On 13 October 2020, the Commission decided to extend the coverage of the Temporary Framework and prolong it for six months until 30 June 2021, except for the section on recapitalisation support, which was extended for three months until 30 September 2021 (4th Amendment). In March 2020, the European Commission…
Questions continue to arise over the interplay of the second Payment Services Directive (PSD2) with the General Data Protection Regulation (GDPR). Both PSD2 and the GDPR are complex legislation and the relationship between distinct provisions of each law and how they work together is not altogether clear, which has led to uncertainty for payment service providers, including banks. For example, when is ‘consent’ required to access payment data and what does consent mean? To this end, the European Data Protection Board (EDPB) has published draft guidelines for consultation, but alongside other industry bodies and firms, the European Banking Federation (EBF) has voiced concerns over their workability for the sector.
On 19 August 2020, members of the European Council held a video conference to discuss the situation in…
On 4 May 2020 the European Data Protection Board (EDPB) adopted updated guidelines on consent under the GDPR (“New Guidelines”).
The New Guidelines supersede the guidelines on consent originally adopted by the EDPB’s predecessor, the Article 29 Working Party, on 10 April 2018 (the 2018 Guidelines), and subsequently endorsed by the EDPB.
Progress on the reform of LIBOR has not stopped during the COVID-19 pandemic.
While the overall timing for LIBOR transition has remained unchanged, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) has recognized the need to introduce some flexibility in relation to the interim transition deadlines to ensure that lenders are able to continue to supply credit to the real economy and assist with economic recovery.
Many businesses are increasingly facing severe business disruption and/or liquidity problems as the COVID-19 outbreak spreads. Supply chains…
Invitation to our webinar series Join us for our webinar series EU & UK Competition Law: Essential Knowledge for In-house Lawyers (e.g. non-specialists). Competition law remains a priority compliance area for businesses. It impacts upon a wide variety of day to day business practices, from pricing, distribution and managing suppliers…
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention…
Baker McKenzie’s EMEA Employment and Compensation Team is pleased to provide you with this quick guide for employers,…
The European Commission (EC) released a White Paper entitled “On Artificial Intelligence — A European approach to excellence and trust” in February 2020, detailing policy options and calling for debate on issues pertinent to Artificial Intelligence (AI) and data. It explores the strong human element involved in understanding how best…