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In AML & Financial Services Regulatory

European Union: European Parliament votes on Alternative Investment Fund Managers Directive II

by and 5 Mins Read

On 7 February 2024, the European Parliament voted on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) and the UCITS Directive (2009/65/EC) relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds.

The text of the directive will now be voted by the European Council. Once fully voted upon, the directive will enter into force on the 20th day of its publication in the Official Journal of the European Union.

EU member states will have two years from the directive’s entry into force to transpose it within their national law.

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In Corporate Compliance

European Union: Is the EU AI Act nearing the finish line?

by 4 Mins Read

A key step towards the adoption of the EU AI Act was reached on 2 February 2024 as the draft text received unanimous approval from the European Council’s main preparatory body. There are further votes to follow before the Act is adopted, but it’s looking likely that the final vote will take place in April and some substantive provisions of the Act could be in force soon after that, possibly by the end of the year.

In ESG

European Union: New rules on greenwashing and durability

by , and 5 Mins Read

On 17 January 2024, the European Parliament adopted a proposal for a new EU Directive empowering consumers for the green transition introducing new rules to ban misleading advertising and to provide consumers with better product information. To achieve this, a number of marketing practices related to greenwashing will be added to the EU list of prohibited commercial practices. In addition, new rules on informing consumers on a product’s durability will be introduced.

In Employment

European Union: HR leaders’ role towards ethical AI integration

by , , and 5 Mins Read

Artificial Intelligence (AI) is revolutionizing the human resources landscape, offering unprecedented opportunities for efficiency and innovation. However, this rapid adoption of AI also brings forth critical ethical considerations, particularly in the fields of employment law and human rights protection. Several laws and regulations on AI governance are currently on the way. At the EU level, for example, the AI Act is currently in the legislative process.

In

European Union: EU reaches landmark deal on AI regulation

by , , , , , , , and 6 Mins Read

8 December 2023 was a historic moment for AI regulation in Europe. Following three days of extensive debates, the EU Parliament, Council and Commission finally announced a provisional agreement on the EU AI Act, the bloc’s landmark legislation regulating the development and use of AI in Europe. It is one of the world’s first comprehensive attempts to regulate the use of AI.

In AML & Financial Services Regulatory

European Union: ELTIF 2.0 regime enters into force

by 2 Mins Read

The regulatory reform of European long-term investment funds enters into force on 10 January 2024, following its approval by the European Parliament and the Council in February 2023.
Regulation (EU) 2023/606 aims at revitalizing a vehicle that was put in place back in 2015 but which, in the words of the Regulation itself, “did not scale up as expected.”
With this in mind, the new regime tackles the shortfalls identified both on the managers’ side- as they will now find themselves dealing with a much more flexible product in items such as eligible assets, borrowing, or concentration and diversification rules – as well as on the side of the investors, notably retail investors, whose access to this investment product now becomes simpler.

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In ESG

European Union: The new European Carbon Border Adjustment Mechanism

by 8 Mins Read

The European Carbon Border Adjustment Mechanism (CBAM) entered into force on 1 October 2023. The full panoply of obligations will gradually start to apply during the so-called Transitional Phase through 31 December 2025. Importantly, EU importers will have to submit the first report under the CBAM shortly, by 31 January 2024, reporting on the scope of embedded emissions in certain goods they have imported during the first quarter year the CBAM has applied (1 October 2023-31 December 2023). This article covers what EU importers need to report on by the end of the month, 31 January 2024, together with an overview of the new regulation and the obligations it sets out.

In Antitrust / Competition

EU: Merger Control, Foreign Direct Investment and Foreign Subsidies Regulation

by , , , , , and 2 Mins Read

Agreeing conditions precedent and deal timelines has always been a challenge for companies. From an EU perspective, companies previously only had to consider whether a deal led to an EU or Member State merger control filing obligation. However, there are now three new layers of complexity for companies to consider in the EU:

  1. Article 22 and ex-post assessments: a new approach to the EU’s merger control referral mechanism together with the ex-post review of transactions has added complexity to consider when entering into a new deal.
  2. Foreign Direct Investment (FDI): 23 EU Member States now have a an FDI regime which if the filing thresholds are met gives rise to a notification requirement and clearance prior to closing. Sweden is the most recent EU Member State to adopt an FDI regime, which came into force on 1 December 2023.
  3. Foreign Subsidies Regulation: as of 12 July 2023, transactions in the EU may also be subject to a further pre-closing review of broadly defined financial contributions from non-EU Member States.
In ESG

European Union: Deforestation Regulation – New due diligence requirements to tackle deforestation and forest degradation

by , and 5 Mins Read

The new EU Deforestation Regulation (2023/1115/EU) will impose due diligence obligations from 30 December 2024 aimed at tackling deforestation and forest degradation. The Regulation will require companies dealing in in-scope products to undertake due diligence into the source of a wide range of commodities, including cattle, cocoa, coffee, palm-oil, rubber, soya and wood, to ensure that they have not been obtained as a result of deforestation.

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