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  • Key Regulatory Topics: Weekly Update 23 Dec - 7 Jan 2020

    FCA and PRA on passporting in and out of Gibraltar after the transition period -
 On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics for certain passporting arrangements.

  • Public Procurement - The European Court of Justice provides guidance on “self-cleaning” measures in its judgment

    In its judgment of 14 January 2021 the European Court of Justice provides guidance on “self-cleaning measures”. The “self-cleaning” measures were introduced in the 2014 Directives on public procurement and allow economic operators to demonstrate their trustworthiness to contracting authorities even though an exclusion ground applies to them.

  • Remuneration Code changes now in force - What do you need to know?

    Amendments have been made to the FCA’s Dual-Regulated firms Remuneration Code under SYSC 19D and the Remuneration Part of the PRA Rulebook (together the “Remuneration Codes”) to implement the remuneration aspects of the EU Capital Requirements Directive V (“CRD V”). CRD V builds on CRD IV and introduces additional measures to reduce risks in the banking sector, including amending the requirements which apply to remuneration policies.

  • 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 disputes submitted to the ICC thereafter — introduce a number of amendments to increase transparency and minimise the effects of the COVID-19 pandemic on proceedings, as well as new specific provisions for complex arbitrations and investment treaty disputes. This Client Alert provides a summary of these amendments.
 Please see full Alert below for more information.

  • 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…

  • 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.

  • 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 owned enterprises ("SOEs"), subsidy transparency, and compulsory technology transfers. In addition, the CAI covers sustainable development provisions. Work continues on finalizing the text of the CAI, before it can be signed and ratified, and on connected bilateral negotiations on investment protection.

  • 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.

  • 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...

  • 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…

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