On 14 February 2023, the Treasury finally published its delayed consultation on draft legislation to bring BNPL within the regulatory perimeter. The legislation follows the general approach set out by the Treasury last summer to bringing BNPL within the regulatory perimeter. There are, however, some key updates in the Treasury’s final policy position from its thinking from last summer on the scope of regulation.
Baker McKenzie’s Sanctions Blog published the alert titled EU adopts 10th package of sanctions against Russia on 25 February 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 Webinar: Key lessons from the Russia/Ukraine crisis: Preparing for the next geopolitical event on 22 February 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 Dutch government announces new EU sanctions measures against Russia and Belarus to enter into force on 24 February 2023 on 22 February 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 6 February 2023, the European Council published Council Regulation (EU) 2023/246 on the exchange of information in electronic registers in the Official Journal of the European Union. The (recast) regulation extends the obligation to maintain electronic registers relating to economic operators who move excise goods between Member States for commercial purposes from 13 February 2023.
A series of new rules were rolled out on 13 February 2023 which will make the taxation of alcohol, tobacco and energy products fully paperless across the EU. They are part of a wider expansion of the common excise duty provisions in the EU. The aim of this new standardized electronic system is to alleviate some of the rigorous procedures faced by energy suppliers and small producers of alcohol.
This article provides an overview of the German regime for crypto securities and of the recent and future expansion of the scope of the German Act on Electronic Securities, which will allow for more use cases. The eWpG provides a reliable regime for crypto securities. It entered into force in the summer of 2021, but its scope has recently been expanded. Under even more ambitious plans, the German government intends to expand its scope further.
On 28 December 2022, significant amendments to the ordinance on notifications pursuant to Section 2c of the German Banking Act and Section 17 of the German Insurance Supervision Act, the Ownership Control Ordinance went into force.
With a significant delay, the German Federal Financial Supervisory Authority has issued detailed rules on the new notification requirement regarding proposed outsourcings introduced in the Financial Market Integrity Strengthening Act, a law passed on 3 June 2021 in reaction to market failures.
Join Baker McKenzie’s Consumer Goods & Retail Industry Group for their events entitled Redefining Luxury & Fashion: What Fits in the Future? scheduled to take place in London on Tuesday, 14 March 2023 and in Paris on Thursday, 16 March 2023.