GRI

Global Regulatory Insights: Monthly Spotlight | Europe – May 2024

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Date: 26th Jun, 2024 Source: Shweta Malik Country: European Union

Brief

Here is a summary of the key regulatory updates for the European Union in May 2024:

Temu designated as Very Large Online Platform, increasing regulatory scrutiny and compliance obligations.
 ESMA published templates and tools for voluntary dry run exercise to support the DORA implementation, enhancing financial entities' resilience against ICT-related risks.
ESMA published Final Report on rules on conflicts of interest of crypto-asset service providers (CASP) under the Markets in Crypto Assets Regulation (MiCA), promoting transparency and investor protection.
 European Data Protection Board (EDPB) published its response to the European Commission on Article 15 DMA Consumer Profiling Reports, highlighting the need for strict data protection measures in consumer profiling practices.
ESMA issued a statement providing initial guidance to firms using Artificial Intelligence technologies (AI) when providing investment services to retail clients, ensuring transparency, fairness, and robust oversight mechanisms.

For more information on recent regulatory developments, you may refer to the key takeaways which include:

 European Council adopted conclusions on corporate sustainability, emphasizing the importance of due diligence and responsible business practices.
ESMA launched consultations on commodity derivatives, non-equity trade transparency, and Consolidated Tape Providers, seeking feedback on regulatory frameworks for finance and markets.
 European Council approved conclusions on cybersecurity, financial literacy, and financial sustainability, aiming to enhance the EU's digital and financial resilience.
* New regulations entered into force on waste shipments and environmental crime, aimed at reducing illegal waste trade and promoting recycling and enforcement.

To stay compliant with these regulatory developments, businesses and organizations should: [list of compliance tips]

Welcome to the North America (European Union, France, Germany, Italy, Russia, and United Kingdom) Monthly Spotlight for May 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

