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Regulatory Blog

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EU adopts sixth package of sanctions targeting Russia and Belarus
On 3 June 2022, the European Council announced its decision to adopt the sixth package of economic and individual sanctions targeting both Russia and Belarus. The package includes a series of measures intended to effectively prevent Russian abilities to continue the aggression against Ukraine.
Joint Harneys and OEB Webinar on Russian Sanctions: Understanding the impact
On 11 May 2022, Harneys and the Cyprus Employers & Industrialists Federation (OEB) hosted the joint webinar “Russian Sanctions: Understanding the Impact”. The panel consisted of our Global Head of Regulatory Aki Corsoni-Husain, our Senior Associate Elina Mantrali and Partner George Apostolou as chair.
European Commission proposes a tax incentive to reduce for debt-equity bias
On 11 May 2022, the European Commission (EC) proposed a Directive on a debt-equity bias reduction allowance (DEBRA) by introducing an allowance that will allow for a notional interest deduction on equity increases from one tax year to the next. The objective is to reduce the current tax bias that favours the use of debt over equity. The focus of the proposed measure is on the entity being funded rather than on the lender or equity provider.
European Commission updates its FAQs on sanctions imposed to Russia
The European Commission has published a number of Frequently Asked Questions (FAQs) on the sanctions adopted in 2022 following Russia’s military aggression against Ukraine.
EDPB issues statement on EU-US new international data transfer arrangements for an ‘enhanced’ Privacy Shield framework
On 7 April, the European Data Protection Board (EDPB) adopted a statement on the announcement of a new international data transfer agreement between the EU and the US (the Statement). With its Statement, the EDPB welcomes the commitments made by the US to establish ‘unprecedented’ measures to “protect the privacy and personal data of individuals in the European Economic Area (EEA) when their data are transferred to the US” as a positive first step in the right direction.
European Commission unveils proposal for new Data Act
On 23 February 2022, the European Commission presented its Proposal for a Regulation on harmonised rules on fair access to and use of data (the Data Act). The Data Act is intended to maximise the value of data in the European Union economy “by ensuring that a wide range of stakeholders gain control over their data and that more data is available for innovative use”.
EU and US agree on new international data transfer arrangements for an ‘enhanced’ Privacy Shield framework
On 25 March 2022, in a joint press conference, European Commission President Ursula von der Leyen and US President Joe Biden announced their ‘in principle’ agreement on a new framework to govern transatlantic data transfers between the EU and the US, intended to replace the previous EU-US Privacy Shield framework and referred to commonly as ‘Privacy Shield 2.0’.
CySEC issues circular on fifth wave of EU sanctions on Russia
On 15 April 2022, the Cyprus Securities and Exchange Commission issued circular 501 (Circular 501) drawing the attention of Regulated Entities to the fifth wave of restrictive measures of the European Union, dated 8 April 2022, imposed against Russia due to its military aggression against Ukraine.
Fifth sanctions package introduces prohibition on the provision of certain trust services
On 8 April 2022, the EU adopted its fifth sanctions package in response to Russia’s targeting of civilians. Council Regulation (EU) 2022/576 introduces certain further sectoral restrictions by way of amendment to Regulation (EU) 833/2014, these being a part of the restrictions in the new sanctions package. The new measures were published in the Official Journal of the EU on 8 April 2022 and came into force on 9 April 2022.
EU updates its dual-use export control list
On 6 January 2022, the European Commission published Delegated Regulation (EU) 2022/1 amending Regulation (EU) 2021/821 of 20 October 2021, updating the list of dual-use items (ie goods, software and technology that can be used for both civilian and military applications) contained in Annex I.
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