Allen & Overy LLP (JD Supra European Union)
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Schrems II Update
New SCCs, EDPS investigations into cloud contracts, German DPAs inquiry into international data transfers, CNIL’s review of research collaboration tools and FTC report on Privacy Shield.
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EU - EDPB endorses first EU-wide codes of conduct for cloud services, issues statement on Data Governance Act and gives recommendations on the storage of credit card data
On 19 May 2021, the European Data Protection Board (EDPB) held its plenary session with a busy agenda. The first outcomes of the plenary have now been published by the EDPB.
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Antitrust in focus - May 2021
This newsletter is a summary of the antitrust developments we think are most interesting to your business.
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Key Regulatory Topics: Weekly Update May 2021
Our weekly update on key regulatory topics affecting the financial services sector.
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Collusion in public procurement - A “notice” from the Commission
On 15 March 2021, the European Commission (the Commission) published its long-awaited “Notice on tools to fight collusion in public procurement and on guidance on how to apply the related exclusion ground” (the Notice). Please see full Publication below for more information.
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New Corporate Sustainability Disclosure Directive (CSRD) proposed
An EU-wide sustainability reporting standard has been proposed by the European Commission ahead of a possible new international reporting standard on sustainability. The EU proposals expand the scope of non-financial reporting, require undertakings to explicitly disclose their net zero strategies and introduce new mandatory reporting standards.
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DORA – Enhancing digital resilience for the financial sector and its ICT service providers is more important than ever
The future of finance is digital. The increased reliance on technology in finance heightens the vulnerability of ICT systems and worsens the impact of a potential cyberattack. To this end, the European Commission (the Commission) proposed a regulation on digital operational resilience for the financial sector (DORA), on 24 September 2020.
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A lesson on English law post-Brexit from the Court of Appeal
English lawyers and law students should be getting to grips with a whole new area of English law: Retained EU law. In this decision, the Court of Appeal explains all about Retained EU law and provides a roadmap for anyone having to consider it. The ruling also explains a rather unusual provision in the EU (Future Relationship) Act 2020 which can modify automatically English law that is not...
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Foreign subsidies under the EU microscope
On 5 May 2021, the European Commission (EC) published a draft Regulation aimed at remedying distortions in the EU single market caused by companies receiving subsidies from non-EU entities. Please see full Publication below for more information.
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Key provisions of the Draft AI Regulation
On 21 April 2021, the European Commission published its proposal for the Artificial Intelligence Regulation (the Draft AI Regulation). Please see full Publication below for more information.
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Real estate transactions and public procurement: further guidance from the European Court of Justice
In its most recent case law, the European Court of Justice (CJEU) provides further guidance on the demarcation between real estate transactions and the application of public procurement legislation to contracts for works. Please see full Publication below for more information.
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EU Taxonomy Climate Technical Screening Criteria (TSC)
The EU Taxonomy Regulation has been in force since 2020, but a critical element of the Regulation – the Technical Screening Criteria (TSC) – has yet to be formally agreed. The European Commission’s announcement on 21 April 2021 that it has reached political agreement on the climate TSC moves us closer to a green classification framework. Support for transitional activities could also be on the...
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Beyond “pay-for-delay” – the EU-Commission’s investigation into patent filing practices and communication measures
On 4 March 2021, the European Commission (Commission) opened a formal investigation into alleged anti-competitive conduct by the pharmaceutical company Teva. The Commission suspects Teva of having deployed a strategy with the intention of delaying the market entry of generic drugs that competed with Teva’s originator drug Copaxone. This may have amounted to an abuse of a dominant position...
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European Union – A proposal for the Regulation of AI offers the first structured approach to regulating AI systems
On 21 April 2021, the European Commission published its Proposal for a Regulation on a European approach for Artificial Intelligence (the draft AI Regulation). The press release can be found here. The proposal differs substantially from the draft version that was leaked last week.
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Stricter information requirements for foreign investors under the EU FDI Regulation
The European Commission published on 19 April 2021 a template notification form that EU Member States should use in the context of the cooperation mechanism put in place by the EU FDI Regulation.
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EU – EDPB adopts positive opinions on draft UK adequacy decisions and adopts final Guidelines on targeting of social media users
On 14 April 2021, the European Data Protection Board (EDPB) announced the outcomes of its 48th plenary session held on 13 April 2021.
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Patent settlements and competition law – guidance from Europe’s top court
On 25 March 2021, the European Court of Justice (ECJ) ruled for the second time on a “pay-for-delay” settlement. These are settlements of a patent dispute that involve payments or other value transfers from the originator manufacturer to the generic manufacturer in return for a delayed market entry. The ECJ dismissed appeals by the originator manufacturer Lundbeck and five generic manufacturers...