  • 31 May 2024 – European Commission designated Temu as a Very Large Online Platform under the Digital Services Act.
    • Impact: The designation increases regulatory scrutiny and compliance obligations for Temu, including stricter content moderation, transparency requirements, and risk management measures.
    • Action Required: Temu must ensure full compliance with the Digital Services Act, implement necessary changes to content moderation practices, enhance transparency measures, and conduct risk assessments.
    • Read More: https://ec.europa.eu/commission/presscorner/detail/en/IP_24_3047
  • 31 May 2024 – The European Securities and Markets Authority (ESMA) published templates and tools for voluntary dry run exercise to support the DORA implementation.
  • 31 May 2024 – ESMA published the Final Report on the rules on conflicts of interests of crypto-asset service providers (CASP) under the Markets in Crypto Assets Regulation (MiCA).
  • 30 May 2024 – The European Data Protection Board (EDPB) published its response to the European Commission on Article 15 DMA Consumer Profiling Reports.
  • 30 May 2024 – ESMA issued a statement providing initial guidance to firms using Artificial Intelligence technologies (AI) when they provide investment services to retail clients.
  • 30 May 2024 – The European Council gave the final green light for the EU and Euratom to withdraw from the Energy Charter Treaty.
    • Impact: The withdrawal signifies a shift in the EU’s energy policy, potentially impacting international energy investments and disputes.
    • Action Required: Companies and investors involved in energy projects within the EU should review their agreements and strategies in light of the withdrawal from the Energy Charter Treaty.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/30/energy-charter-treaty-council-gives-final-green-light-to-eu-s-withdrawal/
  • 30 May 2024 – The European Council adopted a package of new anti-money-laundering rules.
    • Impact: The new rules aim to strengthen the EU’s framework against money laundering and terrorist financing, enhancing financial system integrity and security.
    • Action Required: Financial institutions and relevant entities must update their anti-money-laundering policies and procedures to comply with the new rules and ensure robust enforcement.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/30/anti-money-laundering-council-adopts-package-of-rules/
  • 30 May 2024 – The European Council adopted a regulation to completely ban the use of dental amalgams and to prohibit manufacturing, import and export of other mercury-added products.
  • 30 May 2024 – The European Council approved conclusions on the EU’s electricity grid infrastructure.
  • 29 May 2024 – The European Commission established an AI Office to strengthen EU leadership in safe and trustworthy Artificial Intelligence.
    • Impact: The establishment of the AI Office aims to enhance the EU’s capabilities in regulating and promoting safe and trustworthy AI technologies, fostering innovation and protecting citizens’ rights.
    • Action Required: AI developers and businesses must engage with the AI Office to ensure compliance with EU standards for safe and trustworthy AI, and leverage support for innovation.
    • Read More: https://ec.europa.eu/commission/presscorner/detail/en/IP_24_2982
  • 27 May 2024 – The European Council adopted a regulation on establishing a framework of measures for strengthening Europe’s net-zero technology manufacturing ecosystem, better known as the ‘Net-Zero Industry Act’.
  • 27 May 2024 – The European Council decided to not extend the European Union military partnership mission in Niger (EUMPM) beyond 30 June 2024.
    • Impact: The decision reflects the EU’s response to the current political situation in Niger, impacting military cooperation and stability efforts in the region.
    • Action Required: Relevant stakeholders must adjust their strategies and operations in Niger accordingly, considering the termination of the military partnership mission.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/27/eumpm-niger-council-decides-not-to-extend-the-mandate-of-the-mission/
  • 27 May 2024 – The European Council adopted a directive that adds the exploitation of surrogacy, of forced marriage and of illegal adoption as forms of exploitation covered by the EU’s anti-trafficking law. 
    • Impact: The directive broadens the scope of the EU’s anti-trafficking measures, enhancing protections for victims of exploitation.
    • Action Required: Member states must update their legal frameworks and enforcement mechanisms to include the new forms of exploitation covered by the directive.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/27/fight-against-human-trafficking-council-strengthens-rules/
  • 24 May 2024 – EDPB published its Opinion 11/2024 on the use of facial recognition to streamline airport passengers’ flow (compatibility with Articles 5(1)(e) and(f), 25 and 32 GDPR.
    • Impact: The opinion assesses the compatibility of facial recognition technologies with GDPR, emphasizing data protection and privacy concerns.
    • Action Required: Airports and related stakeholders must ensure their use of facial recognition technologies complies with GDPR requirements, implementing necessary safeguards to protect passengers’ data.
    • Read More: https://www.edpb.europa.eu/system/files/2024-05/edpb_opinion_202411_facialrecognitionairports_en.pdf
  • 24 May 2024 – The European Council adopted conclusions on the situation and the future of the single market.
    • Impact: The conclusions aim to enhance the functioning of the single market, addressing current challenges and setting future priorities.
    • Action Required: Businesses and policymakers must align their strategies with the conclusions to support the development and integration of the single market.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/24/council-adopts-conclusions-on-the-future-of-the-single-market/
  • 24 May 2024 – The European Council, on the initiative of the Belgian presidency, adopted conclusions on ‘A competitive European industry driving our green, digital and resilient future’.
    • Impact: The conclusions focus on promoting a competitive European industry through green, digital, and resilient initiatives.
    • Action Required: Industries must incorporate green and digital strategies into their operations, leveraging the support and initiatives outlined in the conclusions.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/24/council-adopts-conclusions-on-the-future-of-industrial-policy/
  • 24 May 2024 – The European Council formally adopted the Corporate Sustainability Due Diligence Directive.
    • Impact: The directive mandates that companies incorporate sustainability into their business practices, addressing environmental and human rights impacts.
    • Action Required: Companies must conduct due diligence to identify and mitigate sustainability risks in their operations and supply chains, ensuring compliance with the directive.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/24/corporate-sustainability-due-diligence-council-gives-its-final-approval/
