White & Case LLP (JD Supra European Union)

On 6 May 2021, the European Commission ("Commission") published a staff working document ("SWD") on its evaluation of the horizontal block exemption regulations on research & development and specialisation agreements ("H-BERs") and the horizontal guidelines. The SWD is accompanied by an evaluation study, commissioned to provide qualitative and quantitative evidence to support the Commission's...

On 5 May 2021, the European Commission ("Commission") issued a proposal for a far-reaching Regulation to tackle foreign subsidies, which, if adopted, will increase the regulatory risk for companies operating or investing in the EU with backing from non-EU States.

The European Commission ("EC") is shifting its approach with respect to the referral mechanism under Article 22 of the EU Merger Regulation 139/2004 (the "EUMR") and now – at least in certain circumstances – encourages referrals from Member States even where the national filing thresholds are not met. This begs the question of whether the merging parties can stop the referral by appealing the...

On 25 March 2021, the European Court of Justice ("ECJ") dismissed all the appeals against the European Commission's decision to fine Lundbeck and several other companies for entering into anti-competitive patent settlement agreements. The judgments largely repeat the position taken by the ECJ in its January 2020 Paroxetine judgment. They notably confirm that...

On 22 March 2021, the European Union ("EU") designated a total of 22 individuals and 4 entities as subject to an asset freeze under the EU sanctions regimes relating to Global Human Rights Sanctions and Myanmar/Burma. Global Human Rights Sanctions designations - Following the EU’s first use of its Global Human Rights Sanctions ("GHRS") regime earlier this month in response to the...

On 10 March, the European Parliament (the "Parliament") passed a legislative initiative (the "Parliament Initiative") for an EU directive on Mandatory Human Rights, Environmental and Good Governance Due Diligence ("MHRDD") for companies operating in the EU. This step by the Parliament puts pressure on the European Commission ("Commission") to move forward and propose a formal Proposal, which once

Although most SPAC activity is concentrated in the US, the boom in listings spells opportunities for European firms - Amid the ups and downs in financial markets in 2020, the boom in activity in the special purpose acquisition company (SPAC) space has been one of the highlights. Globally, 256 SPACs listed in 2020, raising a total of US$83.3 billion, compared to 73 listings raising US$15.5...

A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including the UK) said that there was no evidence to suggest that short selling had been the driver of recent market falls and emphasised the important role short selling plays in...

The European Court of Justice (the "ECJ") has confirmed1 the EU General Court’s (and the European Commission’s) finding that Goldman Sachs was jointly liable for the conduct of a former subsidiary, Prysmian, which the Commission fined for its involvement in the high voltage power cables cartel during Goldman Sachs' period of control. The ECJ judgment constitutes a stark warning to institutional...

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...

The General Court of the European Union (the "General Court") has confirmed this week that the eligibility rules of the International Skating Union ("ISU"), which penalized athletes participating in competitions not authorized by the ISU, infringe EU competition law. While the EU General Court considered it appropriate for sports governing bodies to seek to establish common standards for the...

It took longer than expected, although not primarily because of the COVID-19 pandemic. More than two years after the EU Commission submitted its first proposal, the Directive on representative actions was adopted by the European Parliament on November 24, 2020. Even if not everything will change overnight, one thing seems quite clear: the "Directive on representative actions for the protection of

On 7 December 2020, the EU Council adopted a landmark decision and a regulation setting up for the first time a global human rights sanctions framework for the EU. The EU can now respond to serious human rights violations and abuses worldwide – regardless of where they take place – by targeting the individuals, entities and bodies concerned (including state and non-state actors) with asset...

The financial sector is greatly dependent on information and communication technologies (ICT). The importance of ensuring remote access to financial services increased to an even greater extent during the COVID-19 pandemic, with a 72 percent increase in the use of financial applications in Europe. Such reliance on ICT is not left unnoticed, and since the pandemic began, cyberattacks on financial...

The 'Taskforce on Scaling Voluntary Carbon Markets' (the "Taskforce") published a blueprint for a voluntary greenhouse gas or carbon market in its 10 November 2020 Consultation Document. The Taskforce's Consultation Document includes recommended actions for addressing the most pressing pain-points facing existing voluntary carbon markets. The Taskforce is a private sector initiative working to...