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Key Regulatory Topics: Weekly Update April 2021
This week’s update includes, among other key items, the FSB’s report on its evaluation of the effects of too-big-to-fail reforms for systemically important banks. This report, alongside the FSB’s report on Covid-19 support measures and its work towards a roadmap on climate-related financial risks, are highlighted by the FSB in its letter to the G20 leaders ahead of their meeting which took place...
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When Green meets Digital
What’s behind the new “European Green Digital Coalition”? - On 19 March 2021, two initiatives emerged as part of the Digital Day hosted by the EU Commission. The online event saw commitments made by European States in a joint declaration, and by 26 large international companies through the creation of the “European Green Digital Coalition” (EGDC). In the context of the EU Green Deal and the...
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The People’s Climate Case Declared Inadmissible: Not All Climate Litigation Roads Lead To Rome
In the past years (and months), there has been a growing wave of climate change litigation cases, and the cases where plaintiffs have (successfully) invoked fundamental rights are increasing. In our previous two articles (which can be found here and here), we made an in-depth analysis of the status of current climate litigation in courts around the world. Please see full Publication below for
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Insights for Fund Managers – ESA’s Opinion on the Jurisdictional Scope of Application of the EU Securitisation Regulation
On Friday 26 March 2021 a joint opinion on the jurisdictional scope of the obligations of the EU Securitisation Regulation1 (EUSR) was published (Joint Opinion, linked here) by the Joint Committee of the European Supervisory Authorities (ESAs, ie EBA, ESMA, EIOPA). The Joint Opinion is important because it contains the views of the ESAs on the EUSR’s jurisdictional scope on third country (ie...
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Key Regulatory Topics: Weekly Update 19 - 25 March 2021
HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications
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European Commission To Review More Transactions Under New Merger Control Referral Guidance
The European Commission (the EC) has adopted new Guidance to encourage more referrals to it from EU Member States (under Article 22 of the EU Merger Regulation) of transactions that do not meet national merger control thresholds (the Guidance). This is a significant evolution of the referral mechanism, which companies will need to factor into deal strategies, timetables and documentation. ...
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EU Court confirms full procedural guarantees for all
To be forewarned is to be forearmed: public procurement procedures and remedies - judgement of the CJEU in CASE C-771/19 NAMA AND OTHERS V ARCHI EXETASIS
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Antitrust in focus - March 2021
In early March we published our latest Global trends in merger control enforcement report. In it, we analyse data for 2020 from 26 jurisdictions (focusing on the EU, UK, U.S., and China) and look ahead at what to expect from merger control enforcement in 2021.
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Schrems II Update – EU-US to intensify new Privacy Shield talks, US Congressional Research Service issues new report and German DPA applies Schrems II
In the past weeks, there have been a number of developments related to the consequences of the European Union Court of Justice (CJEU) decision in Schrems II. The most noteworthy developments are summarised below.
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Schrems II: French Conseil d’Etat provides insight into sufficient safeguards for EU personal data accessed from the US
On 12 March 2021, the Conseil d’Etat, the highest administrative court of France, issued a decision that might have significant impact on personal data transfers to third countries in the aftermath of the Schrems II decision of the Court of Justice of the EU (CJEU). The Counseil d’Etat dismissed an interim relief claim filed by healthcare professional associations and unions seeking to suspend...
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The Collision Of Biologics – Emerging Competition And What To Expect
On 11 March 2021, GCR hosted a series of interactive webinars. Our global co-head of antitrust, Elaine Johnston, participated in the panel that looked at the development of biologics and the role that antitrust has to play in ensuring healthy price competition between biologics and biosimilars. This blog post highlights the hurdles that industry players may face as biosimilar manufacturers...
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Key Regulatory Topics: Weekly Update March 2021 #4
FCA consults on updated mortgages tailored support guidance – Covid-19 On 5 March, the FCA published updated draft mortgages tailored support guidance for firms, to apply from 1 April at the expiration of the current guidance. The guidance supplements the FCA’s payment deferral guidance (PDG) and applies to firms dealing with customers experiencing payment difficulties due to circumstances...
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Updated Equator Principles: Transition to Version 4
Following an extensive consultation process, the Equator Principles Association (EP Association) adopted a fourth iteration of the Equator Principles (EP4) on 18 November 2019. Originally, EP4 was due to come into effect on 1 July 2020; the transition period was extended to 1 October 2020 and applies to transactions financed by adhering financial institutions (EPFIs).