On 8 October 2021, the Consob launched a public consultation concerning proposed amendments to the Consob Regulation No. 11971 of 14 May 1999 (the “Italian Issuers’ Regulation”). The amendments to the Italian Issuers’ Regulation aim at aligning the domestic regulations with the latest legislative developments on prospectus requirements at Italian and EU level.
On 24 November 2021, the Bank of Italy issued an order concerning amendments to the Bank of Italy’s Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks” (the “Circular No. 285”). The amendments to the Bank of Italy’s Circular No. 285 aim at aligning the Italian regulations with the latest EU legislative developments on sound remuneration policies and practices, in particular exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures.
On 20 October 2021, the Financial Intelligence Unit communicated that as of January 2022 the following data will no longer be accepted by the systems used to make the suspicious transactions reporting and the objective communications: G5 credit instrument and cash deposit (residual), U3 cash deposit < EUR 15,000, U4 cash withdrawal < EUR 15,000.
In July 2021, Russia adopted its first ever law on reducing greenhouse gas emissions (“Core GHG Law”). The Core GHG Law establishes the framework for federal-wide mandatory carbon reporting and voluntary climate projects. It does not set a price on carbon — either as a carbon tax or as an emission trading system.
Following a new bill, the Belgian tax authorities have the right to request taxpayers who keep their books and records digitally to submit them through a secured online platform. This new provision lowers the barrier for the Belgian tax authorities to perform a tax audit and could thus possibly increase the number of tax audits in the future. This would also result in a substantial increase of digital data available to the Belgian tax authorities, which allows datamining in relation to the information submitted and therefore more efficient tax audits.
In an article published for ELA briefing, Jon Tuck and Richard Cook discusses the implications of the Supreme Court’s long-awaited decision in Kostal v Dunkley determining the proper scope of section 145B of the Trade Unions and Labour Relations (Consolidation) Act 1992.
In an article published in Employment Law Journal, Annabel Mackay summarises recent case law on whistleblowing and considers the potential impact of new EU legislation in this area.
On 22 November 2021, significant changes to the Russian Labor Code came into force regarding the use of electronic documents in labor relations. Now, employers have the right to use an electronic workflow in relation with employees without duplicating personnel documents on paper. With regard to distant employees (for whom an electronic workflow was introduced on 1 January 2021), employers can either continue to use the previously introduced workflow procedure (including the exchange of documents by email) or apply the rules established by the new law.
The coalition agreement (Koalitionsvertrag) adopted this week by the future German federal government – which governs the cooperation of the joint coalition government during the upcoming legislative period until 2025 – comprises a number of legislative proposals relevant to corporate compliance and governance structures.
Following Brexit, the UK government have announced the introduction of new Freeports that may act as hubs for global trade and investment in the UK. These so-called “Free Zones” are special economic customs zones located within a Freeport in the UK. Exclusive customs, VAT and excise rules apply within the Free Zone, making it easier or more cost efficient for operators to import, store and process imported goods in these zones.