European Union updates

Arbitration & ADR

Is effective intra-EU investment protection ending?
Skadden Arps Slate Meagher & Flom LLP
  • European Union
  • 02 May 2019

In January 2019 EU member states issued statements with wide-ranging effects for intra-EU investment protection. All member states pledged, among other things, to terminate intra-EU bilateral investment treaties (BITs) by 6 December 2019 and instruct investors not to initiate any new intra-EU investment arbitration proceedings under BITs. This article sheds light on the background of this development and its potential impact on investment protection.


Aviation

COVID-19: non-application of reimbursement obligations under EU Flight Delay Compensation Regulation
Augusta Abogados
  • European Union
  • 15 July 2020

The spread of COVID-19 has had a significant impact on air traffic. The result of this once-in-a-century pandemic has been the global collapse of air travel. This has obviously led to a large number of complaints from affected passengers. This article looks at non-application of reimbursement and compensation claims under the EU Flight Delay Compensation Regulation in this context.

New EU regulation on drone operations set to take off in December 2020
Augusta Abogados
  • European Union
  • 17 June 2020

The EU unmanned aircraft system (UAS) industry will face a new challenge as of 31 December 2020 when most of the EU Implementing Regulation on the rules and procedures for the operation of unmanned aircraft enters into force. The new regulation will replace most of the existing domestic provisions on UAS operations in EU member states. This will see the homogenisation of UAS-related legislation, reducing the variety of operational requirements, obligations and restrictions between EU member states.


Banking & Financial Services

Virtual currencies – EU legal overview
  • European Union
  • 22 March 2019

Virtual currencies have been analysed and considered by numerous policymakers at the EU level. According to the European Central Bank, the legal definition of 'virtual currencies' tends to vary depending on the context, while the European Banking Authority defines them as a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to a fiat currency, but used as a means of exchange and transferred, stored or traded electronically.

New prospectus regime – content requirements for equity capital market transactions
Davis Polk & Wardwell LLP
  • European Union
  • 29 January 2019

The EU Prospectus Regulation's provisions concerning the format and content requirements for prospectuses will come into force on 1 July 2019. Ahead of the provisions, the European Securities and Markets Association intends to publish final draft guidelines on risk factors in early 2019. Issuers and their advisers will then need to ensure that they comply with the new regime in respect of any prospectuses to be published on or after 21 July 2019.


Competition & Antitrust

Does competition law allow competing researchers to collaborate on COVID-19-related R&D?
ALTIUS
  • European Union
  • 23 April 2020

New vaccines, quick and trustworthy diagnostic tests and effective medicines are key to tackling the COVID-19 pandemic. The development of these products depends on pharmaceutical companies, R&D companies, research institutes and universities. However, one question remains: what are the competition rules regarding COVID-19-related R&D?

European Commission report on competition policy for digital era – key takeaways
  • European Union
  • 20 June 2019

The European Commission's report 'Competition policy for the digital era' is its most substantial step yet towards crystallising the dialogue on the question of how competition law could or should adapt to the rapidly changing technological landscape and the growing role of the digital economy. However, while the report touches on a wide range of ideas and proposals, it openly notes that not all of these are developed in detail or go beyond "very preliminary" conclusions.


Corporate Finance/M&A

The 'dark' side of the data room: disclosure dangers in M&A and finance transactions
  • European Union
  • 03 October 2018

The disclosure, transfer and processing of data raises concerns at several stages of the due diligence process during a transaction and undoubtedly makes things more complicated. Unless companies can navigate their way around the rules set out by the General Data Protection Regulation, it is highly likely that they will encounter significant difficulties and potential data protection breaches in the context of due diligence work undertaken for M&A transactions.