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  26.05.2023

  International

  Per­for­ming ser­vices in a de­cen­tra­li­sed man­ner un­der Mi­CAR

  At the end of April 2023, the European parliament decided on a uniform regulation of crypto assets across the EU by voting on the MiCA regulation (i.e. markets in crypto-assets). The intended innovations are "explosive" for activities related to crypto assets, in particular if they were not yet regulated in Germany where the legislator had provisions already in place, which are similar to those under MiCAR.MiCAR regulates a broad range of crypto-asset services and requests providers to obtain a license from the competent authorities (e.g. BaFin in Germany). It is therefore crucial to identify MiCAR's...

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  25.05.2023

  International

  North Sea Strikes and Force Ma­jeu­re

  The latest in a series of strikes by oil & gas workers in the North Sea continues to test the operation and efficacy of force majeure (“FM”) provisions in oil and gas industry contracts.There is no single “industry standard” FM clause, and so each contractual FM clause must be carefully considered in its contractual context to determine how it operates.With many North Sea oil and gas industry contracts based on industry model forms, such as LOGIC and OEUK (formerly OGUK), we consider below the impact of the recent (and proposed) North Sea strike actions.  A review...

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  24.05.2023

  International

  De­Fi and Mi­CA: How much de­cen­tra­li­sa­ti­on is en­ough?

  The European Union Council has recently adopted a regulation on Markets in Crypto-Assets (MiCA) that applies to crypto-assets, their issuers and service providers, and covers a range of services that are not addressed in the European financial regulation.However, for blockchain-based financial services developed in a highly automated manner with minimal or no intermediaries (commonly known as Decentralised Finance or DeFi) determining whether the MiCA regulation covers these services is not a straightforward task. This issue particularly challenges the provision of crypto-asset exchange services...

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  24.05.2023

  Tschechien

  New NPL re­gu­la­ti­on in the Czech Re­pu­blic on the ho­ri­zon

  The carrying out of business in relation to non-performing loans (NPLs) is currently not regulated in the Czech Republic. This is going to change as the Czech Ministry of Finance introduced a new draft law on the market for non-performing loans. A number of market players will be affected. It will be therefore important to adapt the local NPL business to the new requirements.Who will be affected? Although the new law will affect mainly purchasers and credit servicers of such NPLs, it introduces also new duties for certain NPL sellers, such as banks.New obligations for NPL servicersUnless the NPL...

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  19.05.2023

  EU

  Eu­ro­pean Com­mis­si­on's pu­blic con­sul­ta­ti­on on the ex­ten­si­on of ope­ra­ting aid to re­gio­nal air­ports

  GB FR

  The European Commission has recently submitted for public consultation its draft communication extending the transitional period for operating aid that can be granted to regional airports under the 2014 Guidelines on State aid to airports and airlines. The Commission had already published a "call for contributions" on the extension of operating aid to regional airports in 2022 and received 26 contributions, which it published on its website. (Aviation guidelines – prolongation of operating aid to regional airports (COVID-19 response) (europa.eu))The 2014 Guidelines on State aid to airports...

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  17.05.2023

  International

  On your ra­dar | Is­sue 21

  Key employment issues to be aware of internationallyWelcome to the latest edition of On your radar. Increasing the state pension age became a significant issue in France which led to protests across the country. Our colleagues in France discuss the employment aspects of these reforms. Pension reform is also covered by Colombia where changes are being proposed to make pensions more inclusive and sustainable, and Turkey has passed a law removing the minimum retirement age for certain employees. Working time also features in this edition;...

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