vLex European Union

  • Sweeping Up the Bad (Website) Cookies

    Several recent actions from regulators in Europe have clarified the requirements surrounding cookie consent on websites, reminding website operators that consent must be freely given, specific, informed, and unambiguous. Most recently, the DPC released its findings from a study on current cookie practices on popular websites in diverse sectors, and the report identified multiple compliance gaps that widely exist on many websites. Although the US does not currently have cookie requirements, these guidance notes can provide best practice guidelines for consideration, particularly for websites with a multi-national target. (See Article)

    Aug 5, 2020 6:32 AM

  • Passport to Privacy: Lessons From EU Guidance on COVID-19 and Personal Data

    Attempts by U.S. legislators to address the privacy issues raised by the ongoing COVID-19 pandemic have stalled. But for companies seeking to balance the goals of furthering public health and protecting individuals' privacy, the European Union is providing policy guidance that may be exportable. (See Article)

    Aug 5, 2020 6:32 AM

  • Updated 5G National Security Report Issued by European Commission

    - On July 24, the European Commission (EC) published an updated report (the “Report”) on the progress made by member states in implementing measures aimed at addressing the national security risks and mitigation strategies related to the rollout of 5G within the EU (known as the “5G Toolkit”). - By way of background, the objective of the 5G Toolkit is to set out a coordinated European approach based on a common set of measures aimed at mitigating the main national security risks to 5G networks that were identified in the EU coordinated risk assessment report. The Report finds that many of the member states are only at an early stage in terms of introducing the more impactful legal nationa (See Article)

    Aug 5, 2020 6:32 AM

  • European Competition Law Newsletter – August 2020

    EU, UK Competition, State Aid and Public Procurement Law During COVID-19 - While not the most important concern, it should be appreciated that antitrust/competition law, plus the state aid and public procurement rules, continue to apply in the EU and UK during the crisis. (See Article)

    Aug 4, 2020 6:31 PM

  • European Banking Authority Report on Implementation of EU Prudential Framework During COVID-19

    The European Banking Authority has published a report on the implementation of certain prudential policies introduced by the EBA to deal with the effects of the COVID-19 pandemic. The report focuses on two areas in particular: implementation issues around the EBA's Guidelines on legislative and non-legislative moratoria on loan repayments and the criteria that institutions should follow for the identification and treatment of operational risk events and losses. (See Article)

    Aug 4, 2020 6:32 AM

  • EU imposes cyber sanctions for the first time

    The European Union has imposed restrictive measures against six individuals and three entities responsible for or involved in various cyber-attacks, including the attempted attack against the Organisation for the Prohibition of Chemical Weapons and the cyber-attacks known as 'WannaCry', 'NotPetya', and 'Operation Cloud Hopper'. (See Article)

    Aug 4, 2020 6:32 AM

  • EU-US Privacy Shield Updates, Post Schrems II

    Two updates that companies may find helpful regarding standard contractual clauses for cross-border transfers of personal data post invalidation of the EU-US Privacy Shield program. (See Article)

    Aug 4, 2020 6:32 AM

  • HM Revenue & Customs to Get Preferential Status as of 1 December 2020 (UPDATED)

    With effect from 1 December 2020, the UK’s HM Revenue & Customs will be given preferential creditor status for certain taxes which a company has collected but failed to pay to HMRC on the date it enters insolvency. (See Article)

    Aug 4, 2020 6:32 AM

  • Schrems II Update: Privacy Shield Strikes Out

    On July 17th, the Court of Justice of the European Union (CJEU) released its ruling that Privacy Shield is no longer an adequate method to transfer personal data from the European Economic Area (EEA) to the US. (See Article)

    Aug 4, 2020 6:32 AM

  • How European Retailers Can Manage COVID-19 Disruption and Make It to the Other Side

    Only a few months ago shopping with friends or family was a normal part of daily life, yet now it is considered a potentially perilous excursion for many of us. COVID-19 stunned our economy and shuttered vast portions of the retail sector, with physical retail footfall reportedly dropping by c.80% at its peak. (See Article)

    Aug 3, 2020 6:32 AM

  • European Commission Proposes Changes to MiFID II Due to COVID-19

    Many of the wide-ranging amendments address the perceived barriers MiFID II introduced in capital markets and are likely to be welcomed by industry. Key Points: ..The amendments aim to remove administrative burdens that result from information and disclosure rules. .. Bonds with make-whole clauses are to be exempt from the product governance regime; the amendments represent the first time the European Commission has acknowledged that “simple” bonds with a make-whole should not be a PRIIP. ..The amendments recalibrate the position limits regime for commodity derivatives. ..The European Commission has launched a consultation on the regime for research on small and mid-cap issuers and on fixed-income instruments, including a “research unbundling” exception, to help the recovery from the pandemic. Please see full Alert below for more information. (See Article)