  • 24 May 2024 – Ministers adopted Council conclusions on the European Court of Auditors’ (ECA) special report on public procurement in the EU. 
    • Impact: The conclusions highlight areas for improvement in public procurement processes, emphasizing efficiency, transparency, and accountability.
    • Action Required: Public procurement bodies must review and enhance their practices to align with the recommendations in the ECA report, ensuring better outcomes and compliance.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/24/council-adopts-conclusions-on-the-court-of-auditors-report-on-public-procurement/
  • 23 May 2024 – ESMA launched a consultation on commodity derivatives under MiFID review.
    • Impact: The consultation aims to gather feedback on the regulatory framework for commodity derivatives, ensuring effective oversight and market stability.
    • Action Required: Market participants and stakeholders should provide their input on the MiFID review to help shape the future regulatory landscape for commodity derivatives.
    • Read More: https://www.esma.europa.eu/press-news/esma-news/esma-consults-commodity-derivatives-under-mifid-review
  • 23 May 2024 – ESMA launched a consultation on draft technical standards related to Consolidated Tape Providers (CTPs), other data reporting service providers (DRSPs) and the assessment criteria for the CTP selection procedure under the Markets in Financial Instruments Regulation (MiFIR).
    • Impact: The consultation seeks to establish clear and consistent standards for data reporting and transparency in financial markets.
    • Action Required: Relevant stakeholders must review and provide feedback on the draft technical standards to ensure they meet the needs of the market and enhance transparency.
    • Read More: https://www.esma.europa.eu/press-news/esma-news/mifir-review-esma-consults-consolidated-tape-providers-and-their-selection
  • 23 May 2024 – The European Council has reached a political agreement on a regulation to expand the objectives of the European High Performing Computer Joint Undertaking (EuroHPC).
    • Impact: The agreement aims to boost Europe’s leadership in AI and supercomputing, supporting research and innovation.
    • Action Required: Research institutions and tech companies should align their projects with the new objectives of EuroHPC, leveraging the opportunities for funding and collaboration.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/23/ai-council-reaches-political-agreement-on-the-use-of-super-computing-for-ai-development/
  • 22 May 2024 – ESMA published its Position Paper on “Building more effective and attractive capital markets in the EU”.
    • Impact: The paper includes recommendations to strengthen EU capital markets, addressing barriers to growth and efficiency.
    • Action Required: Financial market participants should review the recommendations and consider adjustments to their practices to support more effective and attractive capital markets.
    • Read More: https://www.esma.europa.eu/press-news/esma-news/esma-makes-recommendations-more-effective-and-attractive-capital-markets-eu
  • 21 May 2024 – The European Council approved conclusions on the future of cybersecurity aiming to provide guidance and setting the principles towards building a more cybersecure and more resilient Union.
    • Impact: The conclusions set out a framework for enhancing cybersecurity across the EU, addressing emerging threats and vulnerabilities.
    • Action Required: Organizations must strengthen their cybersecurity measures in line with the principles outlined in the conclusions, ensuring resilience against cyber threats.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/21/cybersecurity-council-approves-conclusions-for-a-more-cyber-secure-and-resilient-union/
  • 21 May 2024 – The European Council approved conclusions on the future of EU digital policy.
    • Impact: The conclusions identify key priorities for advancing the EU’s digital agenda, promoting innovation, and addressing digital challenges.
    • Action Required: Digital businesses and policymakers must align their strategies with the approved priorities, fostering innovation and addressing digital challenges effectively.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/21/eu-digital-policy-council-identifies-main-priorities-for-the-next-legislative-cycle/
  • 21 May 2024 – ESMA launched a public consultation on non-equity trade transparency, reasonable commercial basis (RCB) and reference data under MiFIR review. 
  • 20 May 2024 – New Environmental Crime Directive entered into force.
  • 17 May 2024 – EDPB launches French and German versions of its Data Protection Guide for small business.
    • Impact: The launch provides small businesses with accessible resources to enhance their data protection practices, promoting compliance with GDPR.
    • Action Required: Small businesses in French and German-speaking regions should utilize the new guides to improve their data protection measures and ensure GDPR compliance.
    • Read More: https://www.edpb.europa.eu/news/news/2024/edpb-launches-french-and-german-versions-its-data-protection-guide-small-business_en
  • 15 May 2024 – The European Commission launched the first-stage consultation among EU social partners to gather their views on the potential EU action towards ensuring fair telework and the right to disconnect. 
    • Impact: The consultation seeks to address the growing importance of telework and the need for regulatory measures to ensure fair working conditions and the right to disconnect.
    • Action Required: Employers and employees should participate in the consultation, providing feedback to shape future regulations on telework and the right to disconnect.
    • Read More: https://osha.europa.eu/en/oshnews/commission-launches-first-consultation-telework-and-right-disconnect
  • 14 May 2024 – The European Council approved conclusions on financial literacy. 
    • Impact: The conclusions emphasize the need for improved financial literacy across the EU, supporting informed financial decision-making by citizens.
    • Action Required: Financial institutions and educational bodies should develop and promote financial literacy programs to enhance public understanding of financial matters.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/14/capital-markets-union-council-approves-conclusions-on-financial-literacy/
  • 14 May 2024 – The European Council reached an agreement (general approach) on safer and faster procedures to obtain double taxation relief.
    • Impact: The agreement aims to simplify and expedite procedures for double taxation relief, encouraging cross-border investment and reducing tax abuse.
    • Action Required: Tax authorities and businesses must implement the new procedures for obtaining double taxation relief, ensuring compliance and efficiency.
    • Read More: https://www.consilium.europa.eu/en/press/press-releases/2024/05/14/taxation-council-agrees-on-new-rules-for-withholding-tax-procedures-faster/
  • 7 May 2024 – The European Council approved conclusions on protection in humanitarian settings.
  • 7 May 2024 – ESMA published a Call for Evidence on the review of the UCITS Eligible Assets Directive. 

