This was a question many asked after a recent judgment from the English Court of Appeal. Sanctions target those designated as well as those owned or controlled by designated persons. Understanding the precise scope of what constitutes ‘control’ under UK sanctions can be challenging. In this article we shed some light on this analysis, based on recent case law.
The EU’s Artificial Intelligence (AI) Act marks a global first, introducing rules for the use and provision of AI systems. At the heart is a commitment to fostering trust in AI to unlock and maximise the vast social and economic possibilities offered by these technologies.
Shielding consumers from greenwashing and misleading environmental claims constitutes an important aspect of the European Union’s strategy to cultivate a more environmentally sustainable economy. A European Commission study in 2020 revealed that more than 50% of environmental claims within the EU were unclear or misleading, with 40% lacking substantiation.
China has amended its criminal law for the 12th time with effect from 1 March 2024 by increasing penalties and adding employees of private companies to some bribery and corruption offences that currently only apply to employees of state-owned enterprises.
The past few years have illustrated with a vast intensity the relevance of international sanctions for an ever expanding number of businesses and sectors. This backdrop has also led to a significant increase in sanctions related disputes, which in turn has led to discussions regarding enforcement of arbitral awards that contravene applicable sanctions.
The UK Economic Crime and Corporate Transparency Act 2023 (“the ECCTA”) was formally approved on 26 October 2023. Among the most significant reforms introduced by the ECCTA are the establishment of ‘failure to prevent fraud’ as a new UK corporate criminal offence, and a reform of the UK identification doctrine expanding the extent of corporate criminal liability for economic crimes. In this article, we highlight the details of these two key aspects of the Act, and explain how they will affect Norwegian companies with operations or subsidiaries in the UK.
All companies face the risk of cyber-attacks. In general, the question is when and not if an attack will strike. Companies should therefore strengthen their cyber resilience and implement robust measures to be prepared to handle all aspects of an attack if/when it occurs.
The BIMCO Russian Oil Price Cap Scheme Clause was long-anticipated when it was published on 2 June 2023. There has since been growing concern that the original Price Cap Measures were easy to circumvent, and in this article we examine the impact of the latest measures to combat such evasion.
On 14 December 2023, the European Parliament and the European Council informally agreed on a new directive on corporate sustainability due diligence (the "CS3D" or the "directive") obliging firms to integrate their human rights and environmental impact into their management systems. The directive has been called a historic breakthrough in the way companies are now responsible for potential abuse in their value chain. Subsequent to the negotiations, the Lead MEP said that this was a starting point for shaping the economy of the future.
This week, the Investment Control Commission – appointed by the Norwegian government in 2022 – delivered its report concerning Norway's foreign direct investment laws. The report proposes significant changes to the current system, ostensibly in order to protect national security interests, and would bring Norway's rules on FDI more in line with some of its European neighbours.
The massive and unprecedented sanctions imposed against Russia have required significant efforts to manage the risks and impact of sanctions, particularly in view of creative attempts to circumvent by some parties. In this article we explain why you should update your sanctions clause, and how to ensure that it is fit for purpose.
The sweeping sanctions implemented against Russia give renewed relevance to the Chinese countermeasures to foreign companies with operations in China or doing business with Chinese counterparties. Companies should tread carefully to avoid falling foul of Chinese legislation.
