Notifying 'data breaches' that involve personal data has been a legal obligation in the Netherlands since 2016. This obligation was introduced for the entire EU when the General Data Protection Regulation (GDPR) came into force. Still, the exact rules are not always entirely clear to everyone. The Dutch Data Protection Authority (Dutch DPA) recently indicated that it receives many questions (in Dutch) about data breaches. In this News Update, we look at some of the legal obligations for organisations. GDPR...

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Elevated working capital requirements and rising interest rates demand a call for action This report discusses the financing requirements arising from elevated working capital requirements, in particular driven by increased inventory levels, the growing tension between payment terms of trade receivables and trade payables, and the strains caused by higher interest rates and a backlog of investment. Key findings and highlights based on a review of the Global Aerospace and Defense industry in brief*: Working capital requirements continue to rise...

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We now issue recycled plastic (rPVC) payment cards and will phase out single-use PVC cards by the end of 2026. This is part of our strategy to reduce our carbon emissions and achieve net zero in our operations and supply chain by 2030, or sooner. When can you receive a recycled card? All cards we issue – including HSBC debit, credit and commercial cards – will now be made from 85% recycled plastic. As a next step, we’re planning to move to cards...

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In an attempt to provide the EU with a more comprehensive approach to economic risks, the European Commission has published its first European Economic Security Strategy. This Strategy focuses on minimising risks originating from particular economic flows in the context of increased global geopolitical tensions and accelerated technological shifts, while maintaining high levels of economic openness and dynamism. The proposed Strategy outlines a framework which seeks to achieve economic security by promoting the EU’s economic base and competitiveness.  Through this, the EU aims to partner with third countries to better...

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In a recent letter to the Netherlands’ House of Representatives, Minister Van Gennip announced a proposed reform of non-compete clauses, including non-solicitation clauses. It is clear through these proposed amendments that the government wants to limit the use of such clauses. Below, we set out what the government is planning. Background to the reform The government commissioned research into the use of non-compete clauses. Some 37% of Dutch employees are bound by such a clause, double the figure in 2015. This is...

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