The Foreign Subsidies Regulation (FSR), one of the EU’s latest state aid instruments, entered into force on January 12, 2023. Now, after six months, it starts to apply. This regulation establishes rules to govern foreign subsidies that could distort the EU’s internal market. It empowers the European Commission (“Commission”) to investigate financial contributions provided by non-EU countries to companies operating in the EU. If these contributions are found to be distortive subsidies, the Commission can enforce corrective measures to remedy these effects. Our team provided a thorough overview of the regulation and its implications this article. In short, the FSR’s […]
Details
On Monday, our Founding Partner, Bogdan Gecić, participated in a webinar titled “All About CBAM, the new EU Carbon Border Tax”. This event was organized by the Israel Export Institute in collaboration with the leading Israeli law firm, Shibolet. The attendees, mainly Israeli exporters from diverse industries, had the opportunity to hear from top experts in sustainability, ESG, EU law, and international trade. They discussed how the EU’s new regulations might affect their businesses and gave recommendations on how to best prepare. Daphna Sternfeld, Deputy Director of the Israel Export Institute, offered an introduction to the topics and moderated the […]
Details
On July 4, 2023, the Court of Justice of the European Union (“CJEU“) pronounced a momentous judgment in Meta Platforms and Others. For the first time, the CJEU ruled that national competition authorities may determine GDPR infringements when examining an abuse of a dominant position. The CJEU’s decision clarifies the relationship between the General Data Protection Regulation (“GDPR“) and EU competition law, establishing that they can coexist and complement each other without conflict. The case centered on Meta Platforms Ireland, which runs Facebook in the EU. The ruling has its roots in a decision issued by Germany’s antitrust regulator, the […]
Details
As Artificial Intelligence (“AI“) continues to revolutionize industries worldwide, its impact on corporate governance cannot be understated. AI-powered tools can streamline governance procedures, such as board meeting management, document review, and regulatory compliance. Automated processes save time and resources and reduce the likelihood of human error. This allows governance professionals to focus on high-value tasks such as stakeholder engagement, strategy development, and fostering ethical business practices. On the other hand, the potential for AI to take on leadership roles within companies is an emerging topic of discussion[1]. With AI’s ability to analyze vast amounts of data, make data-driven decisions, and […]
Details
On July 4, the EU Commission introduced a new Procedural Regulation aimed at enhancing cooperation among data protection authorities (“DPAs“) when enforcing the General Data Protection Regulation (“GDPR“) in cross-border cases. The Procedural Regulation focuses on establishing clear guidelines for DPAs handling cases involving individuals in multiple Member States without impacting any substantial elements of the GDPR, including the rights of data subjects, obligations of data controllers and processors, or the lawful grounds for processing personal data. A notable aspect of the Procedural Regulation is a provision that mandates the lead DPA to share a “summary of key issues” with […]
Details
Gecić Law is proud to announce that it has contributed to the inaugural edition of the Terralex Cross-Border Guide to ESG and Sustainable Finance for the jurisdictions of Montenegro and Serbia. We are especially thrilled that our team was honored to contribute with its expertise and complete the section of the guide that refers to the entire EU. The guides are now live and are free to access. This confirms our team’s pioneering expertise in one of the hottest fields of law today. The EU chapter, authored by counsel Branko Gabrić and associates Nikola Ivković, Milica Novaković, Teodora Ristić, Marko […]
Details
In the realm of modern technology, the association with Artificial Intelligence (AI) has become increasingly present. AI has reached various segments of human activity, both private and business. However, like any innovation or human creation, AI is imperfect and carries inherent risks. It is susceptible to biases, errors, security breaches, and a growing level of autonomy, all of which entail potential liabilities associated with artificial intelligence. Consider the scenario of an autonomous vehicle causing an accident. Who should bear responsibility in such a case? Likewise, if an AI-powered medical diagnosis tool misdiagnoses a patient, who should be held accountable – […]
Details
In the latest installment of our series on the risks presented by artificial intelligence (AI), we delve into the risk management framework released by the esteemed American National Institute of Standards and Technology (NIST). Known as the Artificial Intelligence Risk Management Framework (AI RMF), this voluntary framework has been meticulously crafted by NIST in response to the growing adoption of AI. While AI holds immense potential to deliver significant societal benefits, it also generates various risks, including bias, discrimination, privacy breaches, and security vulnerabilities. The AI RMF aims to aid organizations in effectively managing these risks, ensuring AI’s responsible and […]
Details
Due to climate change, and the state of the world, companies are under considerable pressure from investors and customers to improve their ESG performance. While companies and governments work hard to develop and implement ESG principles, there is still much work in this field and many pieces that need to be added to build reliable ESG mechanisms. One of the most significant challenges global businesses face today is setting ESG goals and effectively monitoring and progressing toward them. The complexity and fragmentation of incoming data sources often result in incomplete analyses, inconsistent reporting, and unmet commitments. This is precisely why […]
Details
Starting from July 1, 2023, the newly adopted Horizontal Block Exemption Regulations on Research and Development Agreements (“R&D“) and Specialisation agreements (together “HBERs“) shall take effect in the EU. The essence of HBERs, and the accompanying Horizontal Guidelines (“Guidelines“), is to facilitate the self-assessment of the most common types of horizontal cooperation agreements. They are also well-known as a safe harbor to undertakings, for as long as the latter comply with the rules set in the HBERs, leading to block exemption of such agreements from the competition rules. The novelties in said pieces of legislation offer a more flexible approach […]
Details