Welcome to our new and improved August 2023 edition of Legal News.
We continue to provide you with a selection of our recent publications and we are delighted to present you with our new Legal News Podcast where our knowledge lawyers discuss legal developments in restructuring, insolvency, data protection and proposed EU financial services reforms. Click here or on the image below to listen to our podcast.
For more information on any of the topics covered in this edition, please contact the people listed in the articles or your usual William Fry contact.
- AI and Investment Funds
The new EU Artificial Intelligence Act will introduce a new regulatory framework and obligations on both developers of AI systems and their users, for example funds and/ or their service providers. It will serve as a framework around which organisations can base their AI regulatory policies. - Copy That: “Faithful and Intelligible Reproduction” is the Standard for DSAR Responses
On 4 May 2023, the Court of Justice of the European Union (CJEU) provided clarity around the right of individuals to access their personal data under the GDPR, often referred to as data subject rights requests (DSARs) - The Future of EU Payment Services Regulation – PSD3 and PSR
On 28 June 2023, the European Commission published its proposals for the future of EU payment services regulation. These proposed reforms follow a 2022 European Commission assessment of PSD2, which concluded that whilst PSD2 had achieved many of its aims, certain areas could be improved. - Third Time Lucky? European Commission Adopts Adequacy Decision for EU-US Transfers
On 10 July 2023, the European Commission adopted its eagerly awaited adequacy decision under the EU-US Data Privacy Framework (DPF). With immediate effect, the United States provides an adequate level of protection to personal data transferred from the EU to US companies certified under the DPF. - Winding Up Order Rebuts Presumption of Control for EU Sanctions
On 11 July 2023, Mr Justice Quinn determined, among other things, that the presumption of control by the Ultimate Parent, which arises in respect of the Companies under Article 2 of the Asset Freeze Regulation, is rebutted in circumstances where the Joint Liquidators have been appointed to the Companies. - Ireland unveils its National Hydrogen Strategy
The Irish government on 12 July 2023 published the National Hydrogen Strategy, which is the latest policy document identifying its long-term strategic vision towards decarbonising the economy, enhancing the country’s energy security and creating industrial and market opportunities. - Sharing is Caring: The Financial Data Access Regulation
On 28 June 2023, the European Commission proposed a new framework to regulate the sharing of customer data between financial services firms. The Regulation was identified as an objective by the European Commission in its digital finance strategy in 2020. - Examiner Appointed to Non-EU Company with COMI in Ireland
The judgment of Mr Justice Quinn, for the first time confirms the Court’s jurisdiction to appoint an examiner under Section 509 of the Companies Act 2014, in main proceedings in accordance with Article 3.1 of the EU Insolvency Regulation Recast, EU 2015/848 which has direct effect in Ireland. - Mobility Regulations – Increased Cross-Border Restructuring Flexibility for (Re)Insurers
The European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 (Mobility Regulations) were signed into law on 24 May 2023. The Mobility Regulations introduce new procedures when contemplating cross border transactions (both into Ireland and out of Ireland)
In Shorts
