Since ESG and sustainability have become increasingly important to both consumers and businesses, a need has arisen for undertakings to work together in contributing to a sustainable future. New guidelines and specific regulation from the EU provide for increased opportunities to cooperate on such matters without infringing the prohibition of anti-competitive agreements.
On 22 May 2023, the Irish Data Protection Commission (DPC) issued Meta Platforms Ireland Limited (Meta Ireland) with a EUR 1.2 billion (approximately 1.3 billion U.S. dollar) fine for breaches of the GDPR with respect to EU-U.S. personal data transfers associated with its Facebook service.
Meta Ireland has also been ordered to suspend all Facebook-related personal data transfers from the EU to the U.S., and to bring the processing of any previously transferred data into compliance.
Article 38 of the Personal Information Protection Law stipulates four compliance paths for cross-border transfer of personal information, namely: (1) passing the security assessment organized by the Cyberspace Administration of China (the “CAC”); (2) obtaining the protection certification by a specialized agency; (3) entering into a standard contract formulated by the CAC; and (4) meeting other conditions set forth by laws and administrative regulations and by the CAC.
On 17 January 2023, the European Parliament approved a draft of the directive that is meant to prevent tax avoidance and tax evasion through companies that do not fulfil the minimum substance requirements set out in the directive (‘ATAD III’ or ‘Unshell Directive’). The draft directive is next referred to the Council, and it is to enter into force from the beginning of 2024.
While Vietnam remains a predominantly cash-based economy, its legal framework on anti-money laundering, according to the Asian Pacific Group on Money Laundering (APG)’s assessment in its Mutual Evaluation Report dated January 2022, is still incomprehensive and limited, which makes the country itself vulnerable to risks of money laundering.
Pursuant to the report on national risk assessment on money laundering and terrorism financing conducted by the Vietnamese authority for the period of 2012-2017, the risk of money laundering in Vietnam is assessed at “medium high” (trung bình cao).
Faster permit-granting processes for the installation of renewable energy and a curb on the price of gas on the TTF gas exchange are some of the measures adopted by the EU ministers of energy at the extraordinary Energy Council meeting on 19 December 2022.
The top item on the agenda at the Energy Council meeting on 19 December was to reach a compromise on a gas price cap (a price correction mechanism). The Council managed to reach agreement, and with that item resolved, the Council was able to also formally adopt two new emergency regulations; a regulation designed to accelerate the deployment of renewable energy and a regulation on joint purchasing of gas in the EU.
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