Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
Welcome to the fifth edition of Business ethics and anti-corruption world. As with our previous issues, we aim to highlight Norton Rose Fulbright’s global reach through analysis and reflection of key updates and events related to business ethics, anti-corruption and business and human rights developments.
Our business ethics and anti-corruption practice helps clients to navigate national and international anti-corruption, regulatory and compliance issues and investigations wherever they arise. We advise corporates, financial institutions and senior executives extensively on the implications of international business ethics and anti-corruption best practice standards, wider developments in the legislative and corporate landscape, and in relation to internal and government-led investigations. We work closely with colleagues across our global platform of more than 50 offices throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia to advise clients on international compliance needs across a wide range of risks.
Our team also recognizes that human rights represent an evolving area of emerging risk for businesses which is assuming an increasingly legal dimension. With initiatives like our recently published joint Business and Human Rights Due Diligence Project with the British Institute of International and Comparative Law (see article below), we are a leading force in providing guidance to businesses on human rights related risks and obligations.
In this edition we
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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).