Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
On March 30, 2020 (effective date), following a motion of the Ministerial Council, the President of the Hellenic Republic adopted a Legislative Act allowing for further urgent measures to cope with the COVID-19 pandemic. Article 55 (para 3) provides for the extension of regulatory deadlines relating to the licensing and development of renewables in Greece, including:
A. A six-month extension for:
B. A four-month extension for:
C. A two-month extension of deadlines for accepting final grid connection offers from the competent grid operator and the requirement to submit bank letters of guarantee to the grid operator between the effective date of the Legislative Act (i.e. March 30, 2020) and June 30, 2020.
Undoubtedly, the Greek Government has so far responded in a proactive, timely and effective manner to the COVID-19 pandemic, which has already had a huge impact on the global economy, business and life in general. It is evident that the Government is committed to dealing with the situation in an appropriate manner and therefore further intervention in the energy sector, and for renewables in particular, cannot be excluded.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).