Assistant lawyer Nikola Cīparsone compiled the material.
Banking and finance
Commission Delegated Regulation (EU) 2024/1504 specifying the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the European Banking Authority on issuers of significant asset-referenced tokens and issuers of significant e-money tokens
Published: 30 May 2024
The regulation, issued on 22 February 2024, outlines procedural rules for the European Banking Authority (EBA) in imposing fines and periodic penalty payments on issuers of significant asset-referenced tokens and e-money tokens. It supplements Regulation (EU) 2023/1114 on markets in crypto-assets.
Individuals or entities under investigation for potential infringements must be informed of the investigation’s findings in writing and are granted a minimum of four weeks to submit written comments. The right to counsel during this process is guaranteed and the EBA must ensure that these submissions are considered before finalizing any findings.
Commission Delegated Regulation (EU) 2024/1506 specifying certain criteria for classifying asset-referenced tokens and e-money tokens as significant
Published: 30 May 2024
Official publication has been made of Commission Delegated Regulation (EU) 2024/1506 of 22 February 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council by specifying certain criteria for classifying asset-referenced tokens and e-money tokens as significant.
It establishes specific criteria for classifying asset-referenced tokens and e-money tokens as significant.
ESMA provides guidance to firms using artificial intelligence in investment services
Issued: 30 May 2024
The European Securities and Markets Authority (ESMA) has issued a Statement providing initial guidance to firms using Artificial Intelligence technologies (AI) when they provide investment services to retail clients.
See also: Press release
Anti-money laundering: Council of the EU adopts package of rules
Adopted: 30 May 2024
The Council today adopted a package of new anti-money-laundering rules that will protect EU citizens and the EU’s financial system against money laundering and the financing of terrorism.
Competition and regulatory
Court of Justice of the EU: Online order button must clearly indicate payment obligation
Press release: 30 May 2024
Order and payment go hand in hand. The former implies the latter, especially for online transactions. Though it may seem obvious, it is not. Therefore the Court of Justice of the EU clarified that “the order submission button or a similar function must explicitly indicate that, by clicking on it, the consumer submits to an obligation to pay.”
Technology
Digital Services Act: the Commission designates Temu as Very Large Online Platform
Designated: 31 May 2024
The Commission has formally designated Temu as a Very Large Online Platform (VLOP) under the Digital Services Act (DSA).
Temu is an online marketplace with an average of more than 45 million monthly users in the European Union. This user number that Temu has communicated to the Commission is above the DSA threshold for designation as a VLOP.
Commission establishes AI Office to strengthen EU leadership in safe and trustworthy Artificial Intelligence
Unveiled: 29 May 2024
The Commission has unveiled the AI Office, which is established within the Commission. The AI Office aims at enabling the future development, deployment and use of AI in a way that fosters societal and economic benefits and innovation, while mitigating risks. The Office will play a key role in the implementation of the AI Act, especially in relation to general-purpose AI models. It will also work to foster research and innovation in trustworthy AI and position the EU as a leader in international discussions.
Technology / Data protection
EDPS: First orientations on “generative Artificial Intelligence and personal data protection”
Published: 3 June 2024
The European Data Protection Supervisor (EDPS) has released guidelines titled “Generative Artificial Intelligence and Personal Data Protection” to aid EU institutions in complying with data protection laws when using generative AI systems. These guidelines aim to ensure adherence to Regulation (EU) 2018/1725 (EUDPR), which is crucial for protecting individual rights and freedoms while utilizing technologies.
The EDPS offers this advice in his capacity as a data protection authority, separate from his role under the AI Act.
ESG
Energy Charter Treaty: Council of the EU gives final green light to EU’s withdrawal
Decision adopted: 30 May 2024
The European Union and Euratom will leave the Energy Charter Treaty, while member states will be allowed to support its modernisation during the next Energy Charter Conference.
Council of the EU gives final approval to right-to-repair directive
Adopted: 30 May 2024
The Council has today adopted a directive promoting the repair of broken or defective goods – the right-to-repair (or R2R) directive. This legislation will make it easier for consumers to seek repair instead of replacement and repair services will become more accessible, transparent and attractive.
See also: Press release
Trade
EU-Kenya: Council takes final step to allow the implementation of the Economic Partnership Agreement
Decision adopted: 30 May 2024
The Council has adopted a decision on the conclusion of the EU-Kenya Economic Partnership Agreement (EPA). This will boost trade in goods and create new economic opportunities, with targeted cooperation to enhance Kenya’s economic development.
EU and Australia sign partnership on sustainable critical and strategic minerals
Signed: 28 May 2024
The EU and Australia have signed a Memorandum of Understanding (MoU) for a bilateral partnership to cooperate on sustainable critical and strategic minerals.
See also: Press release
