Tag results for 'EU'

Ireland awaits the new EU Insurance Recovery and Resolution Directive

A new recovery and resolution framework for EU failing insurers and reinsurers is making progress, and is scheduled to be implemented by EU Member States by the end of 2024. The new framework (IIRD) includes regulatory tools to deal with distressed insurers such as solvent run-off, sale of the business, bridge undertaking, asset and liability separation and ‘bail-in’ (write-down and conversion).

Released on Aug 9, 2022

EU concerns about cybersecurity in the financial sector

The EU’s European Council and the European Parliament have reached a provisional agreement on a new cybersecurity regulation with implications for the insurance sector. As a result of the proposed regulation, the Swedish Financial Supervisory Authority proposes to extend its supervision in this area.

Released on Jul 27, 2022

The EU’s Digital Markets Act: Opportunities and Challenges Ahead

As witnessed in a series of studies, analyses and papers published over the course of 2019−2020, an international consensus was emerging that the public policy concerns arising consistently in connection with digital platforms either required a fundamental rethink of how competition policy should address such concerns or provide the rationale for the creation of a sui generis regulatory regime. If the latter approach were to be chosen, this would mean that competition policy would be left with a complementary role to play, and one that would logically be directed at new modes of commercial behaviour. The genesis of such a public policy choice in the European Union was brought into sharp focus by the protracted competition law investigation into various commercial practices of Google in internet search by the European Commission (the ‘Commission’), which had been ongoing since 2010 and which had to wait to be resolved by the vindication of the Commission’s 2017 decision before the General Court as late as November 2021. In response to the demands by EU Member States that appropriate action be taken to compensate for the slow and arguably ineffective application of EU competition rules, a draft regulatory package was introduced by the Commission in December 2020 that would regulate key problematic business practices of large digital platforms across the EU. Whereas the so-called Digital Services Act was to deal with critical public policy issues that were consumer-facing, it was the Digital Markets Act (DMA) that laid out the unique regime that would apply economic regulation to large digital platforms. The object of this article is to: (1) provide an outline of the defining elements of the DMA; and (2) identify key aspects of that legislation, whether from a substantive, procedural or institutional point of view, where the intended outcomes of the DMA might be compromised.

Released on Jun 1, 2022

The development of mandatory human rights due diligence: takeaways for in-house counsel

Amid calls for increased accountability by businesses for human rights and environmental breaches, the European Union has outlined a Directive on Mandatory Human Rights, Environmental and Governance Due Diligence. In-House Perspective assesses the potential impact of such a directive on organisations and the direction of mandatory human rights due diligence more generally.

Released on Mar 2, 2022

The EU’s draft regulation on artificial intelligence (part 2)

The second part of this analysis focuses on the high-risk AI systems, their scope and the requirements prescribed by the EU’s draft AI Act. It also pinpoints several important challenges that need to be addressed and issues to be resolved in the final version of the text.

Released on Dec 13, 2021

EU Draft Regulation for Regulating AI

The European Commission has taken a step forward in its strategy aimed at achieving a trustworthy artificial intelligence (AI) environment within the European Union (EU): on 21 April 2021, the European Commission published its proposed Regulation on Artificial Intelligence (draft Regulation). This article outlines this regulation, its requirements, penalties, data governance and future projections.

Released on Aug 2, 2021

The EU’s new standard contractual clauses – ensuring international data transfers?

Transferring personal data from the European Union to third countries is riskier than ever. With its Schrems II decision (16 July 2020 – C-311/18), the Court of Justice of the European Union (CJEU) closed many loopholes and postulated a strict assessment of the laws of the importing country.

Released on Jun 24, 2021

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