    Aug 3, 2020 6:32 AM

  • EU Announces First Sanctions under EU Cyber Sanctions Regime

    On July 30, 2020, the European Council announced sanctions against six individuals and three organizations for their involvement in a series of cyber-attacks that have caused significant damage in the EU and around the world over the last several years. (See Article)

    Aug 3, 2020 6:32 AM

  • ESG in 2020: A Half-Year Review

    Interest in the environmental, social and governance (ESG) policies of companies and their impact on the wider community has continued to increase amongst institutional investors, retail shareholders and the media during the first half of 2020. The COVID-19 pandemic and the Black Lives Matter movement have both resulted in the “S” in ESG becoming rapidly more important as companies seek to reaffirm their public image in response to such events, defying any concerns that ESG issues would fall to the wayside at the onset of an economic crisis. In this article, we review some of the key ESG developments and trends in the UK and Europe in the first half of 2020. (See Article)

    Aug 3, 2020 6:32 AM

  • EU Data Exports After Schrems II – Guidance by data protection authorities

    The table below sets out the guidance provided by data protection authorities (DPA) in response to the European Court of Justice’s landmark judgment in Case C-311/18 Data Protection Commissioner v. Facebook Ireland and Maximillian Schrems (Schrems II) released on July 16, 2020, in which the Court found that SCCs were valid in principle but declared the Privacy Shield invalid. Please see full Table below for more information. (See Article)

    Aug 3, 2020 6:32 AM

  • Special Report - Schrems II: What Does the CJEU’s Decision Mean for Transfers from the EEA to the US?

    In our Schrems II Practical Guidance special reports, members of McDermott’s internationally recognized Global Privacy & Cybersecurity group have outlined practical guidance and next steps to ensure your business is prepared for what’s next following the final ruling in Data Protection Commissioner v. Facebook Ireland Limited, Maximillian Schrems. As your organization navigates the post-Schrems II landscape following the CJEU’s recent decision, consider McDermott your first point of call. We have deep experience advising global clients on compliance with the complex array of privacy and cybersecurity obligations affecting data that crosses borders or relates to foreign employees and individuals... Please see full Special Report below for more information. (See Article)

    Aug 3, 2020 6:32 AM

  • COVID-19 IP update: Intellectual Property Office developments (UK & EPO updated)

    EPO - **By way of an update, on 29 July 2020 the EPO has decided to postpone all oral proceedings in examination and opposition proceedings scheduled until 31 December 2020 (previous date was 14 September 2020) unless they have already been confirmed to take place by means of videoconferencing or are converted into oral proceedings by videoconference with the applicant's consent. (See Article)

    Jul 31, 2020 6:31 PM

  • EU Notice on Postponement of Open Access Provisions for Exchange-Traded Derivatives

    A notice of information has been published in the Official Journal of the European Union, postponing the entry into application of open access provisions for exchange-traded derivatives under the Markets in Financial Instruments Regulation until July 3, 2021. (See Article)

    Jul 31, 2020 6:31 PM

  • European Commission Consults on a Carbon Border Mechanism

    On 11 December 2019, the European Commission (Commission) unveiled the European Green Deal (Green Deal), an ambitious environmental and climate set of policy proposals aiming to achieve carbon neutrality in Europe by 2050. More concretely, the Green Deal emphasized that “should differences in levels of ambition worldwide persist, as the EU increases its climate ambition, the Commission will propose a carbon border adjustment mechanism, for selected sectors, to reduce the risk of carbon leakage.” (See Article)

    Jul 31, 2020 8:32 AM

  • "Class Actions" in Europe: Steps Toward a Harmonized Litigation Framework

    The Situation: Negotiators for the European Parliament and the Council of the European Union (the "Council") have reached an agreement on new European rules on collective consumer action. The Council has thus published a proposal for a "Class Actions" Directive (the "Directive"). The Issue: The European Union ("EU") has been seeking to strengthen consumer rights vis-à-vis companies in "mass harm" situations by creating a collective representative action at the European level. This important Europe-wide harmonization will shape the future of national and cross-border consumer litigation. (See Article)

    Jul 31, 2020 8:32 AM

  • Europe’s Green Deal: Insurance Europe responds to consultation

    Insurance Europe indicated its support for the “ambitious objectives of the European Green Deal” as well as increasing the supply of long-term sustainable assets, making sustainability more “mainstream” and integrating ESG factors into portfolios. (See Article)

    Jul 31, 2020 6:32 AM

  • Determining Liability For Illegal Uploads To Online Platforms: An ECJ Opinion Decides In Favour Of Platform Operators

    Online platform operators have a rare cause to be cautiously optimistic at news from the European court. In a recently-published European Court of Justice (ECJ) opinion, Advocate General Henrik Saugmandsgaard Øe stated that, under the current EU legal regime, operators should not be directly liable for the illegal uploading of protected works by platform users. This addresses a recurrent issue over the last few years, whereby platform operators have repeatedly argued that they cannot be held responsible for the activities of platform users... (See Article)

