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In AML & Financial Services Regulatory

European Union: Alternative Investment Fund Managers Directive II is out

by and 1 Min Read

On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive and the Undertaking for Collective Investment in Transferable Securities Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds (AIFMD II or “Directive”) was published in the Official Journal of the European Union.
AIFMD II will enter into force on 15 April 2024.

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In ESG

United Kingdom: How should the investment management industry tackle compliance with the FCA’s anti-greenwashing rule?

by and 2 Mins Read

Greenwashing refers to the practice of making exaggerated, misleading or unsubstantiated claims in relation to the sustainability credentials of financial products and services. The risk of greenwashing claims has risen significantly in recent years, in tandem with investor demand for more sustainable investment products. This has been evidenced not only by well-publicized enforcement action both in Europe and the UK, but also by a flurry of recent claims by NGOs against financial institutions.

In ESG

European Union: The new Corporate Sustainability Due Diligence Directive has been provisionally agreed, what does this mean for companies?

by 11 Mins Read

The Corporate Sustainability Due Diligence Directive (“CS3D”) was provisionally agreed at a political level in December 2023, and confirmed by COREPER in a revised version in March 2024. Once formally approved, this new law will have significant impacts on many EU companies and non-EU companies active in the EU, as well as on their value chains throughout the world. In this first installment of our new “CS3D Explainer Series”, we answer the following four key questions: “Which companies are covered?,” “What will be their new obligations?,” “Why should they comply?” and “When will this start to apply?”

In Employment

United Kingdom: Automatic unfair dismissal provisions relating to parental leave do not require formal request

by , and 1 Min Read

A dismissal will be automatically unfair if the sole or principal reason for dismissal is that the employee took or sought to take parental leave. In Hilton Foods Solutions v. Wright, the EAT has decided that this protection does not require the employee to have made a formal request. Communications about taking parental leave might reach a stage that could be described as having sought to take the leave. This will be a question of fact for employment tribunals.

In Employment

Austria: Implementation of the EU Transparency Directive – Amending of employment contracts required

by and 4 Mins Read

The Austrian National Council has passed a new legislation implementing the EU Directive on Transparent Working Conditions (Directive EU 2019/1152). The legislation is expected to come into force by the end of March 2024. The new law provides for changes to the minimum content of service notes and employment contracts, the right to multiple employment, and training costs.

In Antitrust / Competition

Sweden: Highlights within the Public Procurement World 2023/24

by 5 Mins Read

As of 1 January 2024, the Swedish Competition Authority will have increased authority to supervise public procurements. The powers have been adopted in order to make procurement supervision more effective.
Under the new rules, the Swedish Competition Authority may now make decisions on procurement fines without having to apply for a review of the fine in court. This presupposes, however, that the procurement did not begin before 1 January 2024.

In ESG

European Union and Germany: Sustainable supply chains – Comparing legal requirements

by , , and 7 Mins Read

On 15 March 2024 a new compromise proposal of the Corporate Sustainability Due Diligence Directive (CSDDD) was agreed upon by the EU Member States. The CSDDD sets out human rights and environmental due diligence obligations for companies within and also outside of the EU. Some key regulations have been eased in order to reach an agreement and pave the way for passing the law. As a next step the European Parliament has to adopt the Directive before the Member States will have to transpose the Directive into national law.

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