Search for:



The Financial Services Regulatory (FSR) Momentum Monitor is a horizon-scanning tool enabling financial service providers to plan and prepare for coming developments across the jurisdictions in which they operate. Grouping upcoming changes into key business-relevant themes, the FSR Momentum Monitor highlights the extent and expected impact of upcoming regulatory intervention in multiple jurisdictions across the globe.

Inclusion, Diversity & Equity (ID&E) remains at the center of our continuous learning and organizational improvements, and in how we organize the full participation of our people and our clients. This continues to be reflected through how we have broadened the conversation to include ‘equity’ – when everyone gets what they need. This year we will go back to basics, exploring terminology and language, understanding our changing demographics and the impact on the world of work, with a focus on embedding inclusion through organizational change.

In its efforts to continue to promote fair tax competition and address harmful tax practices, the European Council decided on 14 February 2023 to add the British Virgin Islands, Russia, Costa Rica and the Marshall Islands to the EU list of non-cooperative jurisdictions for tax purposes or “blacklist”. Now is the time for multinational enterprises and investment funds with subsidiaries or investors in these jurisdictions to consider the potential tax implications of this development on their structures.

In this virtual event, Baker McKenzie lawyers shared their views and covered topics on how companies can protect their digital property, how digital solutions can be safely utilized and the regulatory implications of data usage for a business. Guest speakers also discussed considerations on how they are dealing with an ever-evolving digital environment and the regulatory implications to consider when organizations adapt new technologies and manage data usage.

A remarkable recent trend in trade policy is the pivot of countries towards issue-specific trade agreements. On the heels of standalone regional or bilateral digital trade agreements, countries are now exploring raw material access as the new frontier for bilateral trade cooperation – often in the context of the green transition.

Now may be a good time for multinational enterprises with subsidiaries in low or no tax jurisdictions to consider the amount of economic substance they have in these jurisdictions: to ensure compliance with economic substance rules, generally enacted from 2019 onwards, largely in response to the requirements of the OECD Forum on Harmful Tax Practices and the EU Code of Conduct Group; and to alleviate the impact of the Pillar 2 rules, which will begin to apply from 1 January 2024, multinational groups should consider substance for the “Substance-based Income Exclusion”.

There is a growing investor focus on Environmental, Social and Governance factors in the mining sector. In recent years, mining companies with better ESG performance have delivered materially higher shareholder returns than the wider market. Further, in order to be able to access funding, mining companies are increasingly required to demonstrate a robust commitment to addressing ESG concerns and risks, as well as a strong track record of ESG compliance.

Towards the end of last year, the European Union reached an agreement on its Pillar Two Directive, leaving a year for Member States to implement it in domestic law. The OECD also released its guidance regarding safe harbor and Penalty Relief, as well as public consultations on GloBE information Return and Tax Certainty for the GloBE Rules. Please join our experts, including those on tax policy, as well as economists and tax professionals across the globe to discuss the most recent updates and fresh insights on this topic each month. The first session in the series is on 8 February 2023.