Global Regulatory Insights: Monthly Spotlight | Europe – June 2024

Welcome to Europe (European Union, France, Germany, Italy, Russia, and United Kingdom) Monthly Spotlight for June 2024. In this edition, we explore the dynamic regulatory landscape across the region, highlighting the implications for businesses. Each segment details key regulatory updates, assessing their impacts and the necessary actions enterprises must take to navigate these changes. 

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European Union

Key Regulatory Updates Major Regulatory Changes in European Union

• 28 June 2024 – The European Banking Authority (EBA) published its final draft technical standards on extraordinary circumstances for continuing the use of internal models for market risk.
  • Impact: These standards define the specific conditions under which banks can continue using their internal models for market risk during extraordinary circumstances, which may arise due to extreme market conditions or other unforeseen events. This is expected to enhance the stability and predictability of risk management practices across the EU banking sector.
  • Action Required: Banks should review their internal risk management models to ensure they meet the new standards. They must also prepare for potential audits or assessments by regulatory authorities to confirm compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-its-final-draft-technical-standards-extraordinary-circumstances-continuing-use

• 28 June 2024 – The EBA amended its Guidelines on arrears and foreclosure following changes to the Mortgage Credit Directive.
  • Impact: The amended guidelines aim to provide clearer directions on handling arrears and foreclosures, ensuring consumer protection and fair treatment in mortgage credit activities. This change aligns with the updated Mortgage Credit Directive, enhancing the regulatory framework for mortgage providers.
  • Action Required: Mortgage lenders must update their internal policies and procedures to align with the new guidelines. Training programs for staff on handling arrears and foreclosure processes should be conducted to ensure compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-amends-its-guidelines-arrears-and-foreclosure-following-changes-mortgage-credit-directive

• 27 June 2024 – The EBA and the European Securities and Markets Authority (ESMA) published guidelines on suitability of management body members and shareholders for entities under MiCAR.
  • Impact: These guidelines establish the criteria for assessing the suitability of management body members and significant shareholders of entities regulated under the Markets in Crypto-Assets Regulation (MiCAR). This aims to enhance governance and accountability within the crypto-assets market.
  • Action Required: Entities under MiCAR should conduct thorough assessments of their management and shareholders against the new guidelines. Any gaps identified should be addressed promptly to ensure compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-esma-publish-guidelines-suitability-management-body-members-and-shareholders-entities-under

• 26 June 2024 – The European Council adopted its negotiating mandate on the regulation for compulsory licensing for crisis management.
  • Impact: The regulation provides a framework for compulsory licensing during crises, ensuring that critical products and services remain available during emergencies. This could affect various sectors, including pharmaceuticals, technology, and essential goods.
  • Action Required: Companies in affected sectors should review their intellectual property and supply chain strategies to prepare for potential compulsory licensing scenarios. Legal and compliance teams must stay updated on the regulation’s progress and implications.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/26/crisis-preparedness-council-adopts-position-on-compulsory-licensing-regulation/

• 24 June 2024 – The EBA published amendments to counterparty credit risk standards as part of its new roadmap for the implementation of the Banking Package in the EU.
  • Impact: These amendments aim to refine the standards for counterparty credit risk, enhancing the robustness and accuracy of risk assessments. This is part of the broader Banking Package implementation, aiming to strengthen the EU banking sector.
  • Action Required: Banks should update their risk assessment models and procedures to incorporate the new standards. Regular training and updates for risk management teams are necessary to ensure compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-amendments-counterparty-credit-risk-standards-part-its-new-roadmap-implementation

• 24 June 2024 – The European Council approved conclusions setting out the priorities that the EU will follow at the upcoming 79th session of the United Nations General Assembly (September 2024 – September 2025).
  • Impact: The conclusions outline the EU’s strategic priorities and positions for the upcoming UN General Assembly session. This includes key areas such as climate action, human rights, and global security, influencing international policy and collaboration.
  • Action Required: Stakeholders, including policymakers and international relations teams, should align their strategies and advocacy efforts with the EU’s outlined priorities. Engagement with relevant UN bodies and participation in discussions will be crucial.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/24/79th-un-general-assembly-council-approves-conclusions-on-eu-priorities/

• 24 June 2024 – The European Council adopted updated EU Guidelines on Children and Armed Conflict, which were first adopted in 2003 and then updated in 2008, and approved conclusions on the matter.
  • Impact: The updated guidelines focus on protecting children in armed conflict zones, reinforcing the EU’s commitment to international humanitarian law and children’s rights. This may impact NGOs, humanitarian organizations, and EU foreign policy.
  • Action Required: Organizations working in conflict zones should review and align their child protection policies with the updated guidelines. Collaboration with EU institutions for compliance and reporting will be essential.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/24/children-and-armed-conflicts-council-updates-eu-guidelines-and-approves-conclusions/

• 21 June 2024 – The EBA updated the Pillar 3 disclosure framework finalising the implementation of the Basel III Pillar 3 framework.
  • Impact: The updated framework enhances transparency and market discipline by improving the consistency and comparability of public disclosures by banks. This aims to strengthen financial stability and market confidence.
  • Action Required: Banks must review and update their disclosure practices to align with the new Pillar 3 requirements. This includes ensuring that all relevant data is accurately reported and accessible to stakeholders.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-updates-pillar-3-disclosure-framework-finalising-implementation-basel-iii-pillar-3-framework

• 20 June 2024 – The EBA published final standards for assessing the materiality of extensions and changes to new market risk internal models.
  • Impact: The standards provide clear criteria for evaluating the significance of changes to market risk models, ensuring that any modifications are thoroughly vetted and compliant with regulatory expectations. This enhances the robustness of risk management practices.
  • Action Required: Financial institutions should integrate these standards into their internal processes for model risk management. Regular audits and validations of market risk models will be necessary to ensure ongoing compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-final-standards-assessing-materiality-extensions-and-changes-new-market-risk-internal

