On 9 February 2023, the UK Competition and Markets Authority (“CMA”) published new competition law guidance targeted at employers. Its purpose is to remind employers that they must comply with competition law when setting wages, working conditions for new and existing employees, and policies on staff recruitment and retention.
The practical consequences of a new regulation, adopted by the European Union on December 14, 2022, on M&A transactions of a certain size will be considerable as of 2023 and may, above certain thresholds, concern all companies, European or non-European, benefiting from financial contributions from any country outside the European Union when the subject of the M&A transaction includes a business located in the European Union.
Hydrogen power is likely to play a significant role in international commitments to achieving carbon emissions and net zero goals by 2050. This is why governments all over the world, as well as the private sector, are investing heavily in this technology. The growth and success of the hydrogen economy will largely be driven by advancements and innovations in both the core and applications technologies. It is therefore important for investors in, and developers of, new hydrogen power technologies to implement a dedicated procedure and IP strategy to allow innovations to be properly captured, protected and exploited. This article considers some of the key IP considerations that are relevant.
This article provides an update of the sanctions enacted against Russia and Belarus by the United States, United Kingdom, and European Union.
The EU AI Act is hotly anticipated as being a benchmark AI law that other jurisdictions might look towards when developing their own laws (much like GDPR has become a standard upon which some other countries’ own laws are based). First, much like the GDPR in terms of impact, the EU AI Act will have an extra-territorial scope, extending to providers and users of AI outside the EU where the output is used in the EU. Secondly, the Act does lay down fixed penalties for certain infringements of the Act, the highest fine being 30,000,000 EUR or 6% of a company’s total worldwide annual turnover (3% in the case of an SME or start-up) for non-compliance with the prohibitions of AI practices.
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, No. 22 of 2022 places new obligations on Companies and other persons to register prescribed information regarding beneficial ownership following South Africa’s grey listing and recommendations made by the Financial Action Task Force.
On March 7, 2023, the Data Protection Commission (“DPC”) published its Annual Report for 2022 (the “Report”). 2022 marked the fourth full year of the implementation of the GDPR and saw significant effort by the DPC to ensure compliance with the GDPR across Ireland. The most frequent GDPR queries and complaints received by the DPC related to Access Requests; Fair Processing; Disclosure; Direct Marketing; and the Right to be Forgotten.
On 28 February 2023, the Financial Conduct Authority (“FCA”) published its Regulatory Initiatives Grid updating the timeline of the Overseas Funds Regime (“OFR”), the new equivalence regime for retail investment funds and money market funds established outside the UK, which will allow recognised funds to be marketed to the public in the United Kingdom.
On 24 January 2023, in the Czech Republic, a new law called LEX OZE I. (Act No. 19/2023 Coll.) entered into force. The goal of this law is to remove obstacles and speed up the construction of renewable energy sources ("RES").
Can companies collaborate in the interests of environmental sustainability agreements without breaching competition law in the UK? This important question is tackled by draft guidance published by the Competition and Markets Authority (“CMA”) on 28 February 2023 (“guidance”). The guidance sets out the CMA’s proposed approach to how agreements between competitors in relation to environmental sustainability will be assessed and aims to provide businesses with clarity and comfort on the CMA’s enforcement approach to encourage such initiatives to be progressed. The guidance aligns with the important role the CMA considers it has to play in tackling climate change, as noted in a recent statement by the CMA’s CEO on 25 January 2023.