Assistant lawyer Nikola Cīparsone compiled the material.
Energy
A regulation on tracking and reducing methane emissions adopted by the Council
Adopted: 27 May 2024
The Council has adopted a regulation on tracking and reducing methane emissions. It is part of the ‘Fit for 55’ package.
The regulation introduces new requirements on measuring, reporting and verifying methane emissions in the energy sector.
See also: Press release
Banking and finance
The EBA finds divergences in the issuance and regulation of ‘virtual IBANs’ across the EU, identifies issues, and provides recommendations on how to address them
Issued: 24 May 2024
The European Banking Authority (EBA) has published a Report on the issuance of ‘virtual IBANs’ (vIBANs). The Report sets out the characteristics of virtual IBANs, explains various use cases the EBA has observed in the market, summarizes potential benefits as perceived by market actors, and identifies challenges and issues associated with this practice.
See also: Press release
Technology
Commission opens formal proceedings against Meta under the Digital Services Act related to the protection of minors on Facebook and Instagram
Opened on: 16 May 2024
The Commission has opened formal proceedings to assess whether Meta, the provider of Facebook and Instagram, may have breached the Digital Services Act (DSA) in areas linked to the protection of minors.
Council gives final approval regarding the new Artificial Intelligence (AI) Act
Approved: 21 May 2024
The Council approved a ground-breaking law aiming to harmonise rules on artificial intelligence – the Artificial Intelligence Act. It is the first of its kind in the world and can set a global standard for AI regulation.
See also: Press release
ESG
Council approves the Net-Zero Industry Act
Adopted: 27 May 2024
The Council has officially adopted the regulation called the Net-Zero Industry Act (NZIA), which aims to strengthen Europe’s net-zero technology manufacturing ecosystem.
This regulation is designed to advance the deployment of green technologies necessary to meet the EU’s climate goals. This contributes to enhancing Europe’s leadership in industrial green technologies, as well as fighting climate change while reducing dependencies, bolstering strategic autonomy, and fostering economic growth and job creation in Europe.
See also: Press release
Data protection
Commission calls on 18 Member States, including Latvia, to comply with the EU Data Governance Act
Issued: 23 May 2024
The European Commission decided to open infringement procedures by sending a letter of formal notice to 18 Member States, including Latvia, that did not designate the responsible authorities to implement the Data Governance Act, or that have failed to prove that the authorities are empowered to perform the tasks required by the Act.
Tax
Council agrees on new rules for withholding tax procedures – FASTER initiative
Agreement reached: 14 May 2024
The Council has reached an agreement (general approach) on safer and faster procedures to obtain double taxation relief, which will help boost cross-border investment and help fight tax abuse.
The FASTER initiative aims to make withholding tax procedures in the EU safer and more efficient for cross-border investors, national tax authorities and financial intermediaries, such as banks or investment platforms.
See also: Press release
Life sciences and healthcare
Council adopts new regulation on substances of human origin
Adopted: 15 May 2024
Regulation on substances of human origin (SoHO) – new rules aimed at improving the safety and quality of blood, tissues and cells used in healthcare and facilitating cross-border circulation of these substances in the EU have been adopted by the Council.
See also: Press release
Other
Council identifies main priorities for the next legislative cycle – EU digital policy
Press release: 21 May 2024
In its conclusions, the Council underlines that an effective, coherent, and efficient implementation of recently adopted laws with the minimum administrative burden for public and private players is the main priority for the next mandate.
A common European approach to innovative digital technologies is of key importance for the EU’s competitiveness and to ensure the protection of EU’s economic security, while preserving economic openness and dynamism.