• 20 June 2024 – The European Council agreed on its negotiating position (‘general approach’) on a new directive (European Works Council Directive) that seeks to make the representation of workers in large multinational companies more effective.
  • Impact: The directive aims to enhance the effectiveness of worker representation in large multinational companies, ensuring better communication and involvement in company decisions. This may lead to stronger labor rights and improved working conditions.
  • Action Required: Multinational companies must review their worker representation frameworks and prepare to implement the new directive once it is finalized. This may involve setting up or strengthening European Works Councils and ensuring compliance with the new requirements.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/20/strengthening-representation-of-eu-workers-in-multinational-companies-council-agrees-its-position-on-the-european-works-council-directive/

• 19 June 2024 – The EBA published regulatory products under the Markets in Crypto-Assets Regulation.
  • Impact: The regulatory products provide detailed guidelines and standards for entities operating in the crypto-assets market, aiming to ensure stability, transparency, and consumer protection in this rapidly evolving sector.
  • Action Required: Crypto-asset firms must review and adjust their operations to comply with the new regulatory products. This includes updating internal policies, conducting staff training, and ensuring robust risk management practices.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-regulatory-products-under-markets-crypto-assets-regulation-0

• 19 June 2024 – The European Council agreed on a negotiating mandate on the review of the crisis management and deposit insurance (CMDI) framework for banks.
  • Impact: The revised CMDI framework aims to enhance the resilience and stability of the banking sector by improving crisis management and deposit insurance mechanisms. This is critical for maintaining public trust and financial stability.
  • Action Required: Banks should prepare for changes to the CMDI framework by reviewing their crisis management plans and deposit insurance arrangements. Compliance teams must stay informed about the regulatory updates and ensure timely implementation.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/19/bank-crisis-management-and-deposit-insurance-framework-council-agrees-on-its-position/

• 19 June 2024 – The European Council reached an agreement on a proposal to simplify certain reporting requirements in the field of financial services and investment support.
  • Impact: The proposal aims to reduce the administrative burden on financial institutions by simplifying reporting requirements, thereby improving efficiency and reducing compliance costs.
  • Action Required: Financial institutions should review their reporting processes and prepare for the upcoming simplifications. This may involve updating systems and training staff to ensure a smooth transition.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/19/council-agrees-its-position-on-simpler-financial-reporting-requirements/

• 19 June 2024 – The European Council agreed its negotiating mandate on the directive which will amend the water framework directive, the groundwater directive and the directive on environmental quality standards.
  • Impact: The amendments aim to update the list of pollutants and improve water quality standards, enhancing environmental protection and public health.
  • Action Required: Industries and water management authorities must review and adjust their operations to comply with the new pollutant standards. Regular monitoring and reporting will be essential to ensure adherence to the updated directives.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/19/surface-water-and-groundwater-council-agrees-negotiating-mandate-to-update-list-of-pollutants/

• 18 June 2024 – The European Commission has launched a public consultation inviting all interested parties to comment on its draft rules for land and multimodal transport replacing the Guidelines on State aid for railway undertakings (‘Railway Guidelines’) as well as on its new Transport Block-Exemption Regulation (‘TBER’).
  • Impact: The consultation seeks feedback on draft rules aimed at updating state aid guidelines for the transport sector, promoting fair competition and efficient use of resources.
  • Action Required: Stakeholders, including transport companies and industry associations, should participate in the consultation process by providing feedback on the draft rules. This will help shape the final regulations and ensure their interests are considered.
  • Read More: https://ec.europa.eu/commission/presscorner/detail/en/IP_24_3346

• 18 June 2024 – The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR).
  • Impact: The joint opinion assesses the implementation of the SFDR and proposes improvements to enhance transparency and consistency in sustainable finance disclosures. This is crucial for investors and stakeholders seeking reliable ESG information.
  • Action Required: Financial institutions must review the joint opinion and consider the proposed improvements in their sustainable finance disclosures. Updates to reporting processes and training on the new requirements may be necessary.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/esas-propose-improvements-sustainable-finance-disclosure-regulation

• 18 June 2024 – The European Data Protection Board published its Opinion 12/2024 on the draft decision of the French Supervisory Authority regarding the “Code of Conduct for Service Providers in Clinical Research” submitted by EUCROF.
  • Impact: The opinion provides guidance on the Code of Conduct for Service Providers in Clinical Research, ensuring compliance with data protection regulations and enhancing trust in clinical research activities.
  • Action Required: Clinical research service providers must align their data protection practices with the new Code of Conduct. This may involve updating policies, conducting staff training, and ensuring robust data protection measures are in place.
  • Read More: https://edpb.europa.eu/our-work-tools/our-documents/opinion-board-art-64/opinion-122024-draft-decision-french-supervisory_en

• 14 June 2024 – The European Council agreed its position on an EU law that sets minimum standards for the definition and sanctioning of corruption offences, preventive measures and rules for more effective investigation and prosecution.
  • Impact: The law aims to harmonize the definition and penalties for corruption offences across the EU, enhancing prevention, investigation, and prosecution efforts. This could lead to stronger anti-corruption measures and increased accountability.
  • Action Required: Organizations should review their anti-corruption policies and procedures to ensure they meet the new minimum standards. Training and awareness programs for employees on anti-corruption measures will be essential.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/14/combatting-corruption-council-adopts-position-on-eu-law/

• 14 June 2024 – The European Council adopted its mandate for the forthcoming negotiations with the European Parliament on the so-called ‘one substance one assessment’ (OSOA) package.
  • Impact: The OSOA package aims to streamline the assessment process for chemicals, ensuring a single, coordinated evaluation across the EU. This will improve efficiency and consistency in chemical regulation.
  • Action Required: Chemical manufacturers and related industries should prepare for the new assessment process by reviewing their compliance strategies and ensuring that all relevant data is readily available for evaluation.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/14/chemicals-assessment-council-adopts-mandate-for-forthcoming-negotiations-with-the-european-parliament/

