act, which President Biden signed into law in 2021, blocks imports from the region unless a company can prove the products were made without forced labor.
View the recorded sessions from our 2023 Virtual Global Trade Conference where international trade compliance lawyers from around the world reviewed major developments impacting international trade.