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
This publication features the latest Financial Regulatory developments in Italy.
The transition to net zero means that companies are understandably keen to highlight such credentials, and existing and upcoming legislation in various jurisdictions, including the UK, requires certain companies to make public sustainability and environmental disclosures in annual reports and elsewhere. However, companies now face a delicate balancing act between advertising such credentials and making such disclosures, and the increased litigation risk from NGOs and other actors as well as regulatory enforcement and sanctions. The ASA’s recent decisions build upon industry-specific investigations into green claims conducted by the Competition and Markets Authority earlier this year.
This publication features the latest Employment developments in Italy.
In July 2022, the law changed to allow employment businesses to supply workers to cover the duties of those taking part in official industrial action. Previously, it had been a criminal offence to do so. Following a successful judicial review challenge brought by unions, that law has been quashed. It is once again a criminal offence to supply agency workers to cover the duties of workers on an official strike, or to supply agency workers to cover the duties of other workers reassigned to cover striking workers.
Baker McKenzie’s Sanctions Blog published the alert titled Blog Series: Sanctions Enforcement Around the World – Five Eyes Partners agree to coordinate enforcement on export controls on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC and OFSI Issue Joint Humanitarian Assistance and Food Security Fact Sheet Relating to Russia on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Poland introduces compulsory administration over designated persons’ assets, and is looking for buyers on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The Istanbul Financial Center Regulation entered into force through its publication in the Official Gazette on 7 July 2023. The Regulation includes the details reserved for secondary regulations under the Istanbul Finance Center Law, especially the details regarding the conditions and processes for the participation certificate to be issued to entities that may operate in the Istanbul Financial Center.
By judgment dated 23 March 2023 (2 K 172/19), the Tax Court (Finanzgericht) Hamburg determined to what extent a tax office may request the submission of emails within the scope of a tax audit.
The Tax Court ruled that the request for submission of an overall journal in the form of a list of all emails, including emails that are not relevant for tax purposes (and that are not internal correspondence), was unlawful. According to the view of the Tax Court, the tax offices is not limited to conducting interviews since emails have an increased evidentiary evidence.