vLex European Union

  • ICC Launches Revised Arbitration Rules for 2021

    The amendments aim to increase transparency and efficiency in the arbitral proceedings. Key Points: ..To increase transparency, parties must disclose “the existence and identity” of third-party funders. ..To increase efficiency, arbitral tribunals may decide to conduct hearings remotely, irrespective of any objections from the parties. ..New provisions allow the joinder of additional parties and the consolidation of multi-party or multi-contract arbitrations. On 1 December 2020, the International Chamber of Commerce (ICC) published the ninth iteration of its arbitration rules (the 2021 Rules). The 2021 Rules — which came into effect on 1 January 2021 and will apply to all (See Article)

    Jan 21, 2021 7:33 AM

  • The Practical Implications of the EU-China Investment Deal

    On December 30, 2020, the EU and China announced the conclusion of the negotiations of the investment treaty, the EU-China Comprehensive Agreement in Investments (CAI). The CAI represents a strategic opportunity for EU companies, financial institutions and funds to invest in China. This treaty contains two significant overarching commitments by China: market access and fair… (See Article)

    Jan 21, 2021 7:33 AM

  • EU-China Investment Agreement expected to give EU companies unprecedented market access

    On 30 December 2020, the EU and China agreed in principle on a Comprehensive Agreement on Investment ("CAI"). The text of the agreement is not yet available,1 but the European Commission called it "the most ambitious agreement that China has ever concluded with a third country." The EU expects this to create a better balance in the EU-China trade relationship considering China has committed to a greater level of market access (including the elimination of quantitative restrictions and joint venture-related requirements requirements) and fair treatment for EU investors than ever before and that China is bound by unprecedented investment discipline commitments, including in relation to state ow (See Article)

    Jan 20, 2021 9:32 AM

  • The EC publishes an inception impact assessment for the proposal of a European Health Data Space

    The European Commission has published an inception impact assessment for a potential legislative proposal establishing a European Health Data Space. In its document, the European Commission identifies the problems currently faced by the current framework for cross-border exchanges of health data. (See Article)

    Jan 20, 2021 9:32 AM

  • The Business and Human Rights landscape is shifting – be part of the conversation

    The European Commission has opened an important new consultation. It asks about the possibility of introducing a mandatory duty for all companies operating in the EU to conduct human rights and environmental due diligence across their supply and/or value chains. (See Article)

    Jan 19, 2021 7:32 AM

  • Preparing for SFDR

    A brief recap - The main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) will apply from 10 March 2021. The SFDR included provisions requiring the European Supervisory Authorities (ESAs) to prepare level 2 regulatory technical standards (RTS) to provide further detail and to assist in the application of the SFDR provisions. The SFDR states that… (See Article)

    Jan 19, 2021 7:32 AM

  • Collective Redress Set to Redefine Litigation Across Europe

    Recent developments in the area of collective redress will redefine the litigation landscape in Germany and throughout Europe. Mass actions have been on the rise throughout Europe for some time. In 2020, the balance clearly tipped towards a more plaintiff-friendly environment. (See Article)

    Jan 19, 2021 7:32 AM

  • ESG: European Regulators Seek Clarification on the Application of the Sustainable Finance Disclosure Regulation

    European financial supervisory authorities have requested the European Commission to clarify key areas of ambiguity regarding the scope and application of the Sustainable Finance Disclosure Regulation (SFDR), including its extraterritorial application. The Joint Committee of the European Supervisory Authorities (ESAs) responsible for drafting the regulatory technical standards under the SFDR has written to the European Commission seeking clarity on “several important areas of uncertainty in the interpretation of SFDR.” The ESAs also seek clarification about whether the SFDR applies to non-EU Alternative Investment Fund Managers (AIFM) when marketing under the national private placement regime of Article 42 of the Alternative Investment Fund Managers Directive (AIFMD) in the EU... (See Article)

    Jan 19, 2021 7:32 AM

  • The EU Proposes New Regulations Targeting Big Tech

    In December 2020, the European Commission unveiled a two-part initiative with the aim to regulate and remake the digital economy of the continent, furthering its continued push to establish EU “Digital Sovereignty.” (See Article)

    Jan 19, 2021 7:32 AM

  • European Regulatory Timeline 2021

    Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2021 impacting a range of UK and European firms within the financial services sector. The key dates have been distilled by the Proskauer team in an easy to read timeline with our commentary. Please see full Publication below for more information, (See Article)

    Jan 19, 2021 7:32 AM

  • EDPB recommendations on third country law assessment and data transfer practices post-Schrems II

    The European Data Protection Board (EDPB) issued its Supplementary Measures Recommendations and EEG Recommendations on 10 November 2020 following the Schrems II judgment by the European Court of Justice (CJEU). The recommendations describe how to assess third country data protection regimes and how organisations can transfer personal data outside the EEA in compliance with the GDPR and Schrems II. The EDPB offers a clear six-step procedure to enable international data transfers and provides a number of use case scenarios, which describe how to apply this procedure. Please see full Publication below for more information. (See Article)

    Jan 18, 2021 7:32 PM

  • Are you ready for new ESG-related obligations?

