Legal Updates : 15th October till 21st October

AML/CFT

• The Council of the European Union adopts the 8^th package of sanctions in relation to the Ukranian crisis
  • The Council of the European Union has adopted the 8th package of sanctions in response to the illegal occupation by the Russian Federation of certain non-government-controlled areas of Ukraine. The FIAU has stressed to subject persons the importance of keeping abreast of any developments related to their obligations, including being up to date with the latest sanctions and restrictive measures imposed by the EU against Russia, and to ensure adherence to them.
  • https://fiaumalta.org/news/the-council-of-the-european-union-adopts-the-8th-package-of-sanctions-in-relation-to-the-ukrainian-crisis/

TAX

• EU Commission issues Consultation on a New Corporate Tax Framework (BEFIT)
  • The European Commission announced that a proposal for a new corporate tax system will be put forward by 2023. The objective of this proposal, known as ‘Business in Europe: Framework for Income Taxation’, or ‘BEFIT’ will be to: (i) boost the competitiveness of the single market; (ii) reduce compliance costs, including for SMEs; and (iii) to support investment in the EU. A consultation has been launched to obtain the public’s views on the problem definition and aims, including in the various policy options, to design the main features of BEFIT.
  • https://taxation-customs.ec.europa.eu/news/commission-launches-public-consultation-befit-new-framework-eu-corporate-taxation-2022-10-17_en

AVIATION

• CAAS and EASA Sign Memorandum of Understanding on Urban Air Mobility
  • The Civil Aviation Authority of Singapore (CAAS) and the European Union Aviation Safety Agency (EASA) have signed a Memorandum of Understanding (MOU) to collaborate on urban air mobility to support the development, deployment and safe operation of vertical take-off and landing (VTOL) aircraft. Under the MOU, CAAS and EASA will collaborate in the development of regulatory standards, outreach, conferences and other activities.
  • https://www.easa.europa.eu/en/newsroom-and-events/press-releases/caas-and-easa-sign-memorandum-understanding-urban-air-mobility

EUROPEAN UNION

• European Commission adopts revised State aid Framework for research, development and innovation
  • The European Commission has adopted a revised Communication on State aid rules for research, development and innovation (‘2022 RDI Framework’), which sets out the rules under which Member States can grant State aid to companies for RDI activities, while ensuring a level playing field. The 2022 RDI Framework, which contributes to the EU’s strategic objectives relating to the green and digital transitions, has entered into force.
  • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_6233
• Expert report identifies promising approaches on how to best invest in education and training
  • The European Commission published the final report of the Expert Group on Quality Investment in Education and Training, focusing on how to best invest public money in four major areas of education and training expenditure in the EU: teachers and trainers, education infrastructure, digital learning, and equity and inclusion. The expert group identifies promising education and training practices in national contexts, which can serve as inspiration for governments and education institutions across the EU.
  • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_6236
• European Commission sets out actions to digitalise the energy sector to improve efficiency and renewables integration
  • The European Green Deal and the REPowerEU Plan require a deep transformation of our energy system, which needs to become more interactive and smarter to help consumers embrace the benefits of the green transition. The Commission has presented an Action Plan highlighting how new technologies can help improve the efficient use of energy resources, facilitate the integration of renewables into the grid, and save costs for EU consumers and energy companies. The Commission is setting out actions to boost data sharing, promote investments in digital electricity infrastructure, ensure benefits for consumers and strengthen cybersecurity.
  • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_6228
• European Commission accelerates work to build up European resilience
  • The European Commission has proposed to strengthen the resilience of EU critical infrastructure. The draft Recommendation aims at maximising and accelerating the work to protect critical infrastructure in three priority areas: preparedness, response and international cooperation. For that purpose, it foresees a stronger support and coordination role by the Commission to enhance preparedness and response against the current threats as well as a strengthened cooperation among Member States, and with neighbouring third countries. Priority should be given to the key sectors of energy, digital infrastructure, transport and space.
  • https://ec.europa.eu/commission/presscorner/detail/en/ip_22_6238