Compliance Tips

  • Stay Updated with Regulatory Changes: Regularly review updates from relevant regulatory bodies such as the European Commission, ESMA, and the European Council to ensure compliance with new requirements and changes.
  • Enhance Digital Operational Resilience: Participate in voluntary dry run exercises to prepare for the implementation of the Digital Operational Resilience Act (DORA).
  • Prevent Conflicts of Interest: Review and adjust internal policies for crypto-asset service providers to comply with new rules on conflicts of interest under MiCA.
  • Ensure Data Protection Compliance: Align consumer profiling practices with the EDPB’s recommendations to meet the requirements of the Digital Markets Act (DMA) and GDPR.
  • Integrate AI Guidelines: Follow ESMA’s guidance on using AI in investment services to ensure transparency, fairness, and protection for retail clients.
  • Review Energy Agreements: Assess and adjust energy-related agreements and strategies in light of the EU’s withdrawal from the Energy Charter Treaty.
  • Strengthen Anti-Money Laundering Measures: Update anti-money laundering policies to comply with the new rules adopted by the European Council.
  • Promote Product Repairability: Ensure compliance with the Right-to-Repair Directive by facilitating the repair of goods and providing necessary information to consumers.
  • Enhance Banking Resilience: Review and strengthen capital and risk management frameworks to align with new rules aimed at increasing banks’ resilience to economic shocks.
  • Transition to Mercury-Free Practices: Dental practices and manufacturers must adopt mercury-free alternatives in compliance with the new regulation banning dental amalgams.
  • Modernize Energy Infrastructure: Align energy infrastructure projects with the European Council’s conclusions on sustainable electricity grids.
  • Engage with the AI Office: Ensure compliance with EU standards for safe and trustworthy AI by engaging with the newly established AI Office.
  • Reduce Methane Emissions: Implement measures to monitor, report, and reduce methane emissions in line with the new EU Methane Regulation.
  • Participate in Public Consultations: Provide feedback on regulatory evaluations, such as the Motor Vehicle Block Exemption Regulation, to stay informed about potential impacts on your organization.
  • Support Net-Zero Technologies: Align business strategies with the Net-Zero Industry Act to enhance manufacturing capabilities in net-zero technologies.
  • Strengthen Cybersecurity Measures: Enhance cybersecurity practices in line with the European Council’s conclusions on building a more cybersecure Union.
  • Comply with Ecodesign Requirements: Update product designs and production processes to meet the new ecodesign requirements for sustainable products.
  • Enhance Humanitarian Protection: Align operations with the European Council’s conclusions to improve protection in humanitarian settings.

Important Dates to Remember

  • 28 August 2024 – Comments due on non-equity trade transparency, reasonable commercial basis (RCB) and reference data under the Markets in Financial Instruments Regulation (MiFIR) review.
  • 28 August 2024 – Comments due on Consolidated Tape Providers and their selection.
  • 23 August 2024 – Comments due on commodity derivatives under MiFID review.
  • 7 August 2024 – Comments due to assess possible risk and benefits of UCITS gaining exposure to various asset classes. 
  • 24 June 2024 – Comments due on Motor Vehicle Block Exemption Regulation.
  • 11 June 2024 – Comments due on telework and right to disconnect.

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France

Key Regulatory Updates Major Regulatory Changes in France

  • 27 May 2024 – The French Competition Authority published its notice on the provision of informal guidance to companies with questions on the compatibility of their projects with a sustainability objective with competition rules.
  • 24 May 2024 – The French Data Protection Authority (CNIL) was given new missions under the SREN Law to strengthen digital space protection.
    • Impact: The new missions under the SREN Law enhance the CNIL’s authority and responsibilities in safeguarding the digital space, leading to stricter enforcement and higher standards for data protection.
    • Action Required: Organizations must stay informed about the new missions and requirements introduced by the SREN Law and ensure their data protection practices are aligned with the enhanced regulatory framework enforced by the CNIL.
    • Read More: https://www.cnil.fr/fr/sren-loi-securiser-reguler-lespace-numerique-nouvelles-missions-cnil
  • 16 May 2024 – The CNIL launched a consultation to develop new health standards inviting stakeholders to participate.
  • 15 May 2024 – The French Anti-Corruption Agency (AFA) published a new practical guide for chambers of commerce and industry (CCI).
  • 6 May 2024 – The AFA created a new system to facilitate reporting.
    • Impact: The new reporting system will streamline the process for reporting corruption and other unethical practices, improving the detection and prevention of such activities.
    • Action Required: Organizations should familiarize themselves with the new reporting system and encourage their employees to use it to report any suspected corruption or unethical behavior, ensuring a proactive approach to compliance and integrity.
    • Read More: https://www.agence-francaise-anticorruption.gouv.fr/fr/nouveau-dispositif-pour-faciliter-signalements
  • 2 May 2024 – The CNIL published its recommendations on video surveillance in nursing home rooms.
    • Impact: The recommendations provide guidelines for the use of video surveillance in nursing home rooms, balancing the need for security with the privacy rights of residents.
    • Action Required: Nursing home operators must review and implement the CNIL’s recommendations to ensure their video surveillance practices comply with privacy regulations and protect the rights of residents.
    • Read More: https://www.cnil.fr/fr/videosurveillance-dans-les-chambres-dehpad-la-cnil-publie-sa-recommandation

