New sanctions reporting requirements for non-financial sector businesses

With effect from 8 August, the Government has introduced significant new reporting requirements in relation to EU asset freeze regimes. Previously, only businesses in the financial sector were subject to the obligations, found in UK financial sanctions instruments, to report specified information to the Office of Financial Sanctions Implementation (“OFSI“) in Her Majesty’s Treasury (“HMT“). … Read more

New EU Directive: Reporting by Extractive Companies on Government Payments

The European Parliament and Council of Ministers have agreed the final form of the new EU rules for the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive  industries. The EU’s agreement is part of a suite of transparency initiatives which are designed to promote good governance … Read more

Iran sanctions update: New EU measures in force

On 22 December 2012, three new EU measures in relation to Iran were published in the EU Official Journal.  These expand the existing suite of EU sanctions, and are likely to be relevant to any EU companies, or persons within the EU, still engaged in trade with Iran, Iranian persons or Iranian-origin goods.  Probably the … Read more

Regulating bidding in emissions allowances auctions: FSA proposals on authorisation, standards and market abuse

Auctions of EU Emissions Allowances may begin as early as July 2012 on the central common European auction platform.  The regulatory framework for the auctioning of aviation and phase III emissions allowances is set out in the Commission Regulation (EU) No 1031/2010 as amended by Commission Regulation (EU) No 1210/2011 (CAR).  However, specific elements of CAR … Read more

Amendments to Iran Sanctions

Further additions by the EU to those designated under the EU Regulation concerning restrictive measures against Iran (no 961/2010) have today been published. The EU has added 143 entities and 37 persons to the list of those subject to a freeze of their assets and economic resources and to a ban from entering the Union. … Read more

The Libyan sanctions regime – Update

On 27 February 2011 the Libya (Financial Sanctions) Order 2011 came into force in the UK, and was subsequently supplemented by the Libya (Asset-Freezing) Regulations 2011. Our previous bulletin describes the effect of this legislation in detail. Read more