EUROPEAN UNION UPDATES

LEGAL UPDATES ON REGULATION AND COMPLIANCE IN THE EUROPEAN UNION 

You may follow the recent developments on the field of Regulation and Compliance in the European Union and the Member States. 

EUROPEAN DATA ACT ADOPTED

At its meeting on 27 November, the European Council adopted the Data Act, which contains rules on fair access to and use of data. The Data Act introduces new rules on who can access and use the data available in the European Union in all economic sectors. It aims to ensure fair sharing of the value generated by data in the digital economy, to promote a competitive data market, to create opportunities for data-driven technological developments, and to make the use of data more accessible to all. In this context, the Data Act covers not only personal data, but also regulates the use of all types of information and data that can be obtained in the EU and includes measures on specific issues. It has been regulated that most of the provisions of the Data Act will enter into force 20 months after its publication in the Official Journal of the EU.

28.11.2023

EUROPEAN UNION REGULATION ON THE DIGITISATION OF INTERNATIONAL JUDICIAL COOPERATION

In December 2021, the European Commission proposed a Regulation on the digitisation of cross-border judicial cooperation, applicable to both civil and criminal proceedings. In July 2023, the regulatory bodies involved in the Regulation reached a compromise text, which was approved by the relevant committees of the Council of Europe. The proposed Regulation contains provisions on communication between courts in different Member States of the European Union in civil and criminal proceedings and on the conduct of trials between countries. In this context, the text of the Regulation was adopted at the plenary session of the European Parliament on 23 November and entered into force.

23.11.2023

STATEMENT BY THE EUROPEAN UNION ON THE FUTURE OF THE DIGITAL EURO

The European Central Bank (ECB) has announced that the Digital Euro project will enter the "preparatory phase". In the statement, the ECB explained that the digital euro will exist alongside physical cash and other electronic payment methods, thus offering users more payment options. The statement also stated that the protection of the privacy and personal data of the individuals is a fundamental element of the digital euro proposal, without prejudice to the protection of fundamental rights and freedoms and the maintenance of public confidence. However, these fundamental rights and freedoms must be balanced with the prevention of money laundering and terrorist financing (AML/CTF) and the prevention of possible tax evasions.

21.11.2023

FRENCH BANKS ACCUSED OF MONEY LAUNDERING

A group of NGOs has filed a complaint with the French National Prosecutor's Office claiming that BNP Paribas, Crédit Agricole, BPCE and Axa have contributed to illegal deforestation in the Amazon and profited from it. The complaint cites the FATF (Financial Action Task Force), the global body responsible for preventing the laundering of the proceeds of crime and the financing of terrorism, which defines environmental crime as one of the most profitable types of crime in the world, and states that the vast majority of deforestation in Brazil is criminal in nature and that the income generated by this activity is money waiting to be laundered. The complaint calls for an investigation to be opened by the French Public Prosecutor's Office on the grounds that these banks did not fully comply with their AML and KYC obligations with regard to the companies that carried out the illegal deforestation operations.

15.11.2023

NEW RULES TO BAN GREENWASHING AND OTHER UNFAIR COMMERCIAL PRACTISES IN EU

The European Parliament and Council have reached a provisional agreement on new rules to ban misleading advertisements and provide consumers with better product information. The agreement updates the existing EU list of banned commercial practices. Thus, generic environmental claims such as “environmentally friendly”, “natural”, “biodegradable”, “climate neutral” or “eco”, without proof of recognised excellent environmental performance and other misleading marketing tricks will be banned. Only sustainability labels based on approved certification schemes or established by public authorities will be allowed. Guarantee information will be more visible and a new guarantee extension label will be introduced. The aim of the new rules is to protect consumers from misleading practices and help them make better purchasing choices

05.10.2023