The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
The Sedona Conference (TSC) and its Working Group 6 on International Electronic Information Management, Discovery, and Disclosure recently published their Commentary on Proportionality in Cross-Border Discovery (Commentary)...more
Antitrust and Competition - The European Commission Opens an Investigation into Alleged Market Allocation and No-Poach Agreements in the Online Food Delivery Sector - On 23 July 2024, the Commission opened an antitrust...more
Last month, the European Data Protection Board – which is composed of the national data protection authorities (‘Supervisory Authorities’) of the countries in the European Economic Area (‘EEA’), as well as the European Data...more
The European Central Bank and the European Banking Authority have published a joint report on payment fraud data. The report assesses payment fraud reported by the industry across the EEA and covers semi-annual data reported...more
U.S. Court Axes Most of SEC's SolarWinds Data Breach Suit - The U.S. District Court for the Southern District of New York recently dismissed much of the U.S. Securities and Exchange Commission’s (“SEC”) suit against...more
The draft represents the next step in transposing the CSRD into national law. On 24 July 2024, the German Federal Government adopted the governmental draft of the Act implementing the EU Directive on Sustainability...more
In Part I, we discussed the European Commission’s (“Commission”) disapproval of Meta’s “pay or consent” subscription model. In Part II, we delve into the European Commission’s findings, prior findings by the European Data...more
On 1 July 2024, the European Commission (the ‘Commission’) announced its preliminary findings in an investigation of a leading social media platform, concluding that its ‘pay or consent’ advertising model implemented in the...more
By 2050, the cost of producing low-carbon hydrogen is expected to be five times higher in the most expensive regions than the least expensive regions, according to the Hydrogen Council. This significant cost gap will require...more
Quick Hits Schrems II Recap Most people are now familiar with the Schrems II requirements to “know your transfers” and to protect personal data when such information is subject to processing (including remote access to...more
The EU’s 12th and 13th “packages” of sanctions on Russia cancel a significant exemption, ban the provision of certain software systems, and impose multiple other measures. This Client Alert is published in the context of...more
We have been talking about it since last year: the bill to secure and regulate the digital space ("SREN") has now been passed. The legislative process leading up to the enactment of the SREN bill has been slow (as a reminder:...more
On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit...more
After several years of negotiations between the European Commission, European Council, and European Parliament following the publication of the initial draft proposal in November 2021, AIFMD II was published in the Official...more
The text of the Directive amending the Alternative Investment Fund Managers Directive (AIFMD) (AIFMD II) was published on 26 March 2024 and will enter into force on 15 April 2024. AIFMD II introduces, among other changes,...more
At a time of significant geopolitical challenges, many jurisdictions are looking at their investment screening regimes to ensure that they can adequately safeguard national security and public order. Within this context,...more
Picture this: an AI system that can predict your mood better than you can, or a car that always takes you on the scenic route… whether you want it to or not. AI is transforming the world around us, and with its extraordinary...more
I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more
The Home Office has updated its guide on right to work (work authorization) checks for employers in the UK. Changes coming into effect this month include a less flexible approach to late applications to the EU Settlement...more
This briefing is a part of a Walkers series on the Data Protection (Bailiwick of Guernsey) Law, 2017 (the "DPL"), and deals with the transfer of personal data outside Guernsey. A "data transfer" occurs when an individual's...more
Operators marketing EU UCITS in the UK under the FCA’s temporary marketing permissions regime (“TMPR”) will be able to continue to do so following the expiry of the TMPR, provided they register the UCITS in question for...more
The European Commission (EC) is in the process of implementing its “Union database” (UDB) to track all renewable gases and liquid fuels. Gases and fuels, whether produced in the EU or imported, will need to be registered in...more
The European Data Protection Board (EDPB) adopted a report on the challenges faced by Data Protection Officers (DPOs) (the Report) on 16 January 2024. This Report follows a coordinated investigation involving 25 EEA...more
(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via: i. locally incorporated and authorised subsidiaries, ii. local branches of third country...more
During 2023, privacy protection and artificial intelligence regulation continued apace and their implications continued to be a major focus in Israel and around the world. In Israel, this was reflected in a number of...more