• 13 June 2024 – The EBA issued a revised list of ITS validation rules.
  • Impact: The revised validation rules aim to improve the accuracy and reliability of supervisory reporting, ensuring that banks provide high-quality data to regulatory authorities.
  • Action Required: Banks must review and update their reporting systems to align with the revised validation rules. This includes conducting internal audits to ensure data accuracy and compliance.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-issues-revised-list-its-validation-rules-31

• 13 June 2024 – The European Council welcomed the proposal to extend the temporary protection for the more than 4 million Ukrainians fleeing from Russia’s war of aggression until 4 March 2026.
  • Impact: The extension of temporary protection ensures that Ukrainian refugees will continue to receive support and protection in EU member states, addressing humanitarian needs and promoting stability.
  • Action Required: Member states must update their support programs and resources to accommodate the extended protection period. Coordination with humanitarian organizations and local communities will be crucial.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/13/ukrainian-refugees-eu-member-states-welcome-the-proposal-to-extend-temporary-protection/

• 13 June 2024 – The European Council agreed its position on a proposal for an EU Talent Pool.
  • Impact: The EU Talent Pool aims to facilitate the recruitment of third-country jobseekers, addressing labor shortages and enhancing the EU’s talent base. This initiative supports economic growth and competitiveness.
  • Action Required: Employers and recruitment agencies should prepare to engage with the EU Talent Pool to identify and recruit qualified candidates. Adjustments to hiring processes may be necessary to leverage this new resource.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/13/eu-to-facilitate-recruitment-of-third-country-jobseekers/

• 12 June 2024 – The European Council reached an agreement on strengthening the EU’s rules on retail investor protection.
  • Impact: The strengthened rules aim to enhance the protection of retail investors by improving transparency, reducing conflicts of interest, and ensuring better information disclosure.
  • Action Required: Financial institutions offering retail investment products must review and update their practices to comply with the new rules. This includes enhancing transparency and ensuring that all communications with investors are clear and accurate.
  • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/06/12/retail-investment-package-council-agrees-on-its-position/

• 7 June 2024 – The European Commission launched a public consultation inviting all interested parties to comment on draft targeted amendments to the rules on small amounts of aid to the agricultural sector (‘Agricultural de minimis Regulation‘). 
  • Impact: The consultation seeks feedback on proposed amendments to the rules governing small amounts of aid in the agricultural sector, aiming to ensure fair competition and support for farmers.
  • Action Required: Stakeholders in the agricultural sector should participate in the consultation process by providing feedback on the proposed amendments. This will help shape the final regulations and ensure their interests are considered.
  • Read More: https://ec.europa.eu/commission/presscorner/detail/en/IP_24_3146

• 6 June 2024 – The EBA has launched a public consultation on the new framework for the operational risk loss as part of the implementation of the EU Banking Package.
  • Impact: The consultation aims to gather input on the new framework for managing operational risk loss, enhancing the resilience and stability of the banking sector.
  • Action Required: Banks should review the proposed framework and participate in the consultation process by providing feedback. Preparing for potential changes to operational risk management practices will be essential.
  • Read More: https://www.eba.europa.eu/publications-and-media/press-releases/eba-consults-new-framework-operational-risk-loss-part-implementation-eu-banking-package

• 3 June 2024 – The European Data Protection Supervisor (EDPS) published its guidelines on generative Artificial Intelligence and personal data for EU institutions, bodies, offices and agencies (EUIs).
  • Impact: The guidelines aim to ensure that the use of generative AI by EU institutions complies with data protection regulations, safeguarding personal data and privacy.
  • Action Required: EU institutions and bodies must review and update their AI practices to comply with the new guidelines. Training and awareness programs on AI and data protection will be necessary.
  • Read More: https://www.edps.europa.eu/press-publications/press-news/press-releases/2024/edps-guidelines-generative-ai-embracing-opportunities-protecting-people_en

• 3 June 2024 – The European Data Protection Board (EDPB) published its opinion 10/2024 on the draft decision of the competent supervisory authority of Sweden regarding the approval of the requirements for accreditation of a certification body pursuant to Article 43.3 (GDPR).
  • Impact: The opinion provides guidance on the accreditation of certification bodies under GDPR, ensuring consistency and reliability in data protection certification processes.
  • Action Required: Organizations seeking certification must ensure that their practices align with the requirements outlined in the opinion. Certification bodies must prepare to implement the new standards.
  • Read More: https://edpb.europa.eu/our-work-tools/our-documents/opinion-board-art-64/opinion-102024-draft-decision-competent_en

• 3 June 2024 – The EBA and ESMA launched public consultation on the review of the investment firms prudential framework.
  • Impact: The consultation seeks feedback on the prudential framework for investment firms, aiming to enhance regulatory clarity and ensure financial stability.
  • Action Required: Investment firms should participate in the consultation process and prepare for potential changes to the prudential framework. Reviewing and updating risk management practices may be necessary.
  • Read More: https://www.esma.europa.eu/press-news/esma-news/eba-and-esma-invite-comments-review-investment-firms-prudential-framework

