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In Corporate Compliance

European Union: The Digital Services Act – What is changing in the world of tech?

by 6 Mins Read

The Digital Services Act imposes wide-ranging and transformative obligations on online intermediaries and platforms. As has been well-publicized over the last few months, the most onerous obligations and tighter deadlines for compliance fall on services designated by the Commission as very large online platforms or very large online search engines. However, all online platforms and online search engines were required to publish information on their user figures earlier this year, and all online intermediaries in scope should be preparing for full compliance in February 2024.

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In ESG

Demystifying ESG Webinar: The EU Taxonomy – A Tool for Transition Finance?

by 1 Min Read

The European Commission has published practical advice in the form of recommendations explaining that the EU Taxonomy can be used not only to disclose taxonomy-aligned activities and capital expenditures, but to define transition targets and to identify the finance needed to meet them. In this way, the Commission considers that the EU Taxonomy can be used as “forward-looking tool using its criteria as reference points for setting targets.”
In this latest instalment of our Demystifying ESG series, besides considering the Commission’s recommendations generally, we’ll discuss how this “tool” will work in practice across a range of economic activities and how it can be used to compare current with planned environmental performance, as well as a communication tool to articulate transition finance needs.

In Tax

European Union: European Union Commission opens consultation on BEFIT proposal

by , and 13 Mins Read

On 19 September 2023, the EU Commission opened a consultation on its BEFIT Directive, which was published the previous week. BEFIT is the acronym for Business in Europe: Framework for Income Taxation. The initiative, widely considered to replace the EU Commission’s Consolidated Common Corporate Tax Base, will aim to introduce a common set of rules for groups of companies and head offices, based in the EU, to determine their taxable base. The BEFIT proposal could also apply to non-EU-headquartered groups.

In Product Regulation & Liability

United Kingdom and European Union: Product Risk Radar

by 2 Mins Read

We are pleased to announce the launch of our new online content hub, the Product Risk Radar. The hub includes the latest important legal developments in product regulatory and liability risk impacting the UK and EU and we will post regular updates to help you navigate this increasingly challenging landscape. The areas covered include regulatory requirements, product liability and market surveillance and general product safety.

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In ESG

European Union: The Commission publishes CBAM reporting requirements for transitional period

by , , and 10 Mins Read

On 17 August 2023, the EU Commission adopted the implementing regulation regarding the reporting rules applicable during the transitional phase of the Carbon Border Adjustment Mechanism (CBAM).
The CBAM formally entered into force on 17 May 2023. It requires importers to report the so-called ’embedded emissions’ of certain (mostly industrial) products and of electricity imported into the EU in order to ensure equivalent carbon pricing for imports and domestic (i.e., EU) products and electricity.

In ESG

European Union: Transition Finance

by , , and 2 Mins Read

As background, green and sustainability-linked bonds and loans have been the pioneer products in this space. Following their evolution over a number of recent years, they are now well-established financing products commonly used to finance the energy transition. However, transition finance is emerging as the requirements for green and sustainability-linked financing products are often not met in the context of high-emitting, hard-to-abate sectors looking to reduce emissions

In Environment

European Union: Sustainable Batteries Regulation published in Official Journal

by 6 Mins Read

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.

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In Trade and Foreign Investment

European Union: National FDI regimes must respect EU fundamental right of establishment

by 5 Mins Read

On 13 July 2023, in Case C-106/22, the European Court of Justice delivered its decision in relation to a preliminary reference submitted by the Budapest High Court. In the context of companies that often have a cross-border ownership structure extending outside of the EU, the ECJ concluded that the fact that a parent company registered in a third country has a majority control over an EU-based investor does not mean that the EU FDI Screening Regulation applies.

In Corporate Compliance

European Union: Due Diligence in Supply Chains

by 3 Mins Read

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.

In AML & Financial Services Regulatory

European Union: DORA Update – ESAs consult on first batch of standards

by 7 Mins Read

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.

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