Companies should check their merger information for accuracy, truthfulness and completeness before handing it over to the European Commission: providing incorrect or misleading information can lead to significant fines and even to the merger clearance decision being revoked. Chemicals company Sigma-Aldrich was fined EUR 7.5 million for having provided incorrect or misleading information on three separate occasions during the Commission’s review of its acquisition by Merck. This is the third fine imposed for providing incorrect or misleading merger information since...

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Political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches. On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (“CbCR”) directive. According to the press releases of the Council and of the EU Parliament, the agreed...

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Do you want a simple way to keep current on important privacy changes? Avoid sleepless nights wondering whether you missed a privacy speed bump or pothole between annual updates? Worry no longer. Troutman Pepper is pleased to offer More Privacy, Please — a monthly newsletter recapping significant industry and legal developments, as well as trends in the areas of cybersecurity, information governance, and privacy. U.S. LAWS AND REGULATION U.S. Treasury Proposes Cryptocurrency Reporting Requirements. On May 20, the U.S. Department of the...

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Poverty reduction and climate action now go hand-in-hand, because low-income countries are among the most vulnerable to global warming and the least able to adapt. An EIB tool for assessing the climate change risks developing countries face helps show where assistance is most needed As the EU climate bank and a major provider of development finance around the world, understanding climate risk is a core part of the EIB’s business. We track the carbon footprint of our projects and target...

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This article is part of Portolano Cavallo’s “INFORM@Digital&IP” Newsletter. Click here to subscribe. | The European Union (“EU”) has taken on the ambitious and innovative—as well as delicate—challenge of regulating the use of artificial intelligence (“AI”). The European Commission published recently—on April 21, to be exact—its proposed regulation on a European approach to artificial intelligence (the “AI Regulation” or “Draft”). This is actually the first worldwide attempt to regulate AI at a systematic level and this point has been reached only after...

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In this News Update, we discuss the EBA's consultation on a central AML/CFT database and its report on the results of the first EU-wide pilot exercise on climate risk. We also look at the EIOPA's discussion paper on blockchain and smart contracts in insurance, and developments on the Securitisation Regulation. Finally, we highlight some other financial regulatory publications. EBA – CONSULTATION ON PROPOSALS FOR A CENTRAL AML/CFT DATABASE The European Banking Authority ("EBA") launched a public consultation on the draft Regulatory...

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