Compliance Tips

• Internal Models for Market Risk: Ensure that internal risk models are regularly validated and thoroughly documented. Maintain detailed records of any extraordinary circumstances and the justification for continuing to use specific models. This will help demonstrate compliance during regulatory audits.
• Arrears and Foreclosure Guidelines: Review and update mortgage policies to align with the new guidelines. Conduct training sessions for staff to ensure they understand the revised procedures for handling arrears and foreclosures. This ensures compliance and fair treatment of consumers.
• Suitability of Management Body Members and Shareholders: Implement a rigorous assessment process for evaluating the suitability of management body members and significant shareholders. This includes background checks and evaluations against the new guidelines. Regularly update these assessments to maintain compliance.
• Compulsory Licensing for Crisis Management: Develop comprehensive crisis management plans that include scenarios for compulsory licensing. Ensure that your supply chain and intellectual property strategies are adaptable to these situations. Regularly review and update these plans.
• Counterparty Credit Risk Standards: Update your counterparty credit risk assessment models to incorporate the latest standards. Ensure your risk management team is trained on these updates and conduct regular reviews to maintain accuracy and compliance.
• UN General Assembly Priorities: Align your international strategies with the EU’s priorities for the upcoming UN General Assembly session. Engage in advocacy and collaboration efforts that support these priorities, particularly in areas such as climate action and human rights.
• Children and Armed Conflict Guidelines: Review and strengthen your child protection policies, especially if operating in conflict zones. Ensure compliance with the updated EU guidelines and collaborate with relevant EU institutions for guidance and support.
• Pillar 3 Disclosure Framework: Enhance the transparency of your financial disclosures to meet the updated Pillar 3 requirements. Regularly audit your disclosure practices and ensure that all relevant data is accurately reported and accessible to stakeholders.
• Materiality of Market Risk Model Changes: Establish clear criteria for assessing the materiality of changes to market risk models. Ensure that all significant changes are thoroughly evaluated and documented to comply with regulatory standards.
• European Works Council Directive: Prepare for the new directive by strengthening worker representation frameworks in your company. Set up or enhance European Works Councils and ensure compliance with the new requirements to improve worker involvement in company decisions.
• Markets in Crypto-Assets Regulation: Review and update your policies and procedures to comply with the new regulatory products under MiCAR. Ensure robust risk management practices and conduct staff training on the new guidelines.
• Crisis Management and Deposit Insurance Framework: Update your crisis management and deposit insurance plans to align with the revised CMDI framework. Ensure that your compliance and risk management teams are informed about the regulatory changes and prepared to implement them.
• Simplified Financial Reporting Requirements: Take advantage of the simplified reporting requirements by streamlining your financial reporting processes. Update your systems and train staff to ensure efficient and compliant reporting practices.
• Environmental Quality Standards: Review and adjust your operations to comply with the updated list of pollutants. Implement regular monitoring and reporting to ensure adherence to the new environmental quality standards.
• Sustainable Finance Disclosure Regulation: Review the joint opinion on the SFDR and enhance your sustainable finance disclosures accordingly. Update reporting processes and ensure transparency and consistency in your ESG information.
• Code of Conduct for Clinical Research: Ensure that your data protection practices in clinical research align with the new Code of Conduct. Update policies, conduct staff training, and implement robust data protection measures.
• EU Law on Corruption: Enhance your anti-corruption policies and procedures to meet the new EU law standards. Conduct regular training and awareness programs for employees to prevent and address corruption effectively.
• Chemical Assessment Process: Prepare for the OSOA package by reviewing your chemical assessment processes. Ensure all relevant data is readily available and align your strategies with the new single, coordinated evaluation process.
• ITS Validation Rules: Update your reporting systems to comply with the revised ITS validation rules. Conduct internal audits to ensure data accuracy and compliance with the new validation requirements.
• Temporary Protection for Ukrainian Refugees: Update your support programs and resources to accommodate the extended protection period for Ukrainian refugees. Coordinate with humanitarian organizations and local communities to ensure effective support.
• EU Talent Pool: Prepare to leverage the EU Talent Pool by adjusting your recruitment processes. Engage with the pool to identify and recruit qualified candidates, addressing labor shortages and enhancing your talent base.
• Retail Investor Protection: Review and update your practices to comply with the strengthened rules on retail investor protection. Ensure all communications with investors are clear, accurate, and transparent.
• Operational Risk Loss Framework: Review the proposed operational risk loss framework and participate in the public consultation. Update your risk management practices to align with the new framework.
• Generative AI and Data Protection: Review and update your AI practices to comply with the EDPS guidelines on generative AI and personal data. Ensure robust data protection measures and conduct training for relevant staff.
• Certification Body Accreditation: Ensure your data protection practices align with the requirements for the accreditation of certification bodies under GDPR. Certification bodies should prepare to implement the new standards.

Important Dates to Remember

• 20 September 2024 – Comments due on the draft revised State aid rules for land and multimodal transport.
• 6 September 2024 – Comments due on the draft RTS on operational risk loss.
• 30 August 2024 – Comments due on the review of the investment firms’ prudential framework.
• 21 July 2024 – Comments due on the draft targeted amendments to rules on small amounts of State aid to the agricultural sector.

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France

Key Regulatory Updates Major Regulatory Changes in France

• 26 June 2024 – The National Commission on Informatics and Liberty (CNIL), Cybermalveillance.gouv.fr and Unaf published two guides on cyber threats for families and seniors.
  • Impact: The publication of these guides aims to increase awareness and provide practical advice to families and seniors on how to protect themselves against cyber threats. This initiative is part of a broader effort to enhance cybersecurity knowledge among vulnerable populations.
  • Action Required: Organizations and service providers working with families and seniors should distribute these guides to their clients. Additionally, consider incorporating the guidance into educational programs and resources to enhance cybersecurity awareness and protection.
  • Read More: https://www.cnil.fr/fr/cybermalveillance-la-cnil-et-lunaf-publient-deux-guides-sur-les-cybermenaces

• 24 June 2024 – The CNIL and the CASD published new practical sheets for matching circuits with the SNDS.
  • Impact: These practical sheets provide detailed guidance on matching circuits with the National Health Data System (SNDS). This aims to facilitate the use and integration of health data for research and other purposes while ensuring compliance with data protection regulations.
  • Action Required: Entities working with health data should review and integrate these practical sheets into their data management processes. Ensure that all data matching activities with the SNDS are conducted in compliance with the provided guidelines.
  • Read More: https://www.cnil.fr/fr/la-cnil-et-le-casd-publient-de-nouvelles-fiches-pratiques-circuits-dappariement-snds

• 12 June 2024 – Following a public consultation, the CNIL published its recommendations on the opening (open data) and reuse of data published on the Internet.
  • Impact: The CNIL’s recommendations aim to promote the responsible opening and reuse of personal data published on the Internet. This initiative seeks to balance the benefits of open data with the need to protect individuals’ privacy and comply with data protection laws.
  • Action Required: Organizations involved in publishing or reusing personal data should review the CNIL’s recommendations and update their data management practices accordingly. Ensure that any open data initiatives comply with these guidelines to avoid potential legal and regulatory issues.
  • Read More: https://www.cnil.fr/fr/ouverture-et-reutilisation-de-donnees-personnelles-sur-internet-la-cnil-publie-ses-recommandations

