On 6 October 2022, the European Commission (“EC”) published the final version of its 33 frequently asked questions (the “2022 FAQs”) on the interpretation of the reporting obligations pertaining to eligible economic activities and assets imposed under Article 8 of Regulation (EU) 2020/852 (the “Taxonomy Regulation”) and Commission Delegated Regulation (EU) 2021/2178 (the “Disclosures Delegated Act”). 1. Background and rationale The 2022 FAQs, a first draft of which was published in February 2022, supplement the previous set of 22 frequently asked...

The Department of Commerce’s Bureau of Industry and Security (“BIS”) has released an interim final rule amending the Export Administration Regulations (“EAR”) in order to further restrict China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. New Controls Related to Advanced Computing and Semiconductor Manufacturing BIS’s rule on advanced computing and semiconductor manufacturing addresses U.S. national security and foreign policy concerns in two key areas. First, the rule imposes restrictive export controls on certain advanced...

As signs of continued significant inflation surface weekly, business leaders and business owners are making decisions to guard against shrinking profitability and to protect long-term viability. Are they the right decisions? Each inflationary period has its own distinct set of pressures. Successful decisions made during 2008’s inflationary period might not translate successfully to the next inflationary period. Even within the same inflationary period, the impacts on different organizations won’t be the same. To actively guard against negative inflation impacts, assess and...

Under the Working for Workers’ Act, every covered Ontario employer with twenty-five or more employees is now required to have a written electronic monitoring policy that complies with Part XI.1 of the Employment Standards Act, 2000. The electronic monitoring rules do not limit how an employer may engage in electronic monitoring of Ontario-based employees; however, they require an employer to indicate the following in its written policy: - whether the employer engages in electronic monitoring; - if so, what form(s) of electronic...

On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to be provided in the future.” A copy of his remarks, made at the Clearing House Association and Bank Policy Institute’s Annual Conference, can be...

In this week’s Roar: too much of a good thing when it comes to boxship deliveries, falling consumer demand, S. Africa takes its turn dealing with labor issues, debating the merits of vessel sharing, and global status report on ports. A record number of boxship deliveries are expected for 2023 and 2024. And while that might seem like good news, Alphaliner has a warning. That huge orderbook could mean that tonnage supply will outstrip vessel demand, pushing the market towards...

Harmen Holtrop and Roderik Beckers form new Executive Board of Loyens & Loeff. Harmen Holtrop and Roderik Beckers took office as the Executive Board of Loyens & Loeff on 6 October 2022. They were appointed at the General Meeting of Shareholders in Amsterdam, the Netherlands, and succeed Bram Linnartz and Thierry Charon, who successfully led the firm during their four-year term. Harmen Holtrop (Managing Partner) and Roderik Beckers bring the experience, expertise and drive to take the firm to new...

The European Commission’s latest attempt to regulate Artificial Intelligence (AI) and set a global standard when it comes to controlling the rapidly developing technology includes the AI Liability Directive (which is not to be confused with the EU’s AI Act). With these new rules, the Commission wants to better protect private individuals and companies from “damage” caused by AI by bringing the system of product liability up to date, with tech products in particular being included, such as autonomous drones and...