Compliance Tips

  • Seek Informal Guidance: Utilize the informal guidance provided by the French Competition Authority to ensure that sustainability projects are compatible with competition laws, mitigating legal risks.
  • Align with New Data Protection Missions: Stay informed about the new missions introduced by the SREN Law and align your data protection practices to comply with the enhanced regulatory framework enforced by the CNIL.
  • Adopt Anti-Corruption Measures: Review and implement the recommendations from the AFA’s practical guide for chambers of commerce and industry to strengthen anti-corruption measures and enhance business integrity.
  • Use the New Reporting System: Familiarize your organization with the AFA’s new reporting system and encourage employees to report any suspected corruption or unethical behavior to proactively address compliance issues.
  • Comply with Video Surveillance Guidelines: Ensure that video surveillance practices in nursing homes align with the CNIL’s recommendations to balance security needs with the privacy rights of residents.

Important Dates to Remember

  • 12 July 2024 – Comments due on the consultation process to influence the development of new health standards, ensuring your priorities are considered in the regulatory framework.

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Germany

Key Regulatory Updates Major Regulatory Changes in Germany

  • 29 May 2024 – The Federal Cabinet passed the Pension Level Stabilization and Generational Capital Act (the so-called Pension Package II).
    • Impact: The Pension Package II aims to stabilize pension levels and secure generational equity in the pension system, ensuring long-term sustainability and adequate retirement income for future generations.
    • Action Required: Employers and pension fund managers must review and adjust their pension plans and contributions to align with the new requirements. Additionally, financial advisors should update their guidance to clients regarding retirement planning in light of the new regulations.
    • Read More: https://www.bmas.de/DE/Service/Presse/Pressemitteilungen/2024/kabinett-beschliesst-rentenpaket-ii.html
  • 8 May 2024 – The Federal Cartel Office approved a reusable system in plant trade to cut down on plastic waste.
    • Impact: The approval promotes the use of reusable systems in the plant trade, significantly reducing plastic waste and encouraging sustainable business practices within the industry.
    • Action Required: Companies in the plant trade sector should adopt the approved reusable systems to comply with the new regulations and contribute to environmental sustainability. This may involve updating supply chains and operational practices to integrate reusable materials.
    • Read More: https://www.bundeskartellamt.de/SharedDocs/Meldung/DE/Pressemitteilungen/2024/08_05_2024_Plant_Tray.html
  • 2 May 2024 – New rules were announced for better disposal of electrical devices, e-cigarettes and batteries.
    • Impact: The new disposal rules aim to improve the management of electronic waste, ensuring environmentally friendly disposal and recycling of electrical devices, e-cigarettes, and batteries, thus reducing environmental pollution.
    • Action Required: Manufacturers, retailers, and waste management companies must comply with the new disposal rules by implementing proper disposal and recycling processes. Consumers should also be informed about the correct disposal methods for these items.
    • Read More: https://www.bmuv.de/pressemitteilung/neue-regeln-fuer-eine-bessere-entsorgung-von-elektrogeraeten-e-zigaretten-und-batterien-1

Compliance Tips

  • Adjust Pension Plans: Review and update pension plans to align with the Pension Level Stabilization and Generational Capital Act (Pension Package II), ensuring long-term sustainability and adequate retirement benefits.
  • Adopt Reusable Systems: Implement the approved reusable systems in the plant trade sector to comply with new regulations and reduce plastic waste, promoting sustainability.
  • Enhance Waste Management: Comply with the new rules for the disposal of electrical devices, e-cigarettes, and batteries by updating disposal and recycling processes to minimize environmental impact.
  • Inform Stakeholders: Educate employees, customers, and stakeholders about new compliance requirements, particularly regarding the proper disposal methods for electronic waste.
  • Stay Informed: Regularly monitor updates from the Federal Cabinet, Federal Cartel Office, and BMUV to ensure timely compliance with new regulations and changes.

