The EU continued this week to make progress on its Green Deal ambitions after the Council and European Parliament came to a provisional agreement on the so-called, Carbon Border Adjustment Mechanism (CBAM). Once implemented, the CBAM will introduce a levy on carbon intensive goods entering the EU market. By mirroring the EU’s own internal carbon price under the EU’s emission’s trading system (ETS), European industry will be shielded from cheaper, more polluting products imported from abroad. Under this regulation, companies that import into the...

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Thompson Hine is conducting its third Innovation Survey, polling general counsel, Chief Legal Officers, and legal operations professionals to monitor trends and gauge the state of innovation in the legal market. Since 2017, the Thompson Hine Innovation Surveys have served the legal industry by measuring the gap between client feedback and law firms’ appetites to adapt and effect change. EAAC members are being offered an opportunity to help contribute to the Report by sharing thoughts and opinions about innovation.  The...

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Regulation On December 6, the European Parliament and the Council of the EU announced that a provisional deal has been reached on a proposal to "minimize the risk of deforestation and forest degradation associated with products that are imported into or exported from the European Union." The agreement sets out mandatory due diligence rules for companies that want to place relevant products on the EU market, and proposes penalties for non-compliance including fines "proportionate to the environmental damage and the...

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The Biden administration’s Department of Justice (DOJ) Antitrust Division recently secured its first criminal conviction for a labor-side violation of Section 1 of the Sherman Act after VDA OC LLC (VDA) entered a guilty plea. The conviction follows a pair of highly publicized losses the DOJ suffered earlier this year in its first two criminal trials involving no-poach and wage-fixing accusations. While VDA’s guilty plea shows the DOJ’s commitment to criminally prosecuting labor-side Section 1 claims, questions still remain...

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Beneficial ownership transparency. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule establishing a beneficial ownership information reporting requirement pursuant to the bipartisan Corporate Transparency Act. The rule, Jan. 1, 2024, requires most corporations, limited liability companies, and other entities created in or registered to do business in the U.S. to report information about their beneficial owners – the individuals who ultimately own or control the company – to FinCEN. Reporting companies created or registered before Jan....

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On 12 December 2022, the Council of EU member states announced it has reached unanimity which is required to adopt the directive implementing the minimum taxation (Pillar Two) at EU level. Save for a last-minute surprise, formal approval should follow shortly. The directive should be transposed into member states’ national law before 31 December 2023 and some member states have already presented concrete implementation plans. For groups with a consolidated turnover of at least EUR 750 million, the transitional rules...

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