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Brexit: So What Happens Next?

While nothing has changed in terms of the UK’s relationship with the EU since last week’s historic referendum, businesses are beginning to look at how the legal and political landscape will change post Brexit, and when and how the UK will begin the process of withdrawing from the EU.

Laws on Arbitration Reform in Russia Adopted

On December 29, 2015, the Federal Law on Arbitration in the Russian Federation (the “Law on Arbitration”) and the Federal Law on Amendments to Certain Legislative Acts of the Russian Federation and Repeal of Article 6.1(3) of the Federal Law on Self-Regulating Organizations in Connection with the Adoption of the Federal Law on Arbitration in the Russian Federation (the “Associated Law”) were signed by the President of the Russian Federation (collectively, the “Laws”). The Laws will enter into force on September 1, 2016.

EU-U.S. “Privacy Shield” Greeted Cautiously

Tuesday’s announcements of the European Commission and the U.S. Department of Commerce of a new “Privacy Shield” for the transfer of EU personal data to the United States have been followed yesterday by a reaction from the EU Article 29 Working Party that is decidedly cautious.

Law on the Procedure for Review by the Constitutional Court of the Russian Federation of Enforcement of ECHR Judgments

On December 15, 2015 amendments to the Federal Constitutional Law on the Constitutional Court of the Russian Federation (the “Law on the Constitutional Court”) came into force, investing the Constitutional Court of the Russian Federation (the “Constitutional Court”) with powers to decide whether judgments of international human rights bodies are enforceable in Russia.

Interstate Aviation Committee Has Its Powers Curtailed in Russia

On November 28, 2015, the Russian government issued Decree No. 1283, relieving the Interstate Aviation Committee (“IAC”) of its authority to carry out aircraft type certification. Such authority will now vest in the Federal Air Transportation Agency (“Rosaviatsiya”). This constitutes a fundamental change to the aircraft certification system in Russia, which had remained unaltered for more than 20 years.

European Commission Proposes Introducing New Infrastructure Asset Class Under Solvency II After EIOPA Advice

On 30 September 2015, the European Commission (the “Commission”) made amendments to the Solvency II Commission Delegated Regulation (EU) 2015/35, which included introducing a new asset category: “qualifying infrastructure investments”. The amendments adopt with very little modification the technical advice provided to the Commission by EIOPA on 29 September 2015.

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