On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act came into force, completing the overhaul of the UK’s foreign investment rules and commencing operation of a standalone foreign investment screening regime for the first time in the UK.
In December 2021, the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued four General Licenses (“GLs”) (GLs 16, 17, 18, and 19), published seven new Frequently Asked Questions (“FAQs”) (FAQs 949, 950, 951, 952, 953, 954, and 955), and amended three FAQs (FAQs 929, 930, and 931), which address primarily authorized humanitarian activities related to Afghanistan OFAC also issued a Fact Sheet titled “Provision of Humanitarian Assistance to Afghanistan and Support for the Afghan People” to provide further guidance on the scope of US sanctions and authorized humanitarian activities in relation to Afghanistan. Key points are summarized below.
On 17 September 2021, the Federal Council adopted a partial revision of the Chemicals Control Ordinance, which entered into force on 1 November 2021. With the revision, the licensing procedures for the production of certain chemicals for research, medical and pharmaceutical purposes have been simplified.
On Wednesday, 15 December 2022, the European Commission adopted its proposals for a new EU Gas Package, through a recast of the Gas Directive and Gas Regulation. Below is a summary of the main updates.
On 22 December 2021, the European Union Commission published its proposal for a directive to “prevent the misuse of shell companies for tax purposes”. The purpose of the Proposal is to discourage the use and creation of shell companies within the European Union.
On 9 December 2021, Singapore and the UK substantially concluded negotiations on the UK-Singapore Digital Economy Agreement (UKSDEA). The UKSDEA covers key areas of the digital economy, such as data, artificial intelligence, fintech, digital identities and legal technology.
On 21 December 2021, the Court of Justice of the European Union issued its judgment in Bank Melli Iran (C-124/20). The judgment relates to the application of the EU Blocking Regulation (Regulation (EC) No 2271/96). The Blocking Regulation prohibits EU businesses from complying with certain extraterritorial US sanctions targeting Iran and Cuba. In many Member States, breaches of the Blocking Regulation can expose you to criminal penalties, albeit that enforcement has been very minimal to-date.
On December 2021, the UK Government announced a package of new measures with the aim of updating the export control regime in the UK.
HMRC has published a guidance note to remind traders that a number of customs changes entered into force on 1 January 2022 in relation to the movement of goods between Great Britain and the EU.
On 15 December 2021, the European Parliament adopted a resolution on the challenges and prospects for multilateral weapons of mass destruction arms control and disarmament regimes. The resolution calls for the EU to play a strong role, and for member states to show continuous support, in all major disarmament treaties and non-proliferation regimes.