1 June 2021

In contextJune 2021

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China's new law countering foreign sanctions adds to conflicting compliance requirements

Under this law, countermeasures can be imposed on parties involved with the enactment of foreign restrictive measures against China and on some of their affiliates. These countermeasures must be put into effect, while implementation of foreign restrictive measures is prohibited.

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Experts: Marnix Somsen, Marlies Heemskerk-de Waard, James Wang, Tency Zhou

Expertise: Sanctions & Export Controls

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Recast of the EU Dual-Use Regulation set to enter into force on 9 September 2021

The Recast includes additional dual-use controls and new general export authorisations, but fails to level the playing field among the EU member states. Companies involved with dual-use items are recommended to assess the implications and benefits for their business.

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Experts: Marlies Heemskerk-de Waard, Marnix Somsen

Expertise: Sanctions & Export Controls

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Commission's AI proposal to bolster antitrust enforcement in algorithm-driven markets

Under the regulatory proposal, newly set up national AI bodies within the EU will have to notify competition authorities of any antitrust issues which they encounter. This will bring additional focus on AI-induced competition concerns in general and on the issue of allocating liability.

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Experts: Jolling de Pree, Helen Gornall, Bart de Rijke, Stephanie The

Expertise: Competition & Regulation, Tech & Digital

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Modernising NV law: what next for corporate citizenship, virtual meetings and loyalty shares

The Dutch government has responded to recent recommendations on NV law modernisation made by a group of experts. The response includes several corporate governance-related motions by parliament. Although no concrete next steps were announced, we do get a glimpse of what changes to NV law may lie ahead.

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Experts: Martin van Olffen, Reinier Kleipool, Sven Dumoulin, Casper Nagtegaal

Expertise: Corporate Advisory & Corporate Governance, Environmental, Social & Governance

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Disclosure requirements of EU Taxonomy Regulation further specified in draft delegated act

A delegated act providing further guidance on how to comply with the disclosure standards under the regulation is expected to be adopted later this month. If adopted, large Dutch companies with an EU listing will need to align their reporting over financial year 2021 with some of the new standards.

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Experts: Martin van Olffen, Reinier Kleipool, Sven Dumoulin, Casper Nagtegaal

Expertise: Corporate Advisory & Corporate Governance, Environmental, Social & Governance

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One-tier board and NV provisions in Management and Supervision Bill postponed

A recent royal decree is delaying the introduction of a one-tier board at associations, cooperatives, mutual insurance companies and foundations. Also postponed is the requirement that NV articles of association must cover supervisory directors being unable to act or their position being vacant.

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Experts: Constantijn Voogt, Reinier Kleipool, Martin van Olffen, Casper Nagtegaal

Expertise: Corporate Advisory & Corporate Governance

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Dutch government likely to extend virtual general meeting option to 1 October 2021

The end date of the Covid-19 emergency legislation has been moved back to 1 August 2021. But the minister intends to further extend the temporary provisions on virtual general meetings to 1 October 2021, allowing the upcoming AGM season to go ahead without physical meetings.

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Experts: Reinier Kleipool, Martin van Olffen, Casper Nagtegaal, Myrtle Grondhuis

Expertise: Corporate Advisory & Corporate Governance

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