• 11 June 2024 – The French Competition Authority issued its opinion on the competitive functioning of electric vehicle charging infrastructure (EVCI).
  • Impact: The opinion addresses the competitive dynamics within the electric vehicle charging infrastructure sector, highlighting potential issues and recommending measures to enhance competition and consumer choice. This aims to foster a more competitive and efficient market for EVCI.
  • Action Required: Stakeholders in the electric vehicle charging infrastructure market should review the French Competition Authority’s opinion and consider its recommendations. Evaluate current business practices and make necessary adjustments to promote fair competition and compliance with regulatory expectations.
  • Read More: https://www.autoritedelaconcurrence.fr/en/press-release/charging-stations-electric-vehicles-autorite-issues-its-opinion-competitive

• 10 June 2024 – The CNIL launched a public consultation on the development of AI systems.
  • Impact: The consultation aims to gather input on the development and deployment of AI systems, focusing on ensuring that these technologies are designed and used in ways that respect privacy and data protection principles. The outcomes will inform future regulatory guidelines and policies for AI in France.
  • Action Required: Organizations developing or using AI systems should participate in the public consultation to share their perspectives and insights. Stay informed about the outcomes and be prepared to adapt AI development and usage practices in line with any new regulatory guidelines that may result from this consultation.
  • Read More: https://www.cnil.fr/fr/intelligence-artificielle-la-cnil-ouvre-une-nouvelle-consultation-publique

Compliance Tips

• Cyber Threat Guides for Families and Seniors: Distribute the newly published guides on cyber threats to families and seniors among your clients or constituents. Incorporate the guidance into educational programs, workshops, or online resources to enhance cybersecurity awareness and protection for these vulnerable groups.
• Practical Sheets for Matching Circuits with SNDS: Review and integrate the practical sheets published by CNIL and CASD into your data management processes. Ensure that all health data matching activities with the National Health Data System (SNDS) adhere to the provided guidelines. Regularly train your data management and compliance teams on these updated practices to maintain adherence to regulations.
• Recommendations on Open Data and Data Reuse: Review the CNIL’s recommendations on the opening and reuse of personal data. Update your organization’s open data policies to ensure they align with these recommendations. Implement robust data protection measures to safeguard personal information and ensure compliance with data protection laws.
• Competitive Functioning of Electric Vehicle Charging Infrastructure: Evaluate and update your business practices in the electric vehicle charging infrastructure (EVCI) market in light of the French Competition Authority’s opinion. Adopt measures that promote fair competition, transparency, and consumer choice. Regularly review your practices to ensure they remain compliant with regulatory expectations.

Important Dates to Remember

• 1 September 2024 – Comments due on CNIL’s consultation on the development of AI systems.

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Germany

Key Regulatory Updates Major Regulatory Changes in Germany

• 19 June 2024 – The Federal Ministry of Labour and Social Affairs developed comprehensive labor law and occupational health and safety recommendations for designing healthy hybrid screen work. 
  • Impact: These recommendations aim to improve the well-being and productivity of employees engaged in hybrid screen work by addressing ergonomic standards, mental health considerations, and work-life balance. Employers must adapt their work environments and policies to meet these new guidelines.
  • Action Required: Organizations should review and implement the recommended occupational health and safety measures for hybrid screen work. This includes assessing current work setups, providing ergonomic equipment, offering training on best practices, and ensuring that employees have access to mental health resources. Regular audits and feedback mechanisms should be established to maintain compliance and address any emerging issues.
  • Read More: https://www.bmas.de/DE/Service/Presse/Meldungen/2024/veroeffentlichung-arbeitsschutz-empfehlungen-fuer-hybride-bildschirmarbeit.html

• 12 June 2024 – The Federal Ministry of Labour and Social Affairs ratified the ILO Convention No. 184 on occupational safety and health in agriculture.
  • Impact: The ratification of ILO Convention No. 184 signifies Germany’s commitment to enhancing occupational safety and health standards in the agricultural sector. This includes better protection measures for agricultural workers, improved working conditions, and stricter enforcement of safety regulations.
  • Action Required: Agricultural businesses must review and update their occupational safety and health policies to align with the standards set out in ILO Convention No. 184. This involves conducting risk assessments, implementing safety training programs, and ensuring that all safety equipment and procedures meet the new requirements. Regular inspections and compliance checks should be carried out to ensure adherence.
  • Read More: https://www.bmas.de/DE/Service/Presse/Meldungen/2024/ilo-uebereinkommen-184-ueber-arbeitsschutz-landwirtschaft-ratifiziert.html

• 6 June 2024 – The Federal Ministry for the Environment, Nature Conservation and Nuclear Safety passed a law to improve climate protection in emission control.
  • Impact: The new law aims to strengthen climate protection efforts by enhancing emission control measures. This includes stricter regulations on emissions from various industries, increased monitoring and reporting requirements, and the promotion of cleaner technologies and practices to reduce greenhouse gas emissions.
  • Action Required: Companies operating in sectors with significant emissions should review and update their emission control strategies to comply with the new law. This may involve investing in cleaner technologies, improving monitoring and reporting systems, and implementing more rigorous emission reduction plans. Regular audits and assessments should be conducted to ensure ongoing compliance and to identify areas for further improvement.
  • Read More: https://www.bmuv.de/PM11033

Compliance Tips

• Healthy Hybrid Screen Work Recommendations: Conduct assessments of employees’ home and office workstations to ensure they meet ergonomic standards. Provide necessary equipment such as adjustable chairs, desks, and proper lighting.
• ILO Convention No. 184 on Occupational Safety and Health in Agriculture: Conduct thorough risk assessments to identify potential hazards in agricultural settings. Implement control measures to mitigate these risks.
• Law to Improve Climate Protection in Emission Control: Conduct regular audits to measure current emission levels and identify areas for improvement. Use this data to set realistic and achievable emission reduction targets.