The EU has recently made certain notable EU asset freeze designations in relation to Belarus1 and Syria, focusing on various government officials – including President Alexander Lukashenko in Belarus - The Belarusian and Syrian governments and their ministries are not as such designated. Transactions with non-designated State-owned entities in Belarus or Syria, for example, should therefore...

In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at the EU level, the EU continues to push for a coordinated approach toward foreign direct investments into the EU. The key instrument is the EU Screening Regulation, which has...

The mobile payments sector is on regulatory tenterhooks following the increase in the use of mobile wallets and the entry of new competitors, including tech companies, in the sector. The European Commission ("EC") just announced two new studies in the mobile payments sector. The sector is also subject to scrutiny at EU Member State level, while the US and Chinese antitrust regulators are closely...

It would be a truism to note that COVID-19 has had a profound impact on many sectors globally. The art industry, which relies considerably on the human interaction between art dealers, artists, and members of the public, is no exception, and will have to rethink its practices. And to add salt in the wound, the unexpected and unprecedented halt to travel and transportation during the shutdown has...

The European Commission has published a proposal to revise the EU's Aarhus Regulation that, if adopted, would expand the possibilities for NGOs to challenge EU administrative acts and omissions on the basis that they contravene environmental law...

The Vertical Block Exemption Regulation (VBER) is at the heart of the antitrust assessment of many distribution agreements and other types of vertical arrangements. In force for more than 10 years already, the current VBER will expire on May 31, 2022...

While COVID shut the window on deals in H1 2020, Q3 saw a revival that augurs well for the rest of the year and beyond. In recent years, global M&A in the chemicals and materials sector has been breaking new records. Last year saw the highest value on record (US$254.6 billion), while 2018 delivered the largest number of deals since 2006 (545).

The European Commission and the EU's Foreign Policy High Representative have put forward a proposal for a new, non-country-based sanctions programme to address human rights violations and abuses with asset freezes and travel bans. This proposal must be approved by all 27 Member States within the EU Council before it becomes law, and before any designations can be made under the programme...

On 21 September 2020, the European Commission adopted a time-limited equivalence decision for UK clearinghouses (also referred to as central counterparties ("CCPs")) in view of EU financial stability considerations, which extends market access to UK CCPs for 18 months after the expiry of the Brexit transition period.

On 14 October 2020, the EU designated under its asset freeze six Russian officials and one research institute, in response to the poisoning of Russian opposition leader Alexei Navalny in August 2020. Separately, it also designated Yevgeniy Viktorovich Prigozhin, a Russian businessman involved in breaches of the Libyan arms embargo...

A draft regulation reveals the contours of the legal framework for crypto-assets and blockchain technology for financial market infrastructure in the EU - New legislative proposals on crypto-assets and DLT market infrastructure The European Commission after consultation with various stakeholders has expedited its work on the Digital Finance package, aiming to enable and support digital...

From the very early days of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories "EMIR", as amended by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 20192 ("EMIR Refit"), being discussed, the enormous difficulties that mandatory clearing would pose in respect of...

As pandemic effects linger, companies intent on avoiding layoffs are looking at compensating workers with equity in lieu of cash as part of their pay. In August 2020, the United Kingdom began winding down its Coronavirus Job Retention Scheme, which provides direct support to UK companies to keep furloughed workers on the job. On October 31, that program ends. In March 2020, the United States...

On 2 October 2020, the EU adopted sanctions against Belarus in response to the repression and intimidation against peaceful demonstrators, opposition members and journalists in the wake of the 9 August 2020 presidential election, as well as for misconduct of the electoral process. Forty officials were added to the list of individuals subject to an asset freeze and travel ban. Unlike the US, the...

On 28 September 2020, the European Commission unveiled an ambitious Action Plan with 30 concrete actions intended to make the EU customs union smarter, more effectively digital, and more agile by end 2025. Key aims (once again…) are to ensure the uniform application and enforcement of EU customs rules throughout the EU and create a Single Window customs environment. While this should be an...