The material is compiled by assistant lawyer Sofia Kurochka. 

 

Finance

Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (Text with EEA relevance)

Date of effect: 29 June 2023

Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted. This ensures the traceability of crypto asset transfers to be able to better identify possible suspicious transactions and block them. This legislation is set to harmonise the crypto Travel Rule requirements across the European Union, as well as ensuring financial transparency on exchanges in crypto assets.

Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance)

Date of effect: 29 June 2023

Regulation on markets in crypto-assets (MiCA) is aimed at protecting investors by increasing transparency and putting in place a comprehensive framework for issuers and service providers including compliance with the anti-money laundering rules. The new rules cover issuers of utility tokens, asset referenced tokens and stablecoins. It also covers service providers such as trading venues and the wallets where crypto-assets are held. This regulatory framework aims to protect investors, preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector.

It also introduces a harmonized regulatory framework in the European Union which, given the global nature of crypto markets, is an improvement compared to the current situation with national legislation in some member states only.

See also: Press release.

 

Data protection

Guidelines 04/2022 on the calculation of administrative fines under the GDPR

Published: 7 June 2023

The European Data Protection Board (“EDPB”) adopted the final version of its Guidelines harmonizing the methodology used by supervisory authorities (“SA”) to calculate fines. The EDPB maintained the five-step methodology previously included in the public consultation version of the Guidelines, composed of the following steps: 1) identify the processing operations in the case and evaluate the application of Article 83(3) of the GDPR; 2) identify the starting point for further calculation of the fine amount; 3) evaluate aggravating and mitigating circumstances related to past/present behavior of the controller/processor; 4) identify the legal maximum(s) for the infringement(s) and corporate liability and; 5) assess the effectiveness, proportionality and dissuasiveness of the fine (and increase or decrease it accordingly).

 

Transport

Proposal for a Directive of the European Parliament and of the Council amending Directive 2010/40/EU on the framework for the deployment of Intelligent Transport Systems in the field of road transport and for interfaces with other modes of transport

Status: provisional agreement reached on 8 June 2023

The proposed directive aims to take account of technological developments, such as connected and automated mobility, on-demand mobility applications, and multimodal transport. It also aims to accelerate the availability and enhance the interoperability of digital data that feed these services. The proposal therefore represents an important step towards creating the common European mobility data space. The provisional agreement must now be endorsed by the Council and the Parliament.

See also: Press release.

Regulation (EU) 2023/988 of the European Parliament and of the Council of 10 May 2023 on general product safety, amending Regulation (EU) No 1025/2012 of the European Parliament and of the Council and Directive (EU) 2020/1828 of the European Parliament and the Council, and repealing Directive 2001/95/EC of the European Parliament and of the Council and Council Directive 87/357/EEC (Text with EEA relevance)

Date of effect: 12 June 2023

The General Product Safety Regulation  (GPSR) is a new key instrument in the EU product safety legal framework, replacing from 13 December 2024 the current General Product Safety Directive  and the Food Imitating Product Directive . It modernises the EU general product safety framework and address the new challenges posed to product safety by the digitalisation of our economies.

The GPSR requires that all consumer products on the EU markets are safe and it establishes specific obligations for businesses to ensure it. It applies to non-food products and to all sales channels. The GPSR provides a safety net for products or risks not regulated in other EU legislation.

See also: Press release.

 

Competition

EFTA Surveillance Authority Notice on informal guidance relating to novel or unresolved questions concerning Articles 53 and 54 of the EEA Agreement that arise in individual cases (guidance letters)

Adopted: 14 June 2023

The EFTA Surveillance Authority (ESA) revised its 2006 informal guidance notice in line with the changes that the European Commission introduced in October 2022 with regard to its 2004 informal guidance notice. The notice helps businesses to seek informal guidance, in the form of guidance letters, on the application of EEA competition rules concerning agreements between undertakings and market abuses as set out in Articles 53 and 54 of the EEA Agreement. It updates the criteria that allow ESA to provide informal guidance to businesses in cases presenting novel or unresolved questions.

See also: ESA’s decision.

 

Taxation

Proposal for a Council directive on Faster and Safer Relief of Excess Withholding Taxes

Adopted: 19 June 2023

The European Commission proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries (e.g. banks) and Member State tax administrations. Key actions introduced by the proposal:

  • A common EU digital tax residence certificate, which will make withholding tax relief procedures faster and more efficient. The digital tax residence certificate will be issued within one working day after the submission of a request.
  • Two fast-track procedures complementing the existing standard refund procedure: a “relief at source” procedure and a “quick refund” system, which will make the relief process faster and more harmonised across the EU. Member States will be able to choose which one to use – including a combination of both.

See also: Press release, Procedure file.

 

Environmental, Social & Governance

Proposal for a Regulation of the European Parliament and of the Council on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities

Published: 13 June 2023

The aim of the proposal is to ensure that the EU sustainable finance framework continues to support companies and the financial sector, while encouraging the private funding of transition projects and technologies. Specifically, the Commission is today adding additional activities to the EU Taxonomy and proposing new rules for Environmental, Social and Governance (ESG) rating providers, which will increase transparency on the market for sustainable investments. The package aims to ensure that the sustainable finance framework works for companies that want to invest in their transition to sustainability. It aims also to make the sustainable finance framework easier to use, thereby continuing to contribute effectively to the European Green Deal objectives.

See also: Press release.

Regulation (EU) 2023/1115 of the European Parliament and of the Council of 31 May 2023 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation and repealing Regulation (EU) No 995/2010 (Text with EEA relevance)

Date of effect: 29 June 2023

The Regulation promotes the placing and making available on the EU market as well as the export from the EU of ‘deforestation-free’ products. It sets out the obligations concerning relevant commodities and relevant products in order to effectively combat deforestation and forest degradation, and to promote deforestation-free supply chains, while taking into account the protection of human rights and the rights of indigenous peoples and local communities, both in the EU and in third countries.

 

Other

Proposal for a Directive of the European Parliament and of the Council amending Directive 2011/83/EU concerning financial services contracts concluded at a distance and repealing Directive 2002/65/EC

Status: provisional political agreement reached

The Commission proposal, presented on 11 May 2022, repeals the 2002 directive, and introduces new provisions for financial services contracts concluded at a distance as an additional chapter of the consumer rights directive (CRD) which protect consumers in all kinds of commercial practices. It simplifies the legislative framework and certain articles of the CRD will also apply to financial services sold at a distance. The political agreement clarifies the scope of application and the safety net-feature in the directive, in particular for financial services that are excluded from other sectoral legislation or only partially covered by it. The provisional agreement now needs to be endorsed and formally adopted by the European Parliament and the Council.

See also: Press release.