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Italy

Key Regulatory Updates Major Regulatory Changes in Italy

• 27 June 2024 – The Ministry of Labour and Social Policies published updated guidelines on the care and personalized project for disadvantaged people.
  • Impact: The updated guidelines aim to enhance the care and support provided to disadvantaged individuals by focusing on personalized care plans. This ensures that the specific needs and circumstances of each individual are addressed, promoting better outcomes and integration into society.
  • Action Required: Organizations and service providers working with disadvantaged individuals should review and implement the updated guidelines. This includes training staff on the new guidelines, updating care plans, and ensuring that personalized care approaches are effectively integrated into service delivery.
  • Read More: https://www.lavoro.gov.it/notizie/pagine/adi-linee-di-indirizzo-aggiornate-sulla-presa-carico-e-il-progetto-personalizzato

• 25 June 2024 – The Bank of Italy launched a public consultation on the sustainability dialogue between small and medium-sized enterprises (SMEs) and banks.
  • Impact: The consultation aims to improve the dialogue on sustainability between SMEs and banks, promoting better understanding and integration of sustainability practices in business operations and financing. This can enhance the resilience and competitiveness of SMEs while supporting broader sustainability goals.
  • Action Required: SMEs and financial institutions should participate in the public consultation to share their perspectives and insights. Additionally, they should review their current sustainability practices and identify areas for improvement, aligning their strategies with the outcomes of the consultation.
  • Read More: https://www.bancaditalia.it/media/notizia/consultazione-pubblica-sul-dialogo-di-sostenibilit-tra-piccole-e-medie-imprese-pmi-e-banche/

• 20 June 2024 – The Ministry of Environment and Energy Security launched a public consultation to update definitions of Good Environmental Status (GES) and the related Environmental Goals (Targets).
  • Impact: Updating the definitions of Good Environmental Status (GES) and related Environmental Goals aims to enhance environmental protection and sustainability efforts. This ensures that environmental policies are aligned with current scientific knowledge and societal needs, promoting healthier ecosystems and communities.
  • Action Required: Stakeholders, including environmental organizations, businesses, and the public, should participate in the public consultation to provide feedback. Review and update environmental management practices to align with the new definitions and goals once finalized.
  • Read More: https://www.mase.gov.it/notizie/strategia-marina-al-consultazione-pubblica-aggiornare-definizioni-di-buono-stato-ambientale

• 19 June 2024 – The Network for Greening the Financial System (NGFS) published updated guidance on climate profile disclosure for central banks.
  • Impact: The updated guidance aims to improve transparency and accountability in how central banks disclose their climate-related activities and risks. This enhances the role of central banks in promoting financial stability and supporting the transition to a low-carbon economy.
  • Action Required: Central banks should review and implement the updated guidance on climate profile disclosure. This includes enhancing data collection and reporting processes related to climate risks and integrating these considerations into their financial stability and monetary policy frameworks.
  • Read More: https://www.bancaditalia.it/media/notizia/il-ngfs-pubblica-una-guida-aggiornata-sull-informativa-sui-profili-climatici-per-le-banche-centrali/

• 18 June 2024 – The Ministry of Labour and Social Policies approved guidelines for the construction of service networks.
  • Impact: The approved guidelines aim to enhance the coordination and efficiency of service networks, ensuring that services are accessible and effectively meet the needs of the community. This includes guidelines on collaboration, resource sharing, and integrated service delivery.
  • Action Required: Service providers should review the guidelines and implement necessary changes to improve coordination and integration within their networks. This may involve forming partnerships, improving communication channels, and ensuring that services are user-friendly and responsive to community needs.
  • Read More: https://www.lavoro.gov.it/notizie/pagine/adi-approvate-le-linee-guida-la-costruzione-di-reti-di-servizi

• 3 June 2024 – The Italian Patent and Trademark Office published the new operating instructions for filing opposition notices for trademark registration.
  • Impact: The new operating instructions streamline the process for filing opposition notices against trademark registrations, aiming to improve the efficiency and clarity of the trademark opposition system. This supports the protection of intellectual property rights and fair competition.
  • Action Required: Businesses and legal practitioners involved in trademark registration should review the new operating instructions and update their procedures accordingly. Ensure that all filings are compliant with the new guidelines to avoid delays or rejections.
  • Read More: https://uibm.mise.gov.it/index.php/it/pubblicate-nuove-indicazioni-operative-per-il-deposito-degli-atti-di-opposizione-alla-registrazione-dei-marchi

Compliance Tips

• Care and Personalized Projects for Disadvantaged People: Review and implement the updated guidelines for caring for disadvantaged individuals, train staff on the new personalized care approaches and integrate these into service delivery, and establish feedback mechanisms to continuously improve the quality of care provided.
• Climate Profile Disclosure for Central Banks: Review the updated guidance from the Network for Greening the Financial System (NGFS), enhance data collection and reporting processes related to climate risks, integrate climate risk considerations into financial stability and monetary policy frameworks and increase transparency and accountability in climate-related activities and disclosures.
• Construction of Service Networks: Review the approved guidelines for constructing and coordinating service networks, form partnerships and improve communication channels with other service providers, ensure services are accessible and responsive to community needs by integrating the guidelines, regularly evaluate and improve the efficiency and effectiveness of service delivery.
• Opposition Notices for Trademark Registration: Review the new operating instructions for filing opposition notices against trademark registrations, update procedures and ensure all filings comply with the new guidelines, train legal and administrative staff on the updated filing processes to avoid delays or rejections, and monitor opposition notices and respond promptly to protect intellectual property rights.

Important Dates to Remember

• 2 August 2024 – Comments due on the draft document “The Sustainability Dialogue between SMEs and Banks”. 
• 14 July 2024 – Comments due on the update of the definition of Good Environmental Status (GES) and Environmental Targets (Targets).

