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  24.11.2023

  International

  Carbon Border Adjustment Mechanism transition in effect since 1 October 2023

  On 1 October 2023, a two-year transitional period began for implementation of Regulation (EU) 2023/956, which introduces the Carbon Border Adjustment Mechanism (CBAM). CBAM levies punitive CO2 charges against third-country importers of certain goods and only permits CBAM declarants to import these goods into the EU. Although reporting obligations have been imposed for the two-year transition period, CBAM does not fully go into effect until 1 January 2026.A. General InformationFrom 1 January 2026, importers of specific goods from third countries will be required to pay punitive CO2 charges under...

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  16.11.2023

  International

  NFTs under MiCAR – are they regulated or not?

  The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...

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  27.10.2023

  International

  In overturning USD 11 billion award for fraud, High Court invites discussion on arbitration’s ability to resolve large disputes involving states

  On 23 October, in The Federal Republic of Nigeria v Process & Industrial Developments Ltd. [2023] EWHC 2638 (Comm), Mr Justice Robin Knowles found that an arbitration award for USD 11 billion had been “obtained by fraud” and thus was “contrary to public policy.” While the Court has yet to decide whether the award should be entirely set aside or remitted to the arbitral tribunal, Mr Justice Knowles invited discussion upon how his factual findings touched upon several key issues central to the rule of law and the conduct of arbitration including the ability of the arbitral...

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  19.10.2023

  International

  Safeguarding the digital vault: custody and administration of crypto-assets under the new MiCA regulation

  With the rise of cryptocurrencies and blockchain technology, European regulators have recognised the need to establish a comprehensive framework to ensure the sector's integrity, transparency and the protection of its stakeholders. The year 2023 saw the introduction of the Markets in Crypto-Assets Regulation (MiCAR), which was a significant step by the EU to create a consistent regulatory environment for crypto-assets. MiCAR defines crypto-assets as a digital representation of a value or right that can be transferred and stored electronically using distributed-ledger or similar technology. One...

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  17.10.2023

  International

  How to draft an AI policy

  AI has been around for decades, but there’s been a substantial increase in the use (or, at least, talk about the use) of AI within the workplace as a result of recent advances in AI, in particular, in relation to generative AI tools.Organisations need to ensure that there is appropriate and clear governance in relation to the use of AI within their businesses, so that they can harness the many benefits and exciting opportunities AI presents, whilst mitigating its potential risks. In this article, we set out some of the key issues to consider when preparing and implementing an AI policy.Is...

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  12.10.2023

  International

  Energy Transition, Minerals and the Circular Economy

  The ongoing energy transition requires a large-scale and accelerated switch to renewable energy generation and the electrification of transportation and industry, in order to reduce greenhouse gas emissions. Those technologies will result in a significant increase in demand for a range of minerals and metals, including copper and aluminium (for electricity transmission), cobalt, nickel, lithium, lead, manganese and graphite (for batteries), rare earths (for permanent magnets used in wind turbines and electric batteries) and even steel (for use in wind turbines). The International Energy Association...

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