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In a landmark decision rendered on 20 November 2023, the Antwerp Labour Court of Appeals ruled that no Belgian employee social security contributions are due in relation to equity-based compensation (RSUs in the case at hand) granted by a US parent company to employees of its Belgian subsidiary. In essence, the Court concluded that the RSUs under review were not granted in return for services provided by employees under their employment contract with and were neither borne by the Belgian subsidiary. Rather, the Court found that the RSUs were granted on the basis of an obligation undertaken by the US parent company towards the Belgian employee-beneficiaries with a view to binding these employees to the group on a long-term basis, with the US parent company also taking full financial and legal responsibility.

On 27 April 2023, the Italian Medicines Agency published on its website the Report on the Timelines of Pricing and Reimbursement Procedures of medicines during the period 2018-2022. The purpose of the Report is to ensure the principle of transparency of the administrative action and to inform citizens and economic operators about the timelines for access to reimbursed medicines.

In brief On 6 January 2023, Law No. 31668 (“Law”), which approves the temporary reduction of the costs of acquiring imported inputs relevant to the national economy, was published. The Law aims to reduce a percentage of transport and related expenses of 16 national subheadings to pre-pandemic levels, to contribute…

The Securities and Futures Commission recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes. Whilst many of the proposals from the 2019 original consultation will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.