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Go­vern­ment draft of a CSRD im­ple­men­ta­tion law: What com­pa­nies can ex­pect in terms of sus­tai­na­bi­lity re­por­ting

Ac­cor­ding to the re­qui­re­ments of the Cor­po­rate Sus­tai­na­bi­lity Re­por­ting Di­rec­tive (CSRD for short), com­pa­nies will in the fu­ture be re­qui­red to re­port in de­tail on how they deal with so­cial and en­viron­men­tal chal­len­ges to­ge­ther with their an­nual fi­nan­cial state­ments. To this end, on 24 July 2024, the Ger­man Fe­deral Ca­bi­net pas­sed a draft law to im­ple­ment the Cor­po­rate Sus­tai­na­bi­lity Re­por­ting Di­rec­tive (EU Di­rec­tive 2022/2464), or CSRD Im­ple­men­ta­tion Act for short, af­ter the Ger­man Fe­deral Mi­nis­try of Justice publis­hed a cor­re­spon­ding draft bill on 22 March 2024.  ...read more

The Eu­ro­pean Supply Chain Due Di­li­gence Act is com­ing

On 15 March 2024, a suf­fi­ci­ent ma­jo­rity of EU mem­ber sta­tes in the Com­mit­tee of Per­ma­nent Re­pre­sen­ta­ti­ves, a sub­si­di­ary body of the Coun­cil of the Eu­ro­pean Union, agreed to the di­lu­ted draft of the Cor­po­rate Sus­tai­na­bi­lity Due Di­li­gence Di­rec­tive (CSDDD). Ger­many ab­stai­ned from the vote. The draft now ad­op­ted de­via­tes from the preli­mi­nary po­li­ti­cal agree­ment ori­gi­nally re­ached in the tri­lo­gue. It must now be for­mally ad­op­ted by the EU Coun­cil and sub­se­quently ap­pro­ved by the EU Par­lia­ment.  ...read more

Trans­fer pri­cing: Si­gni­fi­cant tigh­te­ning for fi­nan­cial tran­sac­tions and ser­vices

On 22 March 2024, the Ger­man Fe­deral Coun­cil ap­pro­ved the Me­dia­tion Com­mit­tee's com­pro­mise pro­po­sal on the Growth Op­por­tu­nities Act. As a re­pla­ce­ment for the ori­gi­nally in Ger­many plan­ned in­te­rest rate cap, which was re­mo­ved from the draft bill, new re­gu­la­ti­ons for cross-bor­der fi­nan­cial tran­sac­tions and ser­vices will the­re­fore be in­tro­du­ced from the 2024 tax pe­riod (Sec­tion 1 (3d) and (3e) For­eign Tran­sac­tions Tax Act (AStG)).  ...read more

Fe­deral Coun­cil Ap­pro­ves Growth Op­por­tu­nities Act

The Fe­deral Coun­cil has ap­pro­ved the Growth Op­por­tu­nities Act ne­go­tia­ted in the me­dia­tion com­mit­tee on 22 March 2024. The re­gu­la­ti­ons con­tai­ned ther­ein can thus come into ef­fect af­ter the an­noun­ce­ment of the law. Howe­ver, the le­gis­la­tive pa­ckage in the ver­sion of the me­dia­tion com­mit­tee con­ta­ins si­gni­fi­cantly fe­wer mea­su­res than in­iti­ally plan­ned.  ...read more

Ar­ti­fi­cial In­tel­li­gence Act: EU agrees on the Re­gu­la­tion of Ar­ti­fi­cial In­tel­li­gence

The EU has re­ached an agree­ment on a new re­gu­la­tion for the use of Ar­ti­fi­cial In­tel­li­gence, the Ar­ti­fi­cial In­tel­li­gence Act (AI Act). Will this enable them to strike a ba­lance bet­ween re­gu­la­tion and the com­pe­ti­tiv­en­ess of Eu­ro­pean com­pa­nies? On one hand, the AI Act sets clear gui­de­lines for the use of AI, while on the other hand, it pres­ents nu­me­rous chal­len­ges for com­pa­nies.  ...read more