The EU’s Digital Operational Resilience Act (DORA) aims to promote, improve and ensure operational resilience within the financial services sector. It comes into effect on 17 January 2025. Last month, six months into the two-year implementation period, the European Supervisory Authorities published a consultation package regarding the first batch of certain draft regulatory technical standards and draft implementing technical standards on certain aspects of DORA.
On 28 June 2023, the EU Commission published its long-awaited package of reforms to the EU payments regulatory regime. Deeming the package an “evolution not a revolution” of the EU payments framework, the Commission has published proposals for:
• A third Payment Services Directive repealing and replacing the Payment Services Directive and Electronic Money Directive
• A new Payment Services Regulation, which will harmonize and directly apply most of the conduct obligations imposed on payments firms
• A new Regulation on a framework for financial data access, relating to open finance
• A new Regulation on the establishment of a digital euro
Baker McKenzie’s Import and Trade Remedies blog recently published Business consequences and recommendations on the tightened import ban on iron and steel imposed by the EU, which can be found here.
On 6 July 2023, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory Action (CSA) with EU National Competent Authorities on sustainability-related disclosures and the integration of sustainability risks in the investment fund sector. Asset managers with EU touchpoints should have regard to the CSA and its output when considering emerging enforcement risk in this area.
As part of the EU Green Deal launched in 2019, a strong mandate has been issued to ensure consumers receive reliable, comparable and verifiable information to enable them to make more sustainable decisions and to reduce the risk of greenwashing.
The proposed European Union (EU) Green Claims Directive was tabled by the European Commission in March 2023 and aims to address greenwashing and introduces stringent requirements on various aspects in tackling false environmental claims.
The EU Carbon Border Adjustment Mechanism (CBAM) Regulation entered into force on 17 May 2023 and will take effect from 1 October this year with a transitional phase that lasts until the end of 2025.
In preparation for its introduction, on 13 June 2023, the European Commission published a first call for feedback on the rules governing the implementation of the CBAM during its transitional phase.
On 12 June 2023, after lengthy negotiations, the Council of the EU agreed on the proposal for a directive that aims to better protect platform workers. This opens the door to negotiations between the Council and the European Parliament on the final directive. The directive aims to ensure that platform workers have or can obtain the appropriate employment status through the introduction of a legal presumption. In addition, the directive provides for rules regarding the transparency of the use of algorithms within the platform economy.
On 3 May 2023, the European Commission presented to the European Parliament and the Council a proposal for a Directive on fighting corruption. The proposal, which refers to corruption in both the public and private sector, provides for the extension of the list of criminal offenses in each EU Member State to include misappropriation, trading in unlawful influence, abuse of functions, as well as obstruction of justice and unlawful enrichment. In addition, the proposal provides for the increase in the level of applicable sanctions and the harmonization of aggravating and mitigating circumstance.