On May 3, 2023, the U.S. Securities and Exchange Commission adopted amendments (the share repurchase amendments) to its rules regarding disclosure of securities repurchase programs (also known as share buybacks) by companies and their affiliates. The amendments were initially proposed in December 2021 (see our previous alert) and were subject to two comment periods. According to the SEC release (the Adopting Release), the amendments are intended to provide investors with enhanced information to use in assessing the purpose and...

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After many months of negotiations, members of the European Parliament (MEPs) have found a compromise on the flagship legislative proposal on Artificial Intelligence (AI), the AI Act.  The Act could become a global standard, similar to the GDPR which had major implications for firms worldwide. The European law on AI was proposed by the Commission in April 2021 and could become the first AI law by a major regulator worldwide. After the Commission published its proposal, EU ministers green-lighted a general...

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The Court of Justice of the EU ("CJEU") has issued a landmark decision on the interpretation of Article 82 of the General Data Protection Regulation ("GDPR"): A mere breach of the GDPR is not sufficient for an award of material or non-material damages within the meaning of Art 82(1) GDPR; Non-material damage need not meet a certain degree of seriousness to be eligible for compensation; The amount of damages can be determined under domestic law in compliance with the...

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The EU Digital Markets Act (DMA) regulates the economic power of larger platforms considered “gatekeepers” and imposes new rules to prevent such gatekeepers from engaging in unfair practices. The DMA entered into application on May 2, 2023, and organizations have until July 3, 2023 to assess whether they fall within its scope and need to notify the European Commission. Which organizations are subject to the Digital Markets Act (DMA)? The DMA applies to core platform services providers. Core platform services providers...

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On April 26, 2023, the UK’s Competition and Markets Authority (CMA) blocked Microsoft’s $68.7 billion acquisition of Activision Blizzard over concerns the deal “would alter the future of the fast-growing cloud gaming market.”1 The deal was announced in January 2022 and would have been the industry’s largest ever. The U.S. Federal Trade Commission (FTC) is currently litigating to block the merger, arguing the deal would harm competition both in cloud gaming and consoles, while other regulators, including the European...

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Despite the absence of the previously promised Employment Bill, new Bills that will, if passed, make changes to employment laws, have been coming thick and fast over the last few months. Many of these smaller bills have been put forward as Private Members Bills and contain proposals that were originally set to be included in the much-anticipated Employment Bill, which has been dropped. Given the flurry of activity and scattered approach, we pull together in one place the key proposals...

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Loyens & Loeff is very proud to announce that Christine Hohl has been appointed as local partner effective 1 May. Christine advises clients in financing transactions including acquisition financings, asset financings, real estate financings, debt issuances and securitisations. Her clients include banks, financial institutions, large corporates, and sponsors. “Christine strongly complements our existing practice and she will add significant industry knowledge and expertise to our Banking & Finance capabilities in Switzerland.” said Judith Raijmakers, Head of the Swiss Banking & Finance...

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In this week’s Roar: mixed signs in Europe, fuel at a low point, taking initiative on climate disclosure rules, continued trade tension between the U.S. and China, and air cargo embracing digitization. Economic improvement does not show up as a straight line on a chart, and usually includes a meandering path. Take the situation in Europe. Their service sector is booming — seeing their biggest rebound since 2009. Unfortunately, it’s being overshadowed by a manufacturing sector that continues to decline....

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The European Commission and the European Investment Bank have announced €18 billion of financing under Global Gateway, Europe’s investment strategy for partner countries. This will boost investment in Global Gateway’s priority areas – climate action, clean energy and connectivity – in Europe’s partner countries around the world. In particular, these projects will aim to help bridge the global climate finance gap and support prevention, adaptation and mitigation. Speaking from the Global Citizen NOW Summit in New York, President von der Leyen...

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Spring has sprung! We hope this seasonal newsletter will provide you with some useful information. Thank you for giving us the privilege of servicing your insurance needs. Why you might need a safe and alarm system in your home Helping keep your valuables secure It's easier than ever for thieves to break and enter into your home, putting your valuable articles and collections at risk. Our partners at Chubb recommed the following: High security fireproof safe, professionally bolted or over 750 lbs and TRTL/TL-30 rated...

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