Important Dates to Remember

  • 29 May 2024: Federal Cabinet passed the Pension Level Stabilization and Generational Capital Act (Pension Package II).
  • 8 May 2024: Federal Cartel Office approved a reusable system in plant trade to cut down on plastic waste.
  • 2 May 2024: New rules announced for better disposal of electrical devices, e-cigarettes, and batteries.

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Italy

Key Regulatory Updates Major Regulatory Changes in Italy

  • 30 May 2024 – The Italian Data Protection Authority issued guidance to protect personal data from web scraping.
    • Impact: The guidance aims to protect individuals’ personal data from unauthorized extraction and misuse through web scraping techniques, enhancing data privacy and security.
    • Action Required: Organizations must review and update their data protection measures to comply with the new guidance, ensuring that their websites and data handling practices prevent unauthorized web scraping activities.
    • Read More: https://www.garanteprivacy.it/web/guest/home/docweb/-/docweb-display/docweb/10019984
  • 28 May 2024 – The Ministry of Labour and Social Policies published the operational guidelines on the management of initiatives and projects of national importance financed with the fund (Notice no. 2/2023).
    • Impact: The guidelines provide a framework for the management and implementation of nationally important initiatives and projects, ensuring proper use of funds and compliance with regulatory standards.
    • Action Required: Organizations involved in nationally funded projects must adhere to the operational guidelines, ensuring proper management, reporting, and compliance with the established standards.
    • Read More: https://www.lavoro.gov.it/notizie/pagine/avviso-2-2023-pubblicate-le-linee-operative
  • 14 May 2024 – The Ministry of Environment and Energy Security published the new edition of the Operational Guide for compliance with the DNSH principle.
    • Impact: The updated guide provides detailed instructions on ensuring that projects comply with the “Do No Significant Harm” (DNSH) principle, promoting sustainable and environmentally friendly practices.
    • Action Required: Project managers and environmental compliance officers must familiarize themselves with the new guide and integrate its recommendations into their project planning and implementation processes to ensure compliance with the DNSH principle.
    • Read More: https://www.mase.gov.it/notizie/pubblicata-la-nuova-edizione-della-guida-operativa-il-rispetto-del-principio-dnsh
  • 8 May 2024 – The Ministry of Labour and Social Policies announced the publication of the Cohesion Law Decree in the Official Journal.
    • Impact: The decree aims to enhance social cohesion by introducing measures that support employment, social inclusion, and economic development.
    • Action Required: Organizations must review the provisions of the Cohesion Law Decree and adjust their policies and practices to comply with the new measures, ensuring support for social cohesion initiatives.
    • Read More: https://www.lavoro.gov.it/priorita/pagine/decreto-legge-coesione-novita-lavoro
  • 6 May 2024 – The National Anti-Corruption Authority published guidance for bodies on OIV certifications.
  • 2 May 2024 – The Italian Patent and Trademark Office announced that from 1 December 2025 it will be possible to submit an application for registration of a Protected Geographical Indication (PGI) in Italy also for artisanal and industrial products .
  • 2 May 2024 – The Italian Competition Authority launched a public consultation on the Guidelines for the marketing of Audiovisual Rights of the Women’s Serie A Championship, Italian Cup and Super Cup for the 2024/2025 – 2025/2026 – 2026/2027 Sports Seasons.

Compliance Tips

  • Protect Personal Data: Implement measures to prevent unauthorized web scraping of personal data in compliance with the Italian Data Protection Authority’s guidance.
  • Follow Operational Guidelines: Adhere to the Ministry of Labour and Social Policies’ operational guidelines for managing nationally funded initiatives to ensure proper use and reporting of funds.
  • Review Contractual Terms: Examine and revise contractual terms to eliminate unfair clauses, especially in initiatives like the bathroom bonus, as guided by the Italian Competition Authority.
  • Ensure DNSH Compliance: Integrate the new Operational Guide for the DNSH principle into project planning to ensure environmental sustainability and regulatory compliance.
  • Adapt to Cohesion Law Decree: Align organizational policies and practices with the measures introduced in the Cohesion Law Decree to support social cohesion and economic development.
  • Standardize OIV Certifications: Update OIV certification processes to comply with the new standards set by the National Anti-Corruption Authority.
  • Develop Social Inclusion Pacts: Implement the approved guidelines for social inclusion pacts to provide coordinated support for individuals facing social and economic challenges.
  • Prepare for PGI Registration: Plan for the application process for PGI registration of artisanal and industrial products starting 1 December 2025.