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Russia

Key Regulatory Updates Major Regulatory Changes in Russia

• 28 June 2024 – The Bank of Russia established facts of market manipulation in trading bonds placed with the participation of UniService Capital LLC.
  • Impact: This finding highlights the need for stricter oversight and compliance measures to prevent market manipulation. It underscores the importance of maintaining market integrity and protecting investors. 
  • Action Required: Financial institutions should review their trading practices and ensure compliance with market regulations. Implement additional monitoring and control mechanisms to detect and prevent market manipulation. Provide training for staff on ethical trading practices and regulatory requirements.
  • Read More: http://www.cbr.ru/press/PR/?file=638551793572126261PNP.htm

• 28 June 2024 – The Bank of Russia announced that from July 1, all banks, insurance companies, non-state pension funds, credit bureaus, and other financial organizations would be required to respond to citizens’ requests within 15 working days.
  • Impact: This requirement aims to improve customer service and responsiveness within the financial sector. It ensures that citizens receive timely responses to their inquiries and requests.
  • Action Required: Financial organizations must implement systems and processes to ensure they can respond to customer requests within 15 working days. Train staff on the new requirement and establish tracking mechanisms to monitor response times.
  • Read More: https://www.cbr.ru/press/event/?id=18804

• 28 June 2024 – The Bank of Russia announced that from July 1, the moratorium on the application of the APR restriction on consumer loans and certain types of loans will end.
  • Impact: The end of the moratorium means that APR restrictions will again apply to consumer loans and certain other loans, potentially affecting loan affordability and lending practices.
  • Action Required: Lending institutions should review their loan products to ensure they comply with APR restrictions. Adjust interest rates and loan terms as necessary to remain within regulatory limits. Communicate any changes to borrowers promptly.
  • Read More: http://www.cbr.ru/press/PR/?file=638551967187015994BANK_SECTOR.htm

• 28 June 2024 – The Bank of Russia launched a public consultation on regulating credit concentration.
  • Impact: This consultation seeks to gather input on potential regulations aimed at managing credit concentration risks, which could impact lending practices and financial stability.
  • Action Required: Financial institutions should participate in the public consultation to provide feedback and stay informed about potential regulatory changes. Assess current credit concentration levels and prepare for possible adjustments to lending practices based on the outcomes of the consultation.
  • Read More: https://www.cbr.ru/press/event/?id=18805

• 19 June 2024 – The Bank of Russia announced that to protect borrowers, the ability to issue loans and loans at a variable rate to citizens and micro-enterprises will be limited. This new law will come into force on September 1, 2024.
  • Impact: Limiting variable-rate loans aims to protect borrowers from interest rate fluctuations, promoting financial stability and predictability for borrowers and lenders.
  • Action Required: Lenders should review their loan portfolios and cease issuing variable-rate loans to citizens and micro-enterprises by September 1, 2024. Develop and promote fixed-rate loan products as alternatives. Update loan agreements and terms to comply with the new regulation.
  • Read More: http://www.cbr.ru/press/event/?id=18775

• 18 June 2024 – The Bank of Russia published recommendations on how to make financial services more accessible for people with disabilities.
  • Impact: These recommendations aim to improve the accessibility of financial services for people with disabilities, ensuring inclusive access to financial products and services.
  • Action Required: Financial institutions should review and implement the Bank of Russia’s recommendations to enhance accessibility. This may include adapting physical facilities, improving digital accessibility, and training staff to better serve customers with disabilities.
  • Read More: https://www.cbr.ru/press/event/?id=18767

• 14 June 2024 – The Bank of Russia has set new conflict of interest management requirements for NPFs.
  • Impact: The new requirements aim to enhance the governance and transparency of NPFs by ensuring effective conflict of interest management, thereby protecting the interests of pension fund members.
  • Action Required: NPFs must review and update their conflict of interest policies and procedures to comply with the new requirements. Implement training programs for employees and ensure ongoing monitoring and reporting of potential conflicts of interest.
  • Read More: https://www.cbr.ru/press/event/?id=18763

• 7 June 2024 – The Bank of Russia adjusted the regulation of market risk of credit institutions.
  • Impact: The adjustment aims to refine the regulatory framework for market risk, enhancing the resilience and stability of credit institutions.
  • Action Required: Credit institutions should review the adjusted market risk regulations and update their risk management strategies accordingly. Conduct regular assessments of market risk exposure and ensure compliance with the new regulatory requirements.
  • Read More: http://www.cbr.ru/press/event/?id=18750

• 5 June 2024 – The Bank of Russia issues recommendations on how to make financial services more accessible to rural residents.
  • Impact: The recommendations aim to improve access to financial services in rural areas, promoting financial inclusion and economic development in these regions.
  • Action Required: Financial institutions should review and implement the Bank of Russia’s recommendations to enhance service accessibility in rural areas. This may include expanding branch networks, improving mobile and online banking services, and tailoring financial products to meet the needs of rural residents.
  • Read More: http://www.cbr.ru/press/event/?id=18746

Compliance Tips

• Market Manipulation in Bond Trading: Strengthen monitoring and surveillance systems to detect and prevent market manipulation.
• 15-Day Response Requirement for Financial Organizations: Implement tracking systems to monitor response times and ensure compliance with the 15-day requirement and train customer service teams on the importance of timely responses and equip them with the tools to meet the new deadline.
• End of APR Moratorium on Consumer Loans: Evaluate and adjust interest rates and loan terms to comply with the APR restrictions.
• Limitation on Variable Rate Loans: Cease issuing variable-rate loans to citizens and micro-enterprises by the specified date.
• Accessibility of Financial Services for People with Disabilities: Adapt physical facilities to accommodate people with disabilities and ensure digital platforms are accessible to people with disabilities, following best practices for web accessibility. 
• Conflict of Interest Management for Non-State Pension Funds (NPFs): Review and update conflict of interest policies and procedures to comply with new requirements.
• Adjustment of Market Risk Regulation: Update risk management strategies to align with the adjusted market risk regulations.
• Accessibility of Financial Services to Rural Residents: Consider expanding branch networks in rural areas to improve accessibility.

