This week, the European Commission adopted a proposal for the first EU-wide carbon removal certification scheme. With this proposal, the Commission hopes to “boost innovative carbon removal technologies and sustainable carbon farming solutions, and contribute to the EU’s climate, environmental and zero pollution goals”. As already acknowledged by the Commission and as we all know, reaching climate neutrality by mid-century will require us to use both natural ecosystems and industrial methods. Natural carbon removal takes place constantly all around us. Natural...

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In this News Update, we discuss the judgment of the Court of Justice of the EU on the AMLD provision on UBOS; DNB's study on the evolution of crypto-assets and the regulatory response; DNB's study on insurers in a changing world; and EIOPA's staff paper comparing recovery and resolution frameworks for banks and insurers. We further highlight some other financial regulatory publications issued since our last News Update. Court of Justice of the EU | Judgment on AMLD provision on accessibility...

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These two figurative trade marks are not confusingly similar, according to the General Court of the EU. In a recent decision, the General Court held that the trade mark consisting of a figurative animal (right) does not cause a likelihood of confusion with respect to Elmar Wolf's earlier figurative trade mark (left), as they are visually only similar to a low degree and are conceptually dissimilar. There was no dispute regarding the relevant public nor with respect to the goods...

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After months of pressure from EU countries, the European Commission finally presented its eagerly awaited plans for a gas price cap this week in Strasbourg. Specifically, the plan refers to a measure of limiting excessive prices of gas, thereby aiming to protect both EU businesses and households, namely the so-called “market correction mechanism”. Belgium was one of about 12 countries – Italy, Poland and Greece among others – that had demanded the EU introduce an upper limit to ensure that gas prices...

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Since our last update only a few months ago, the UK is on a third prime minister in three months, a fourth chancellor and fourth (albeit one of them twice) home secretary. While it has been hard to keep up with the goings-on in Westminster, this turnaround has, of course, led to changes in immigration policy given, once again, its increased exposure in the political and media discourse of the UK. Although many of the headlines about immigration have focussed...

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This blog post was originally published in Columbia Law School Blue Sky Blog | FTX is a Bahamas-based cryptocurrency exchange founded in 2019 that, at its peak in 2021, had over 1 million users, making it the world’s third largest crypto exchange by volume. Since November 11, 2022, though, FTX has been in bankruptcy, having borrowed extensively and used the assets of its clients in a likely and spectacular fraud. Why did the capital-markets system fail to provide the checks and...

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Foreign nationals living and working in the U.S. may soon be in the crosshairs of a re-energized Internal Revenue Service. A representative of the IRS Office of Chief Counsel reportedly told an audience at a recent American Bar Association Tax Section conference that compliance among foreign nationals in the U.S. will be a priority and focus of the IRS. This comes on the heels of the tax agency getting some $80 billion from the landmark U.S. Inflation Reduction Act signed into...

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