    Jul 31, 2020 6:32 AM

  • Basel Committee on Banking Supervision Finalizes Credit Valuation Adjustment Risk Framework

    The Basel Committee on Banking Supervision has published final revisions to the credit valuation adjustment risk framework under the Basel III standards. The updated international standard sets out the proposed regulatory capital treatment of CVA risk for derivatives and securities financing transactions. The CVA risk framework is designed to manage the risk of banks incurring mark-to-market losses from deterioration in the creditworthiness of counterparties in derivatives or SFTs. The framework was last revised in December 2017, partly to align it with the Basel Committee's market risk framework. The latest revisions include... (See Article)

    Jul 31, 2020 6:32 AM

  • Privacy Shield Struck Down: Schrems II – Just When You Thought it Was Safe to Go Back in the Harbor

    16 July 2020 will go down in data protection history. On that day, the EU Court’s decision in Schrems II dealt international data transfer a mighty blow. (See Article)

    Jul 31, 2020 6:32 AM

  • Two Heads Are Better Than One: Double Hatting and Its Impact On Diversity In International Arbitration

    In recent years there has been increasing focus on arbitrators also acting as counsel, a practice known commonly as ‘double hatting’ or ‘dual hatting.’ This can result, for example, in arbitrators appearing as counsel before tribunals composed of arbitrators with whom they had previously sat. This practice is now attracting increasing criticism on the basis that performing multiple and sometimes overlapping roles can affect an arbitrator’s ability to act impartially. Double-hatting can also have an economic impact, leaving awards vulnerable to annulment. (See Article)

    Jul 31, 2020 6:32 AM

  • EU Platform-to-Business Regulation Enters Into Force

    The regulation is part of the EU Digital Single Market strategy to harmonise digital rights. From 12 July 2020, the EU’s Platform-to-Business Regulation 2019/1150 (P2B Regulation) promoting fairness and transparency for business users of online intermediation services applies. (See Article)

    Jul 31, 2020 6:32 AM

  • EDPB Issues Guidance on Data Transfers After CJEU’s Decision Invalidating the EU-U.S. Privacy Shield

    The decision of the Court of Justice of the European Union (CJEU), in Schrems II, invalidating the EU-U.S. Privacy Shield has engendered significant uncertainty regarding data transfers from the EU to the United States. In reaction, the European Data Protection Board (EDPB), an association of representatives of the EU data protection authorities (DPAs), has issued guidance on Schrems II in the form of answers to twelve frequently asked questions received by DPAs relating to the decision. (See Article)

    Jul 30, 2020 4:32 PM

  • The seismic shift of Schrems ll and what you can still do to transfer personal data to the US from the EU

    If you transfer data from the EU to the US, or if your trusted service providers do, the Schrems II European Court decision1 has seismic significance - even if you do not rely on Privacy Shield.  On July 16, 2020, the Court of Justice of the European Union (CJEU) issued its much anticipated judgement in what has become known as the Schrems II case. (See Article)

    Jul 30, 2020 6:32 AM

  • ECJ Invalidated the EU-US Privacy Shield Framework

    On July 7, the Court of Justice of the European Union (ECJ) invalidated the EU-US Privacy Shield framework in its ruling in Data Protection Commissioner v. Facebook Ireland and Maximillian Schrems (Case C-311/18). More than 5,000 organizations in the United States have certified their adherence to this framework, and have relied on it to receive personal data from organizations in the EU in compliance with the General Data Protection Regulation (GDPR) since 2016. The framework was a joint effort between the US Department of Commerce and the European Commission and Swiss Administration to provide companies on both sides of the Atlantic with a mechanism to comply with data protection requirements when transferring personal data from the European Union and Switzerland to the United States in support of transatlantic commerce. The Department of Commerce released the following statement... (See Article)

    Jul 30, 2020 6:32 AM

  • Thermal Testing: Privacy Considerations for Businesses

    In the wake of COVID-19, businesses have a host of health regulations and recommendations to consider before they resume in-person activity. Some employers plan to screen for symptoms, including regular thermal testing (or temperature taking) of employees and site visitors before those individuals enter a facility. (See Article)

    Jul 30, 2020 6:32 AM

  • Climate Change Disputes Take Center Stage at Paris Arbitration Week (PAW)

    There is increasing awareness about the interconnected nature of climate-related issues such as biodiversity loss, health, human rights, security and inequality. Indeed, climate change disputes are on the rise, and the International Bar Association (the “IBA”), in its 2014 report (Achieving Justice and Human Rights in an Era of Climate Disruption), called for the immediate creation of an international ad hoc arbitral body specifically for environmental litigation and the eventual establishment of an International Court for the Environment. (See Article)

    Jul 30, 2020 6:32 AM