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In Sanctions

EU and UK implement UN sanctions humanitarian exemption

by and 2 Mins Read

In December 2022, the United Nations Security Council adopted a resolution which introduced a standardized humanitarian exemption across UN regimes according to which activities necessary for humanitarian assistance and other activities that support basic human needs are exempt from sanctions in the form of asset freezes imposed by the Security Council or by its Sanctions Committees. All UN sanctions regimes except the Afghanistan regulations will now include a standardized humanitarian exception to the asset freeze provisions.

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In Sanctions

Middle East: Russia Sanctions Compliance Briefing Seminar

by , , , and 2 Mins Read

Baker McKenzie is delighted to invite you to interactive seminars on 1 March 2023 in Abu Dhabi and 2 March 2023 in Dubai as part of our EMEA Russia Sanctions Briefings. The seminars will focus on the multijurisdictional sanctions challenges facing financial institutions and their clients and other corporates in the Gulf, in relation to the US, UK, EU and UAE sanctions regimes, particularly against Russia. We will also focus on the current enforcement environment and best practices for mitigating sanctions risk arising from potential compliance failures.

In Trade and Foreign Investment

European Union and UK: Navigating foreign investment restrictions

by and 2 Mins Read

In recent years, the investment policy landscape has become more complex as nations respond to national security threats, state development strategies and geopolitical risks. COVID-19 created a major economic shock worldwide, prompting some countries to take an even more stringent approach, with a focus on protecting the security of supply of inputs.

In AML & Financial Services Regulatory

United Kingdom: “What does 2023 hold? Key upcoming developments and enforcement trends”

by , , and 2 Mins Read

Baker McKenzie are pleased to share with you their annual briefing looking at financial services regulation and enforcement in 2023, “What does 2023 hold? Key upcoming developments and enforcement trends”. The London Financial Institutions Regulatory and Enforcement experts explore the key developments and trends expected to dominate the regulatory landscape this year.

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In AML & Financial Services Regulatory

United Kingdom: Treasury sets out vision for cryptoasset regulation

by , and 2 Mins Read

HM Treasury has finally published its much anticipated consultation and call for evidence on a future financial services regulatory regime for cryptoassets. Building on the forthcoming stablecoin regulatory regime, the Treasury’s consultation sets out proposals to bring a broad set of cryptoassets within the Financial Services and Markets Act 2000 regulatory perimeter. This will result in a fundamental change in the way that cryptoasset businesses operate in the UK: the key outcomes of the consultation are that (a) cryptoasset service providers will require full FCA authorization to operate where they do so in the UK (or have customers in the UK), and (b) a new bespoke regime will be brought in governing public offers of cryptoassets and admission to trading of those assets on platforms.

In Tax

United Kingdom: Tax agency opens nine new investigations for failure to prevent tax evasion and announces further 26 investigation opportunities under review

by 4 Mins Read

On 26 January 2023 HM Revenue & Customs announced that, as of 1 January 2023, it has nine live Corporate Criminal Offenses investigations for the failure to prevent the facilitation of tax evasion, with a further 26 investigation opportunities under review. These live and potential investigations cover 11 different business sectors including software providers, labor provision, transport, accountancy and legal services.

In Trade and Foreign Investment

United Kingdom: Tax Tribunal confirms strict compliance obligations of inward processing relief

by and 2 Mins Read

A failure to provide accurate and complete information to HMRC in relation to a quantity of goods on which Inward Processing Relief has been claimed, gives rise to a customs debt on all the goods covered by the relevant bill of discharge report. This was decided by the UK First Tier Tribunal in the case Thyssenkrupp Materials (UK) Ltd v HMRC on 30 November 2022.

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In Employment

United Kingdom: Government publishes response to Committee report on menopause and the workplace

by and 3 Mins Read

The UK government has published its response to the Women and Equalities Committee’s report on menopause and the workplace. While the response accepts some of the Committee’s proposals, it also confirms that the government does not propose any legislative changes or to produce a model menopause policy or trial menopause leave.

In Product Regulation & Liability

United Kingdom: Social media guidance from the Prescription Medicines Code of Practice Authority

by , and 2 Mins Read

The first ever guidance on social media has been issued by the Prescription Medicines Code of Practice Authority (PMCPA) to help pharmaceutical companies apply the high standards demanded by the industry’s ABPI Code of Practice to all their online communications channels. The PMCPA Social Media Guidance 2023 has been produced in consultation with the Medicines and Healthcare Products Regulatory Agency, the ABPI, and pharmaceutical companies. It includes advice for companies to help them use social media in line with these rules and the rest of the Code, following a huge increase in PMCPA complaint cases during the COVID pandemic, and a consensus from the industry that the previous 2016 guidance on digital communications, which did not cover social media platforms, was outdated and unhelpful given today’s online climate.

In Product Regulation & Liability

United Kingdom: MHRA announces extension of European Commission Decision Reliance Procedure

by , and 2 Mins Read

The MHRA lifted some extra burden from the industry by extending the European Commission Decision Reliance Procedure (ECDRP) by 12 months until 31 December 2023. The ECDRP was introduced following Brexit and is available to medicines approved via the EU centralized procedure.
Before 31 December 2023, in situations where a Committee for Medicinal Products for Human Use positive opinion has been received, applicants can continue to submit their ECDRP Marketing Authorisation Application (MAA) or variations to MHRA, and MHRA will continue to review these applications via the current ECDRP process.
The MHRA also announced that from 1 January 2024, a new international recognition framework will be in place, which will have regard to decisions already made by the European Medicines Agency/European Commission and certain other regulators.

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