Important Dates to Remember

  • 13 May 2024: Comments due on Guidelines for the marketing of Audiovisual Rights of the Women’s Serie A Championship, Italian Cup and Super Cup 
  • 25 June 2024: Comments due on PS12503 Star Italia – bathroom bonus.

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Russia

Key Regulatory Updates Major Regulatory Changes in Russia

  • 31 May 2024 – The Bank of Russia to establish additional requirements for the disclosure of credit ratings.
    • Impact: The new requirements will enhance transparency and reliability in the credit rating process, ensuring that investors have access to more detailed and accurate information.
    • Action Required: Credit rating agencies must update their disclosure practices to comply with the new requirements, ensuring all necessary information is included in their reports.
    • Read More: http://www.cbr.ru/press/event/?id=18735
  • 30 May 2024 – The changes to the terms of operations for granting and repaying Bank of Russia Loans were published.
    • Impact: The updated terms aim to improve the efficiency and clarity of loan operations between the Bank of Russia and financial institutions, potentially impacting liquidity and funding strategies.
    • Action Required: Financial institutions must review and adjust their loan application and repayment processes to align with the new terms set by the Bank of Russia.
    • Read More: http://www.cbr.ru/press/PR/?file=638526649714256083OBR.htm
  • 29 May 2024 – The Government of the Russian Federation approved the Rules for non-discriminatory access to freight rail transportation services developed by the FAS Russia.
    • Impact: The new rules ensure fair and equal access to freight rail transportation services, promoting competition and preventing discriminatory practices.
    • Action Required: Companies involved in freight rail transportation must comply with the new rules, ensuring their access practices are non-discriminatory and align with the regulations set by the FAS Russia.
    • Read More: https://fas.gov.ru/news/33295
  • 27 May 2024 – The Bank of Russia to equalize the criteria for protecting retail investors on the stock market and marketplaces.
    • Impact: The harmonization of protection criteria aims to provide equal levels of investor protection across different trading platforms, enhancing market integrity and investor confidence.
    • Action Required: Trading platforms and marketplaces must review and update their investor protection measures to comply with the new criteria established by the Bank of Russia.
    • Read More: http://www.cbr.ru/press/event/?id=18714
  • 24 May 2024 – The WIPO Treaty on Genetic Resources and Traditional Knowledge was adopted.
    • Impact: The treaty establishes a framework for the protection and sustainable use of genetic resources and traditional knowledge, promoting biodiversity and cultural heritage.
    • Action Required: Organizations and researchers working with genetic resources and traditional knowledge must ensure their activities comply with the provisions of the treaty, integrating sustainable practices and respecting cultural heritage.
    • Read More: https://rospatent.gov.ru/ru/news/rospatent-24052024-1
  • 24 May 2024 – The Bank of Russia has set stricter restrictions on lending to borrowers with high debt loads.
    • Impact: The new restrictions aim to mitigate financial risks by limiting excessive borrowing among high-debt borrowers, promoting financial stability.
    • Action Required: Lending institutions must adjust their lending criteria and practices to comply with the new restrictions, ensuring they do not exceed the set limits for high-debt borrowers.
    • Read More: http://www.cbr.ru/press/PR/?file=638521460550183576macroprudential_limits.htm
  • 22 May 2024 – The Federal Antimonopoly Service (FAS) has developed a bill on the creation of the GIS “anti-cartel”.
    • Impact: The creation of the GIS “anti-cartel” system aims to enhance the detection and prevention of cartel activities, promoting fair competition.
    • Action Required: Businesses must familiarize themselves with the new system and ensure compliance with anti-cartel regulations, adjusting their practices to avoid anti-competitive behavior.
    • Read More: https://fas.gov.ru/news/33273
  • 17 May 2024 – A Committee on Standards of Operations of Credit Institutions was created.
    • Impact: The committee will establish and oversee standards for the operations of credit institutions, promoting best practices and regulatory compliance in the banking sector.
    • Action Required: Credit institutions should monitor the developments and guidelines issued by the committee and update their operational standards accordingly to ensure compliance.
    • Read More: http://www.cbr.ru/press/event/?id=18677