    What is going on? The EU has adopted a new set of rules that will change the way in which asset managers and financial advisors address environmental, social and governance (“ESG”) when conducting business. Two of the cornerstones of the new legislation are... (See Article)

    Jan 18, 2021 7:32 PM

  • SCCS Opinion on the Safety of Nanomaterials in Cosmetics Includes Prioritized List of Nanomaterials for Risk Assessment

    On January 11, 2021, the European Commission’s (EC) Scientific Committee on Consumer Safety (SCCS) posted a final opinion entitled Scientific Advice on the Safety of Nanomaterials in Cosmetics. The EC requested that SCCS determine the nanomaterials, as published in the 2019 catalogue of nanomaterials, for which specific concerns can be identified and justified to establish a priority list of nanomaterials for risk assessment (Article 16(4) Reg. 1223/2009). (See Article)

    Jan 14, 2021 7:32 AM

  • European Commission Proposes New Rules for Digital Platforms

    On December 15, 2020, the European Commission (EC) unveiled a set of proposals to regulate digital platforms. The draft laws include antitrust-related requirements, addressed by the Digital Markets Act (DMA) and more general regulatory requirements, addressed in the Digital Services Act (DSA). The DMA/DSA package will apply to all digital services, including social media, online marketplaces, and other online platforms, meaning tech companies active in Europe will have a new set of rules to follow. (See Article)

    Jan 14, 2021 7:32 AM

  • Remote QMS audits under the MDR are finally allowed by the European Commission

    On 11 January 2021, the European Commission published a Notice which provides the conditions under which remote audits under Regulation 2017/745 of 5 April 2017 on medical devices (MDR) and Regulation 2017/746 of the of 5 April 2017 on in vitro diagnostic medical devices (IVDR) may be performed. (See Article)

    Jan 14, 2021 7:32 AM

  • EU-China Comprehensive Investment Agreement – Cloud (Services) On The Horizon?

    On December 30, 2020, the European Commission announced an in principle agreement with China on the terms of an EU-China Comprehensive Agreement on Investments (“CAI”). It contemplates what the Commission’s press release described as an “ambitious opening by China to European investments” that includes market access commitments across a wide range of sectors – including cloud services and other online services... (See Article)

    Jan 13, 2021 7:32 AM

  • Keep Your Personal Data Flowing – How to Navigate the Changing Tides of the New EU Guidance and UK-EU Brexit Deal

    Concerns are mounting for companies around the world as they consider their ability to transfer data from the EU following the recent decision by the Court of Justice of the European Union in Data Protection Commissioner v. Maximillian Schrems (Schrems II) and subsequent proposed guidance on data transfer measures coming out of Europe as well as the recent post-Brexit Cooperation Agreement between the EU and the UK. The following alert distills the impact of these developments and provides practical suggestions and insight into what others are doing in response. (See Article)

    Jan 12, 2021 7:32 AM

  • Will the EU-China Comprehensive Agreement facilitate investment by EU companies in China?

    The European Union (EU) and the People’s Republic of China concluded the negotiations on their investment treaty, the EU/China Comprehensive Agreement on Investment (CAI), on 30 December 2020. (See Article)

    Jan 12, 2021 7:32 AM

  • European Commission Invites Comments regarding Collective Bargaining for the Self-Employed

    The European Commission is seeking feedback on introducing regulations or guidance to ensure that EU competition law rules do not prevent self-employed workers from collectively bargaining. On 6 January 2020, the European Commission (EC) published an inception impact assessment that invites comments on the scope of application of EU competition law to collective bargaining agreements for the self-employed. Please see full Alert below for more information. (See Article)

    Jan 12, 2021 7:32 AM

  • New EU rules on transboundary plastic waste shipments

    As part of the EU Green Deal’s Circular Economy Action Plan and Plastics Strategy, new rules on the export, import and intra-EU shipment of plastic waste under the Waste Shipment Regulation (Regulation (EC) No 1013/2006) entered into force on 1 January 2021. (See Article)

