EU Law

On October 16, 2023, the Internal Market and International Trade committees of the European Parliament adopted their position on the future EU Regulation “on prohibiting products made with forced labor on the Union market” (the “Regulation”).

This Regulation was proposed by the European Commission on September 14, 2022, with the aim of combating forced labor and promoting corporate sustainability standards.

On a global scale, the use of forced labor remains widespread, affecting some 27.6 million people worldwide, according to the International Labor Organization (“ILO”).

On September 12, 2023, the European Commission presented a series of initiatives to provide short-term relief to small and medium-sized businesses (SMBs), boost their long-term competitiveness, and strengthen fairness in the business environment across the Single Market.

The contemplated measures include new proposals for a Regulation on late payments in commercial transactions and for a Directive establishing a head office tax system for SMBs, as well as additional tools to support SMBs throughout their entire business life cycle.

On July 10, 2023, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework.

This decision concludes that the USA ensures an adequate level of protection – comparable to that of the European Union – for personal data transferred from the European Union to US companies under the new Framework.

As such, personal data can henceforth flow safely from the European Union to US companies adhering to the new Framework, without having to put in place additional data protection safeguards.

On May 3, 2023, the European Commission presented proposals that represent a milestone in the fight against corruption at national and EU levels.

The proposed measures aim to prevent corruption and create a culture of integrity, criminalize all corruption offences under the United Nations Convention against Corruption, harmonize penalties across the European Union and establish a dedicated common foreign and security policy sanctions regime to target serious acts of corruption worldwide.

On April 20, 2023, the European Commission adopted a new merger control simplification package to further simplify its procedures for reviewing mergers.

This package is expected to bring significant benefits for businesses and advisers in terms of preparatory work and related costs.

The new rules will apply as from September 1, 2023.

On February 1, 2023, the European Commission presented its Green Deal Industrial Plan to enhance the competitiveness of Europe’s net-zero industry and support the fast transition to climate neutrality.

The overall objective is to stimulate the development of clean technologies in the European Union and to ensure Europe’s strategic autonomy by reducing its dependence on third countries.