Important Dates to Remember

• 31 July 2024 – Comments due on the draft proposals on the concept of reform of credit concentration risk regulation. 
• 28 June 2024 – Comments due on the draft instructions regarding NPFs.

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United Kingdom

Key Regulatory Updates Major Regulatory Changes in United Kingdom

• 25 June 2024 – The Intellectual Property Office (IPO) published the Registered Designs Examination Practice guide.
  • Impact: The new guide outlines the examination practices for registered designs, including the application process, classification, and examination criteria. This aims to streamline the registration process and ensure consistency in examination practices.
  • Action Required: Design applicants and legal practitioners should review the updated examination practice guide. Ensure that all design applications are prepared and submitted in accordance with the new guidelines to avoid delays or rejections.
  • Read More: https://www.gov.uk/guidance/designs-examination-practice/part-e-locarno-classification

• 19 June 2024 – The IPO published user guidelines for filing a request for acceleration under the Global PPH program.
  • Impact: These guidelines provide a clear process for accelerating patent examination under the Global Patent Prosecution Highway (PPH) program, facilitating faster patent grants.
  • Action Required: Applicants seeking accelerated patent examination should familiarize themselves with the guidelines and ensure all required documentation is prepared correctly. Submit requests for acceleration in compliance with the outlined procedures.
  • Read More: https://www.gov.uk/government/publications/patent-prosecution-highway/user-guidelines-filing-a-request-to-the-ipo-for-acceleration-under-the-global-pph-program

• 19 June 2024 – The IPO published user guidelines for filing a request for PPH between IPO and People’s Republic of China.
  • Impact: These guidelines facilitate the accelerated examination of patent applications between the UK and China, promoting faster processing and mutual recognition of patent rights.
  • Action Required: Applicants should review the guidelines and ensure that all necessary documentation and requirements for PPH requests between the UK and China are met. This will help expedite the patent examination process.
  • Read More: https://www.gov.uk/government/publications/patent-prosecution-highway/user-guidelines-filing-a-request-to-the-ipo-for-pph-between-ipo-and-peoples-republic-of-china

• 19 June 2024 – The IPO published user guidelines for filing a request for PPH between IPO and Brazil.
  • Impact: The guidelines aim to streamline the patent application process between the UK and Brazil, allowing for faster patent examination and potential grants.
  • Action Required: Applicants should ensure they understand the requirements and process for filing PPH requests between the UK and Brazil. Prepare and submit all necessary documents according to the guidelines.
  • Read More: https://www.gov.uk/government/publications/patent-prosecution-highway/user-guidelines-filing-a-request-to-the-ipo-for-pph-between-ipo-and-brazil

• 19 June 2024 – The IPO published user guidelines for filing a request for PPH between IPO and Uruguay.
  • Impact: These guidelines support the expedited examination of patent applications between the UK and Uruguay, promoting efficiency and faster processing times.
  • Action Required: Review the guidelines carefully and ensure compliance when filing PPH requests between the UK and Uruguay. Submit all required documentation accurately to benefit from the accelerated examination process.
  • Read More: https://www.gov.uk/government/publications/patent-prosecution-highway/user-guidelines-filing-a-request-to-the-ipo-for-pph-between-ipo-and-uruguay

• 13 June 2024 – The Department for Work and Pensions launched a consultation to invite views on “Evidence Pack: Modernising Support for Independent Living: The Health and Disability Green Paper”.
  • Impact: The consultation seeks to gather input on improving support for independent living for individuals with health conditions and disabilities. The evidence pack provides detailed information and data to inform the consultation process.
  • Action Required: Stakeholders, including healthcare providers, disability advocates, and affected individuals, should review the evidence pack and submit their views and suggestions during the consultation period.
  • Read More: https://www.gov.uk/government/consultations/modernising-support-for-independent-living-the-health-and-disability-green-paper/evidence-pack-modernising-support-for-independent-living-the-health-and-disability-green-paper

• 13 June 2024 – The Department for Work and Pensions launched a consultation to invite views on “Audio: Modernising Support for Independent Living: The Health and Disability Green Paper”.
  • Impact: This consultation aims to collect feedback on audio resources related to supporting independent living for people with health conditions and disabilities.
  • Action Required: Review the audio materials provided and participate in the consultation by sharing feedback and suggestions for improvement. Engage with stakeholders to gather diverse perspectives.
  • Read More: https://www.gov.uk/government/consultations/modernising-support-for-independent-living-the-health-and-disability-green-paper/audio-modernising-support-for-independent-living-the-health-and-disability-green-paper

• 13 June 2024 – The Department for Work and Pensions launched a consultation to invite views on “British Sign Language: Modernising Support for Independent Living: The Health and Disability Green Paper”.
  • Impact: The consultation seeks input on the use of British Sign Language (BSL) in supporting independent living for individuals with disabilities, aiming to improve accessibility and support services.
  • Action Required: Review the materials related to BSL and participate in the consultation by providing feedback on how BSL can be better integrated into support services. Collaborate with BSL users and advocates to gather comprehensive input.
  • Read More: https://www.gov.uk/government/consultations/modernising-support-for-independent-living-the-health-and-disability-green-paper/british-sign-language-modernising-support-for-independent-living-the-health-and-disability-green-paper

Compliance Tips

• Registered Designs Examination Practice Guide: Familiarize yourself with the updated examination practices for registered designs and ensure all design applications comply with the new guidelines to avoid delays or rejections.
• Acceleration Requests under the Global PPH Program: Carefully review the guidelines for accelerating patent examination under the Global PPH program.
• PPH Requests between IPO and People’s Republic of China: Understand the requirements and process for filing PPH requests between the UK and China.
• PPH Requests between IPO and Brazil: Review the guidelines for filing PPH requests between the UK and Brazil.
• PPH Requests between IPO and Uruguay: Familiarize yourself with the process for filing PPH requests between the UK and Uruguay.

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