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Faced with the new challenges of a changing market, developing digital platforms and the consequential rise of new online commerce practice, the European Union (“EU”) has strengthened its current legislation on consumer protection.Continue Reading Italian Transposition of the Omnibus Directive: the Reform in Pills

On March 14, 2023, the French Anticorruption Agency and the National Financial Prosecutor’s office jointly issued updated guidance about anticorruption internal investigations (Les enquêtes internes anticorruption – Guide pratique, the “Guide”).

This follows the announcement earlier this year of important revisions to the PNF’s corporate enforcement guidelines (Lignes directrices sur la mise en œuvre de…

On March 9, 2023, the Council of Ministers approved Legislative Decree No. 24 of March 10, 2023 (the “Decree”) implementing Directive (EU) 2019/1937 on whistleblowing(the “Directive”), which partially amends the draft decree that was preliminarily approved on December 9, 2022 (the “Draft Decree”).Continue Reading Italy Implements European Directive on Whistleblowing

In recent years, the international tax system has experienced significant change as tax authorities across the globe have adopted and implemented new rules and procedures to respond to the new economy and perceptions of taxpayers arbitraging differences among jurisdictions.
Continue Reading Taxes: The Rules Continue to Change and Tax Authorities Focus on Enforcement

On July 30, 2020, Italian Legislative Decree no. 75 went into effect, introducing amendments to the Italian Criminal Code and a new set of criminal offences in the context of corporate liability under Legislative Decree no. 231 of June 8, 2001, among which a number of tax crimes.

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The UK’s Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction.

Following the UK’s departure from the EU on 31 January 2020, the UK entered a transition period due to end on 31 December 2020.  EU competition law…

In recent weeks two enforcement actions by the UK Financial Conduct Authority (“FCA”) against regulated firms have highlighted the regulator’s continued scrutiny of transaction reporting.  In the decisions, the FCA has reiterated the importance of complete, accurate and timely transaction reporting to assist in its objective of protecting and enhancing the integrity of the UK’s financial system.  The significant penalties imposed in each case, £27.6 million and £34.3 million respectively, demonstrate the serious consequences for firms that fail to meet their transaction reporting requirements.
Continue Reading FCA Continues Focus on Transaction Reporting Breaches

Legal and regulatory scrutiny regarding the use of non-disclosure agreements by companies to resolve allegations of sexual harassment and misconduct continues to increase in the wake of the #MeToo movement.  Such scrutiny featured prominently this month in two high-profile sexual harassment matters: the Wynn Resorts investigation and the various legal proceedings following the allegations against Harvey Weinstein.  Both in-house and outside counsel for companies with senior executives facing such allegations should take note of these developments, as they call into question whether the use of NDAs could in certain circumstances amount to investigatory obstruction or a violation of ethical obligations.
Continue Reading New Scrutiny for NDAs in Sexual Harassment Matters

In the much-awaited Judgment No. 63, filed on March 21, 2019 and published on March 27, 2019 on Issue No. 13 of the Italian Official Gazette, the Italian Constitutional Court found that the principle of retroactive application of the most favorable law applies to the administrative penalties set forth under Legislative Decree No. 58 of…

On 12 February 2019, the European Data Protection Board (“EDPB”)[1] adopted its first opinion on an “administrative arrangement,” which provides a new mechanism for the transfer of personal data between European Union (“EU”) financial supervisory authorities and securities agencies and their non-EU counterparts.

Under the EU’s General Data Protection Regulation 2016/679 (“GDPR”), personal data cannot be transferred from the European Economic Area (“EEA”) to a third country unless the European Commission has decided that such third country is “adequate” from a data protection laws perspective, or “appropriate safeguards” are in place to ensure that the treatment of personal data in the hands of the recipient reflects the GDPR’s high standards. Article 46 of the GDPR provides for various safeguarding options, including the possibility of “provisions to be inserted into administrative arrangements between public authorities or bodies which include enforceable and effective data subject rights.”[2] No such “administrative arrangements” have been approved by the EDPB until now.
Continue Reading EDPB Issues First Opinion on Administrative Arrangements Under the GDPR for Cross-Border Data Flows Between EU and Non-EU Securities Agencies