Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
In this edition of Insurance Focus we take stock of the red-lines, breakthroughs, bust-ups and backstops in the United Kingdom’s attempts to secure a financial services deal before exiting the European Union. We consider the “known knowns” and “known unknowns” and set out what contingency planners for insurers need to understand.
Following the legalization of cannabis in Canada, we consider the potential impact for insurers of the legalization of cannabis in South Africa following a recent landmark judgment in the Constitutional Court.
We also consider the impact of new legislation that aims to combat aggressive tax planning and improve tax transparency in the EU. We look at how the new “DAC 6” tax cross-border reporting requirements may affect insurers.
In our regular case notes feature we consider a recent decision in respect of which losses can be claimed under an All Risks cargo policy, a recent Australian Federal Court decision in favor of insurers’ right to avoid the policy and not advance defense costs under an adjudication clause and whether a breach of a performance guarantee should be subject to insurance under Quebec law. We also consider the impact of a recent UK decision in respect of the practice known as “offshore looping”.
We also include our regular feature of interesting legal and regulatory updates from across our offices.
On March 29, 2017, the UK Government triggered Article 50 of the Treaty on European Union.
The legalization of private cultivation, possession and the use of cannabis in South Africa, following a landmark judgment handed down on September 18, 2018 by the...
The proposals for the amendment of Council Directive 2011/16/EU on administrative cooperation in the field of taxation (commonly referred to as “DAC 6”) originally...
Parker is our new chatbot trained in answering various questions regarding the Insurance Distribution Directive (IDD).
In Engelhart CTP (US) LLC v Lloyd’s Syndicate 1221 for the 2014 Year of Account & 6 others the court has confirmed that construction of an All Risks cargo...
AFCA becomes one-stop-shop for financial services disputes
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).