On July 13, 2022, the EU General Court (EGC) delivered its judgement in Case T-227/21, Illumina, Inc. v European Commission.
In the context of finalising the first draft of the Markets in Crypto-Assets Regulation (MiCAR), the European Parliament Committee on Economic and Monetary affairs (ECON Committee) was considering a ban on the crypto-assets using “Proof of Work” (PoW) as a consensus mechanism to validate their underlying transactions.
Controller A (Non-EEA) → Processor Z (Non-EEA) → Sub-processor Y (EEA) → Controller A (Non-EEA) (same country)
On June 1, 2022, the EU and the UK brought into force new rules that exempt vertical agreements, including franchise agreements, from the EU and UK prohibitions on anti-competitive agreements contained in Article 101 of the Treaty on the Functioning of the EU (Article 101) and Chapter I of the UK Competition Act 1998 (Chapter I), respectively.
The Verification Act (NachwG) regulates which contractual terms employers must provide to their employees in writing. Until now, this had to be done no later than one month after the start of the contract.
On June 2, 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation) was published in the Official Journal of the European Union.
On June 30, 2022, the European Parliament (EP) and the Council announced that they had reached a provisional political agreement on the EU Foreign Subsidies Regulation (FSR).
The European Parliament (EP) has enacted significant change to the proposed Directive on revisions to the EU Emission Trading System (ETS) and the proposed Regulation for a Carbon Border Adjustment Mechanism (CBAM) that will have significant global trade implications.
The UK Office of Financial Sanctions Implementation (OFSI) announced on 28 June that it imposed a £15,000 penalty on UK company Tracerco Limited for breaching financial sanctions. Tracerco was found to have made funds available for the benefit of a designated person in breach of financial sanctions on Syria.
On Jan. 27, 2023, the California Attorney General announced his office is investigating and sending letters to businesses in the retail, travel, and food industries with popular mobile apps that allegedly are not in compliance with the California Consumer Privacy Act (CCPA) by failing to offer a consumer opt-out mechanism for sales, or honor rights requests submitted via authorized agents.
In 2022, New York State and New York City enacted many new workplace laws, creating additional obligations for employers.
While ransomware attacks have been on the rise since 2020, a recent trend has emerged where threat actors are bypassing ransomware malware and encryption tactics and going straight to data theft.
On January 13, 2023, the Internal Revenue Service (IRS) released a Chief Counsel Advice Memorandum (CCA 202302011) concluding that taxpayers cannot claim a deduction for cryptocurrency losses that have, absent a sale or other taxable disposition, substantially declined in value if such cryptocurrency continues to trade on at least one cryptocurrency exchange and has a value that is greater than zero.
Six of the seven Medicare Administrative Contractors (MACs) are scheduled to jointly host a multijurisdictional contractor advisory committee (CAC) meeting on February 28, 2023.
The District of Columbia Council has postponed the first effective date of voter Initiative 82, the “Tip Credit Elimination Act,” from January 1, 2023, to May 1, 2023.
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