Europe Archives

In ESG

Luxembourg: New regulatory requirements regarding the implementation of SFDR RTS

October 7, 2022 by Laurent Fessmann and Catherine Martougin 4 Mins Read

On 27 July and 6 September 2022, the Commission de surveillance du secteur financier (CSSF) released a communiqué and a communication in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and the upcoming date of application of Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing SFDR (SFDR RTS).
The CSSF outlined the deadline of 1 January 2023.
Specific updates of UCITS and AIFs pre-contractual (prospectus/issuing documents) and periodic documents (annual reports) are referred to and the CSSF created an accelerated procedure for the submission of updated pre-contractual documents with templates of confirmation letter that should accompany the filing of a prospectus/issuing documents.

In Product Regulation & Liability

France: Updated ANSM guidelines for determining financial penalties

October 6, 2022 by Julie Yeni, Caroline Arrighi-Savoie and Mélodie Truong 3 Mins Read

In August 2022, the French Agency for the Safety of Health Products published an updated version of its guidelines for determining financial penalties, which will come into effect on 1 October 2022.

In Product Regulation & Liability

Spain: The draft of the new Price Reference Order of 2022 has been published

October 6, 2022 by Montserrat Llopart and Elisabet Cots 4 Mins Read

The Spanish Ministry for Health, Consumer Affairs and Social Welfare have published the Draft of the Reference Price Order of 2022 with the aim of updating the reference prices set forth in previous orders, establishing new groups and removing those that do not meet the applicable requirements.

In Sanctions

United States: OFAC issues preliminary guidance on the implementation of a maritime services policy ban and related price exception for seaborne Russian oil

September 29, 2022 by Alison J. Stafford Powell, Eunkyung Kim Shin and Taylor Parker 1 Min Read

Baker McKenzie’s Sanctions Blog published the alert titled OFAC Issues Preliminary Guidance on the Implementation of a Maritime Services Policy Ban and Related Price Exception for Seaborne Russian Oil on 20 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In Employment

Germany: German Federal Labour Court on employers duty to record working hours

September 28, 2022 by Christian Koops and Miriam Siemen LL.B. 7 Mins Read

A new decision by the Federal Labour Court (BAG) includes an important change in the law: On 13 September 2022, Germany’s highest labor court ruled that employers – regardless of the size of the company and the existence of a works council – must record the working hours of their employees.

Switzerland: Revision of Narcotics Act – Switzerland fully legalizes medicinal cannabis

September 24, 2022 by Philippe Reich 7 Mins Read

On 1 August 2022, Swiss National Day, Switzerland’s revised Narcotics Act entered into force. The revision aims at facilitating medical treatments and improving research and development of cannabis. Prior to the revised law, patients and physicians had to apply for special authorization from the Federal Office of Public Health if they wanted to access cannabis for medical purposes. The amendment will allow numerous patients safe and timely access to cannabis medicines as part of their treatment regime. This signifies a further step in modernizing Switzerland’s legislation on cannabis.

In Sanctions

Switzerland implements further EU sanctions to align itself with the EU

September 16, 2022 by Philippe Reich and Hayley Ryerson 1 Min Read

Baker McKenzie’s Sanctions Blog published the alert titled Switzerland implements further EU sanctions to align itself with the EU on 5 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In Sanctions

United States: OFAC extends and reissues General License authorizing certain transactions involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation

September 16, 2022 by Kerry B. Contini 1 Min Read

Baker McKenzie’s Sanctions Blog published the alert titled OFAC extends and reissues General License authorizing certain transactions involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation on 9 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In Employment

United Kingdom: Industrial action webinar miniseries – Episode three – Contingency planning (Video chat)

September 14, 2022 by Jonathan James Tuck and Richard Cook 2 Mins Read

The Baker McKenzie London Employment team is delighted to welcome you back to our Industrial Action webinar miniseries with our third and final episode. Episode three breaks down some of the key contingency planning considerations for companies that are experiencing a sustained spell of industrial action, including practices to help keep the business moving, legal risks that can occur during strike action, and steps you should take, such as a proactive communications strategy, to mitigate and avoid these risks.

In Sanctions

Poland introduces temporary administration of sanctioned entities and asset takeovers (legislation update)

September 9, 2022 by Weronika Achramowicz, Piotr Jaskiewicz and Ewa Marcisz 1 Min Read

Baker McKenzie’s Sanctions Blog published the alert titled Poland introduces temporary administration of sanctioned entities and asset takeovers (legislation update) on 30 August 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.