Compliance Tips

  • Enhance Credit Rating Disclosures: Update disclosure practices to meet the new requirements established by the Bank of Russia, ensuring transparency and reliability in credit rating reports.
  • Align Loan Operations: Review and adjust loan application and repayment processes to comply with the updated terms for operations between the Bank of Russia and financial institutions.
  • Ensure Non-Discriminatory Access: Comply with the new rules for non-discriminatory access to freight rail transportation services, promoting fair competition and equal access.
  • Standardize Investor Protection: Update investor protection measures on trading platforms and marketplaces to meet the new criteria set by the Bank of Russia, ensuring equal protection for retail investors.
  • Comply with WIPO Treaty: Ensure activities involving genetic resources and traditional knowledge comply with the WIPO Treaty, integrating sustainable practices and respecting cultural heritage.
  • Adjust Lending Practices: Modify lending criteria to adhere to the stricter restrictions on lending to high-debt borrowers, promoting financial stability.
  • Prepare for Anti-Cartel Measures: Familiarize with the GIS “anti-cartel” system and ensure compliance with anti-cartel regulations to avoid anti-competitive behavior.
  • Monitor Banking Standards: Stay updated with guidelines from the new Committee on Standards of Operations of Credit Institutions and adjust operational standards accordingly.

Important Dates to Remember

  • 31 May 2024: Bank of Russia establishes additional requirements for the disclosure of credit ratings.
  • 30 May 2024: Changes to the terms of operations for granting and repaying Bank of Russia Loans were published.
  • 29 May 2024: Government of the Russian Federation approved the Rules for non-discriminatory access to freight rail transportation services.
  • 27 May 2024: Bank of Russia equalizes the criteria for protecting retail investors on the stock market and marketplaces.
  • 24 May 2024: WIPO Treaty on Genetic Resources and Traditional Knowledge was adopted.
  • 24 May 2024: Bank of Russia sets stricter restrictions on lending to borrowers with high debt loads.
  • 22 May 2024: Federal Antimonopoly Service (FAS) developed a bill on the creation of the GIS “anti-cartel”.
  • 17 May 2024: Committee on Standards of Operations of Credit Institutions was created.

____________________________________________________________________________________________________________________

United Kingdom

Key Regulatory Updates Major Regulatory Changes in United Kingdom

  • 24 May 2024 – The CMA launched a consultation on its draft guidance for the digital markets competition regime.
  • 16 May 2024 – The Department for Environment, Food & Rural Affairs launched a consultation on an ATRm for the UK REACH (registration, evaluation, authorisation and restriction of chemicals) regulation.
  • 16 May 2024 – The Department for Environment, Food & Rural Affairs published the policy paper on Sustainability Disclosure Requirements: Implementation Update 2024.
  • 9 May 2024 – The Intellectual Property Office published the manual of trade marks practice – the examination guide.
    • Impact: The updated examination guide provides detailed instructions for the assessment and registration of trade marks, ensuring consistency and clarity in trade mark practices.
    • Action Required: Businesses and legal practitioners should review the updated manual to understand the new examination criteria and ensure compliance when submitting trade mark applications.
    • Read More: https://www.gov.uk/guidance/trade-marks-manual/the-examination-guide
  • 7 May 2024 – The Intellectual Property Office published a guidance on Examining patent applications relating to artificial intelligence (AI) inventions.
  • 1 May 2024 – The HM Treasury announced steps to provide more consumer choice through Overseas Funds Regime.

Compliance Tips

  • Update Transparency and Disclosure Practices: Review and align transparency and disclosure practices with the updated guidelines proposed by the CMA.
  • Adapt to Digital Market Regulations: Prepare for new digital market competition regulations by reviewing the draft guidance and adjusting business practices accordingly.
  • Review Trade Mark and Patent Guidelines: Ensure trade mark applications comply with the updated examination guide and AI-related patent applications meet the new criteria.
  • Enhance Sustainability Reporting: Update sustainability reporting practices to align with the new disclosure requirements outlined by the Department for Environment, Food & Rural Affairs.
  • Prepare for Consumer Protection Measures: Implement measures to comply with new guidelines for APP scams reimbursement and understand the new high bar for granting extensions and exemptions set by the PSR.
  • Expand Fund Offerings: Review eligibility and marketing requirements for overseas funds to take advantage of the new consumer choice initiatives announced by HM Treasury.

Important Dates to Remember

  • 24 June 2024: Comments due on CMA’s updated version of transparency and disclosure. 
  • 14 June 2024: Comments due on CMA’s proposed variation to the commitments in respect of Meta’s use of advertising data.
  • 3 June 2024: Comments due on PSR’s consultation on whether to grant an extension or exemption to a specific direction or requirement.
  • 25 July 2024: Comments due on an ATRm for the UK REACH (registration, evaluation, authorisation and restriction of chemicals) regulation.
  • 12 July 2024: Comments due on CMA’s draft guidance for the digital markets competition regime.
  • 31 May 2024: Comments due on PSR’s policy on directing APP scams reimbursement for CHAPS payments.

____________________________________________________________________________________________________________________

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