15 Jun
Member News

Arendt | ESG in the banking and insurance sectors: ESA progress reports on greenwashing

On 1 June 2023, each of the European Supervisory Authorities (“ESAs”), namely the European Banking Authority (“EBA”), the European Insurance and Occupational Pensions Authority (“EIOPA”) and the European Securities and Markets Authority (“ESMA”), published a progress report on greenwashing in the financial sector (“Progress Report”). 1. Background The Progress Reports answer the “call for advice to the ESAs on greenwashing risks and the supervision of sustainable finance policies” issued by the European Commission in 2022, which asked the ESAs to provide...

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15 Jun
Member News

AICEP Portugal Global | More than two-thirds of electricity from renewable sources in May

In May, the average hourly price on the Iberian Electricity Market (Mibel) in Portugal was €76.1 per megawatt hour (MWh). About 67.4% of the 2,926 GWh (gigawatt-hours) of electricity generated in May in mainland Portugal came from renewable sources, according to data from the Portuguese Renewable Energy Association (APREN), released on Wednesday. “In mainland Portugal 2,926 GWh of electricity was generated in May 2023, of which 67.4% was of renewable origin,” APREN said in a statement, explaining that the 5.5% increase...

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15 Jun
Chapter News

ECB Press Conference | Christine Lagarde, Luis de Guindos: Monetary policy statement

Frankfurt am Main, 15 June 2023 | Good afternoon, the Vice-President and I welcome you to our press conference. Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our updated assessment of the inflation...

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15 Jun
Chapter News

ECB Press Release | Monetary policy decisions, 15 June 2023

Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. According to the June...

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14 Jun
Member News

Wilson Sonsini | Beware: Increasingly Aggressive Enforcement Actions in the Crypto Asset Industry Put Companies on Notice

Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto assets and are increasingly scrutinizing crypto asset companies. As we have previously discussed,1 companies in the crypto asset industry must be acutely aware of their AML and sanctions obligations or face the risk of an enforcement action by a federal or state regulator. As the chart below documents, federal and state regulators,...

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14 Jun
Member News

CLA | Have we been experiencing a freight recession?

While many experts have argued we haven’t been in an economic recession for the last 12-18 months, the transportation space may be in a different spot. Over the last few weeks, we’ve seen results from the publicly traded motor carriers with decreased revenues, earnings, or both. There have been statements referencing a softening economy, tough shipping environments, and even recession. This isn’t surprising as many would argue we’ve been experiencing one for a while now. Freight rates have fallen...

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14 Jun
Chapter News

EU Antitrust: Commission sends Statement of Objections to Google over abusive practices in online advertising technology

The European Commission has informed Google of its preliminary view that the company breached EU antitrust rules by distorting competition in the advertising technology industry (‘adtech'). The Commission takes issue with Google favouring its own online display advertising technology services to the detriment of competing providers of advertising technology services, advertisers and online publishers. Google is a US multinational technology company. Google's flagship service is its search engine Google Search. Google also operates other popular services, such as the video...

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13 Jun
Member News

Cushman & Wakfield | What Occupiers Want: Global Survey Results 2023

Highlights from this year’s What Occupiers Want report include perspectives on workplace design, global talent recruitment, flexible work and changes to real estate portfolios. Since 2015, Cushman & Wakefield has been taking the pulse of CRE leaders around the world to understand What Occupiers Want. In our annual survey—conducted in partnership with CoreNet Global External Link—we ask about trends in office location and workplace, perspectives on changes to portfolios, and strategies around policies, procedures and decision-making. Over the past five...

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13 Jun
Chapter News

European Medicines Agency: EU Council agrees approach on a more modern and simplified fee structure

EU health ministers have set out the Council’s position on a regulation to modernise and simplify the structure of the fees payable to the European Medicines Agency (EMA) to better reflect the evolving demands and challenges it faces. The general approach approved today will enable the Council to start negotiations with the European Parliament. The European Medicines Agency and national competent authorities play vital roles in protecting and promoting public and animal health. Today EU health ministers endorsed an approach...

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12 Jun
Chapter News, Trade & TTIP Related

EU extends trade benefits for Ukraine

The suspension of import duties, quotas and trade defence measures on Ukrainian exports to the European Union – known as the Autonomous Trade Measures (ATMs) – are in place for another year. This strong testament to the EU's unwavering support for Ukraine will help alleviate the difficult situation faced by Ukrainian producers and exporters because of Russia's unprovoked and unjustified military aggression. The EU is phasing out by 15 September 2023 the exceptional and temporary preventive measures adopted on 2...

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