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Recent Articles

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    26/02/2024
    Europe

    The CBAM – what is it and how will it affect the market?

    PL
    Regulation (EU) 2023/956 establishing a carbon border adjustment mechanism (CBAM) entered into force on 17 May 2023. The implementation of the CBAM has been divided into a transitional period (from 1 October 2023 to 31 December 2025) and a target period (starting 1 January 2026).Why has the CBAM been introduced?With the establishment of the scheme for greenhouse gas emission allowance trading (EU ETS) in 2005, which covers, among other things, energy intensive installations, the European Union has set a course of action to reduce overall greenhouse gas emissions. However, the ever-rising costs...
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    26/02/2024
    England and Wales

    Law Commission’s draft Digital Assets Bill – welcome news for the UK

    Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure that the law remains dynamic, highly competitive, and flexible, so that it can support transactions and other arrangements involving digital asset technology” and aims “to help to achieve the UK Government’s stated goal of the jurisdiction of England and Wales becoming a global hub for digital assets, and in particular, for crypto-tokens and crypto-token systems”.The...
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  •  
    23/02/2024
    United Kingdom

    Latest UK consumer law developments

    In January 2024, the Department for Business and Trade published its response to a 2023 consultation entitled “Smarter Regulation: Improving consumer price transparency and product information for consumers” (“Consultation”). The Government consulted with the ultimate aim of improving the quality and accessibility of information provided to consumers and enabling them to make informed decisions about products they purchase. For more information about the Consultation, please refer to our previous Law-Now: UK Government announces Consultation on consumer protection reforms.Soon...
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  •  
    23/02/2024
    Spain

    Harmonisation of avoidance rights from a Spanish perspective

    Avoidance action is an umbrella term for adversary proceedings that seek to unwind or avoid transactions that occurred before an insolvency filing. These actions are also referred to as “claw-back claims” because, by undoing a transaction, an asset or value is being clawed back into the insolvency estate.With the publication of Law 16/2022 on 6 September 2022, Spain concluded its thorough review of insolvency law with the transposition of European Directive (EU) 2019/1023, which highlighted the regulation of avoidance rights through measures such as preventive restructuring frameworks,...
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  •  
    23/02/2024
    Austria

    New Austria’s Supreme Court decision on upfront fees

    DE
    Until 2016, the Supreme Court had not ruled on the permissibility of upfront fees for consumer loans, while academic literature expressed different opinions. In 2016, the Supreme Court ruled that upfront fees, as part of the essential obligations of the contract, are not subject to content control and therefore their agreement is permissible. In late 2022 and early 2023, a series of Supreme Court rulings were issued on the topic of general terms and conditions of fitness studios, which caused a stir in the banking world and have implications for banks, although these rulings actually originated...
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    23/02/2024
    Portugal

    Harmonisaton of EU Insolvency Law and its impact on avoidance actions in Portugal

    The presentation of the Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law (COM/2022/702) marks a significant step towards the convergence of fundamental aspects of insolvency law throughout the EU, which is considered fundamental if cross-border investment and cross-border business relationships are to reach their potential. One of the relevant aspects of this proposal is avoidance actions, which are aimed at protecting the interests of an insolvent estate and the targeting of those operations that are detrimental to the viability...
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