Regulators around the world are responding quickly to the rapidly evolving financial technology, or fintech, landscape. As new or emerging financial products, services or delivery channels may not meet all regulatory requirements, financial regulators internationally have implemented fintech regulatory sandbox regimes as a solution. A sandbox allows financial institutions (FI)…
Food labelling changes postponed until 1 October 2022 for foods sold in Great Britain; Northern Ireland will continue to follow the EU rules for food labelling.
On 16 September 2020, as part of her State of the European Union address to the European Parliament,…
In brief Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: Foreign Investment Restrictions Debt Equity Taxation EU State Aid Approvals, where relevant…
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to:
Foreign Investment Restrictions
Debt
Equity
Taxation
EU State Aid Approvals, where relevant
A recent Law has shortened the initial period to which losses incurred by Belgian taxpayers in the course of the COVID-19 crisis can be carried back under the general one-off loss carry-back regime from December 31, 2020 to July 31, 2020 Read about it in our newsflash.
On 2 July 2020, the EU Commission for the first time modified the existing substantive State aid exemptions and guidelines to facilitate the grant of State aid in response to the COVID-19 pandemic (see here and here), while at the same time prolonging their validity. It also amended the Temporary Framework for COVID-19 State aid for the third time on 29 June 2020 (see here and here). More information on the Temporary Framework and its earlier amendments is available here [1st Amendment and 2nd Amendment].
In light of the global pandemic, governments across the globe are faced with urgent needs whose immediate coverage is a matter of life and death. Hence, these unusual and uncertain times call for rare and exceptional measures, and without much ado, governments around the globe have provided them. Common to all approaches is the will to enable public contractors to procure the urgently needed supplies to save lives and contain the pandemic without major bureaucratic hurdles.
The Belgian Financial Services and Markets Authority (FSMA) published guidance on the rules in relation to distance marketing of financial services and products, mainly in light of the COVID-19 pandemic. The FSMA’s communication provides useful and practical guidance for financial services firms to consider when using remote sales techniques when marketing their products or services.
In this regulatory briefing, we consider the FSMA’s guidance and discuss the most important rules that must be taken into account by the financial services industry in this regard.
Following a recent announcement of the European Commission’s proposal for a three-month deferral of reporting deadlines under the new DAC6 mandatory disclosure regime in the EU and UK, the Committee of the Permanent Representatives of the Governments of the Member States to the European Union (COREPER) has now reached an agreement on a revised proposal which could possibly defer the reporting deadline for six months. On the basis that the draft Directive, once approved, may be adopted at the discretion of each member state, it is imperative that businesses do not delay in preparing to meet their existing compliance obligations should reporting dates not be deferred (or not be deferred in all Member States where they operate).