    Jan 11, 2021 7:31 PM

  • EU seeks to bolster cybersecurity regulation with the introduction of NIS 2.0

    On 16 December 2020, the EU released its proposed revisions to the existing Directive 2016/1148 on the security of network and information systems (NIS2). (See Article)

    Jan 8, 2021 7:32 AM

  • Insights from the CJEU regarding cooperation agreements between contracting authorities

    On May 28 2020, the European Court of Justice (CJEU) provided preliminary rulings in Case C-796/18 Informatikgesellschaft für Software-Entwicklung (ISE) mbH ./. Stadt Köln, and on June 4, in Case C-429/19 Remondis GmbH ./. Abfallzweckverband Rhein-Mosel-Eifel. Both cases concerned the frequently debated issue of public contracts between contracting authorities; and in particular, the interpretation of the exemption in Article 12(4) in Directive 2014/24/EU on public procurement (the “Directive”), referred to as the “Hamburg exemption.” (See Article)

    Jan 8, 2021 7:32 AM

  • LMA Updates Secondary Bank Debt Standard Terms & Conditions to Include EU Bail-In Provisions

    Our Distressed Debt & Claims Trading Team discusses how the updates to the Loan Market Association’s Terms and Conditions incorporate European bail-in rules after Brexit. In conjunction with Brexit becoming effective on January 1, 2021, the Loan Market Association (LMA) updated its Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims). LMA bank debt trades occurring on or after January 1, 2021 will now be explicitly subject to European bail-in legislation, which gives European regulators the power to modify liabilities owed by certain failing European financial institutions of the UK and Member States of the EU. (See Article)

    Jan 8, 2021 7:32 AM

  • A New European Financial Services Landscape for a New Year?

    Readers scanning the UK/EU trade deal on Christmas Eve will have looked in vain for a meaningful section on financial services. Instead, the UK asset management industry has been presented with something that looks very much like a hard Brexit, albeit with the promise of more work to come. (See Article)

    Jan 7, 2021 7:31 PM

  • European Competition Law Newsletter – January 2021

    “True Brexit” Happened: Impact on Competition Law - After formally leaving the EU early in 2020, the UK on 31 December finally left the EU’s single market and customs union at the end of the transitional period. Despite the Trade and Cooperation Agreement (TCA) agreed between the EU and UK in late December, this will impact businesses and individals in a number of ways. (See Article)

    Jan 7, 2021 5:32 PM

  • Bridge Over Troubled Water - Brexit Agreement Solves Issue of Data Transfer, for Now

    On 30 December, with 24 hours to spare, the EU and UK signed a Trade and Cooperation Agreement, setting out their future relationship following Brexit. Trumpeted as the most comprehensive international trade deal ever reached, the 1246 page Brexit Deal Agreement effectively keeps the status quo on personal data transfer for a six month bridging period. (See Article)

    Jan 7, 2021 5:32 PM

  • The EU adopts a new global human rights sanctions regime

    In a much-anticipated move, on 7 December 2020, the Council of the European Union adopted a Council Decision and a Council Regulation establishing the EU’s global human rights sanctions regime (the GHRSR). (See Article)

    Jan 6, 2021 7:31 PM

  • Safe For Now: Temporary Grace Period For EU-UK Data Flow

    On December 24, 2020, the European Commission and the United Kingdom reached an agreement in principle on the long-awaited Trade and Cooperation Agreement (the “Trade Agreement”). For now, transfers of personal data from the United Kingdom to the European Union — and from the United Kingdom to other jurisdictions recognized by the European Union as having adequate data protection — will continue to be permitted without additional measures... (See Article)

    Jan 6, 2021 5:32 PM

  • New Year, New Plan: EDPB Issues 2021-2023 Strategy

    It's a new year and everyone makes resolutions, even the European Data Protection Board (EDPB). In its 2021-2023 strategy, the EDPB sets four pillars and action items associated with them, leaving the bombshell to the very last bullet point: focus on engagement and cooperation with supervisory authorities of third countries in enforcement cases involving controllers or processors located outside the EEA... (See Article)

    Jan 6, 2021 5:32 PM

  • European Commission Publishes New Wide-ranging Rules To Regulate Digital Markets

    On 15 December 2020, the European Commission published its much-heralded legislative proposals to regulate digital markets.  Although Brexit in theory now allows the UK to implement divergent competition and regulatory proposals the EU proposals mirror to a large extent the UK Government’s recently announced high level plans to regulate major platform providers with the establishment of a platform regulator. (See Article)

    Jan 5, 2021 7:32 AM