Croatia

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Recent Articles

  •  
    14/02/2024
    EU

    The EU Parliament and Council reached an agreement on ESG rating

    On 5 February 2024, the European Parliament (the Parliament) and the Council of the European Union (the Council) reached a provisional agreement on the EU Commission's proposal from June 2023 for a regulation governing environmental, social, and governance (ESG) rating activities. This rating aims to offer an assessment of a company's or a financial instrument's sustainability profile, ultimately bolstering investor confidence in sustainable products. ESG ratings' new rules appear as a priority, as they will strengthen the reliability and comparability of ESG ratings and improve the transparency...
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  •  
    13/02/2024
    EU

    EU legislative initiatives on recovery and resolution planning for insurance undertakings are taking shape

    With the compromise proposal for an Insurance Recovery and Resolution Directive (IRRD) published by the EU Council in January 2024, EU legislative initiatives to establish a recovery and resolution framework for insurance undertakings are taking shape. The following article has summarised selected aspects concerning Austrian (and potentially other EU) insurers, which - from experience with early stages of the Bank Recovery and Resolution Directive (BRRD) - are of particular interest for group-wide asset liability management and capital planning, collateral management, the product landscape and...
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  •  
    09/02/2024
    Europe

    ESMA reports on impact-washing concerns around funds focused on the United Nations Sustainable Development Goals

    IntroductionOn 1 February 2024, the European Securities and Markets Authority (ESMA) published an article on the efficiency of funds focused on the United Nations Sustainable Development Goals (SDG), in which it questioned the fulfilment of their promises. ESMA’s article defends the importance of this subject, highlighting that the existence of well-known sustainability frameworks such as SDGs in impact claims requires specific attention to ensure that products and strategies aiming at fostering such objectives stand true to their claims.With EUR 74bn in assets under management in September...
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  •  
    09/02/2024
    Europe

    A messy affair – IP law meets a cat litter tray in Belgian design court ruling

    Introduction In recent weeks, the CMS Design team has been delving into pan-EU enforcement of Community design rights, as well as the scope of copyright “originality” under EU law. In a timely development, the Community Design courts of Belgium have been doing the same – resulting in a judgment concerning registered designs for cat litter trays (SAVIC NV v PLANA S Proizvodnja in Prodaja and PETSOLUTIONS NV, Case No. A/22/02872). Our London and Brussels offices have teamed up to review this case, which makes some helpful findings on the EU design courts’ jurisdiction...
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  •  
    30/01/2024
    EU, UK

    What’s in a name? Updated EMA guideline on naming medicinal products processed through the centralised procedure comes into effect

    The updated EMA Guideline on the acceptability of names for human medicinal products processed through the centralised procedure was adopted by CHMP in December 2023 and came into effect on 1 January 2024.  The Guideline was updated following a public consultation which concluded in March 2022.Key pointsThe 7th revision of the Guideline builds on rather than overhauls the previous 2014 guidance, and provides more detail on specific scenarios that can arise during the assessment of names for new products by the Naming Review Group (“NRG”).  Key points to note include:Further...
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    24/01/2024
    Europe

    New EBA guidelines to manage AML risks as part of the activities of crypto-asset service providers

    EBA released guidelines amending ML/TF Risk Factors Guidelines to include crypto-asset service providers within its AML framework.On 16 January 2024, the European Banking Authority (EBA) released its guidelines amending the ML/TF Risk Factors Guidelines (the “Guidelines”).The Guidelines aim at extending the scope of the ML/TF Risk Factors Guidelines to crypto-asset service providers (the “CASPs”). The Guidelines thus enable understanding the money laundering and terrorist financing (“ML/TF”) risks associated with CASP and the steps CASPs and other credit and...
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