Introduction The UN Convention on International Bills of Exchange and International Promissory Notes (1988) and the Convention Providing a Uniform Law for Bills of Exchange and Promissory Notes (1930), on which legislation throughout the world is modelled, assert the same principle. The assignment of funds is thus rejected as the legal principle underlying the transfer of funds ...
Crypto assets are assets that exist on a blockchain and are represented through a token, where the keys to the token are held in a crypto wallet. The characteristics of different crypto assets vary, depending on the code of the blockchain they operate on ...
We are delighted that Lill Egeland, Halvor Klingenberg and Christian Reusch have strengthen their individual rankings with respectively Band 1 within Employment and Band 3 within Banking & Finance and Dispute Resolution ...
The Regulation’s overall goal is to encourage Member States to carry out Strategic Mineral Projects involving minerals such as e.g. Copper, Titanium, Nickel – battery grade, Lithium – battery grade, and Rare Earth Elements for magnets. The aim for the EU’s extraction capacity is set to be at least 10 % of the Union’s consumption of strategic raw materials ...
Simonsen Vogt Wiig is ranked a top tier firm in the following categories: Dispute resolution EU and competition Fishing and aquaculture Insolvency and corporate recovery Maritime law Offshore construction and shipbuilding Energy: Oil and gas TMT We have more than 50 lawyers acknowledged in this year’s guide, and want to highlight the following new rankings: Espen Tøndel: Hall of Fame – TMT Thomas Talén: Leading Individuals – Employment Espen Ba
The Norwegian Government today, ahead of presenting the revised budget for 2023, announced postponed implementation of resource rent tax on onshore wind power. The proposal for a resource rent tax was sent for consultation on 16th December 2022, with the deadline set for 15th March 2023. The initial plan was to implement the tax from 2023, but the effective date is now under review, partly due to feedback received during the consultation period ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
This pilot is a first-of-its-kind use of distributed ledger (Web3) SLC technology and is expected to deliver reduced operational costs and improved risk management for lenders. Based on natural language contract terms developed by SVW and converted to SLCs using Hunit’s AI-powered tools, MMB’s clients will benefit from simplified processes, streamlined monitoring, and improved contract fulfilment ...
The FSR addresses such distortions and closes a regulatory gap. Subsidies granted by non-EU governments (so called third states) currently go largely unchecked, while subsidies granted by Member States are subject to scrutiny under EU State aid rules. The FSR includes new tools to effectively tackle foreign subsidies that cause distortions and undermine the level playing field in the internal market ...
Background The EU General Data Protection Regulation (GDPR) restricts the transfer of personal data outside the EEA unless there is a legal basis for the transfer, e.g., EU standard contractual clauses or binding corporate rules (BCR) ...
Following the adequacy decision, as outlined in our previous article, personal data may be transferred from the EU/EEA to companies in the US that are listed on the «Data Privacy Framework List«. The EDPB confirms in their information note that in these cases, there is no need to establish other transfer tools ...
Following the implementation of significant restrictions on the ability to hire personnel from staffing enterprises, the scope of discretion available to employers in terms of temporary staffing has become a central issue. One important exception to the prohibition against temporary staffing is found in the so-called specialist exception ...
Sustainability and social responsibility are among Simonsen Vogt Wiig’s strategic priorities, and we are highly committed to contributing beyond our own sphere as well as running our business in a sustainable way. In connection with the firm’s internal work with sustainability, goal 16 «Peace, justice and strong institutions» was identified as one of the UN Sustainable Development Goals to which we want to pay a particular focus ...
After a particularly active consultation round with approx. 140 consultation responses, together with the proposal for the national budget for 2024, the government presented a revised proposal today, 6 October 2023. The criticism from a relatively united renewables industry must be said to have fallen on relatively deaf ears and the proposal is essentially a continuation of the consultation proposal ...
Background In the lead up to the entry into force of the EU Ship Recycling Regulation, sustainable dismantling of vessels was put higher on the agenda for shipowners and stakeholders, and authorities in EEA tested cases on ship recycling under the waste regulations prohibiting export of waste from the EEA ...
The Council and Parliament deal on the 13th November involves several alterations to the proposed Critical Raw Materials Act, put forward in March this year (EU launches a Critical Raw Material Act – the proposal will impact Norwegian mining legislation – Simonsen Vogt Wiig (svw.no). In the European Commission’s original proposal, 34 raw materials were listed as critical raw materials, while 16 raw materials were listed as strategic raw materials ...
Due to Norway’s status as a non-EU member, and instead member of the European Economic Area (the EEA), implementation of the Directives is delayed compared to the rest of the EU. For comparison, the original deadline for the implementation of the DSM Directive in the EU was 7 June 2021. Some of the proposed amendments to the Norwegian Copyright Act include: New obligations for providers of online content sharing platforms (such as Youtube, Facebook etc ...
The EU ETS is a good step in the right direction towards reducing the EU’s total GHG emissions by 55% by 2030. The EU legislators have worked hard on this. But the respective IMO and the EU portals are still not aligned. And the EU ETS reporting starts in a few weeks ...
In recent years, the intersection of economic openness and national security has prompted international policy development in various countries, including Norway. Concerns about vulnerabilities arising from foreign investments, particularly in security-sensitive sectors, have led to the revision of legislation and the initiation of supply chain assessments by trading partners ...
In the guide, Chambers notes that Simonsen Vogt Wiig is a highly respected firm in Norway with significant expertise in payments law. The firm acts for large banks and start-ups on corporate matters, regulatory compliance, data privacy and cryptocurrency issues. It has further capability in intellectual property and crowdfunding ...
There was considerable anticipation regarding whether the negotiations would be successfully concluded during this meeting. Without an agreement, there was a risk of significant delays in the adoption of the framework. This was undesirable for EU institutions that have invested considerable prestige in leading the regulation of AI globally. Read more about the most contentious issues leading up to the last negotiation meeting in this article ...
Introduction Block exemption regulations (BER) for liner shipping companies have been in place in one form or another since 1986, originally as «Conference» BER, and since 2008 as «Consortia» BER. With the discontinuation, the liner shipping segment joins other shipping segments as fully subject to the competition rules in the EU, including the prohibition against anti-competitive cooperation under Article 101 TFEU ...
Nicholas Foss Barbantonis is affiliated with the dispute resolution team in Oslo. He specialises in intellectual property and information technology law dispute resolution and has been involved in several high-profile intellectual property disputes. Nicholas is ranked as a Rising Star in Legal 500 and highlighted as a promising talent in Kapital’s annual lawyer survey. Nicholas is listed in the World Trademark Review guide for enforcement and litigation (WTR 1000) ...
On 9 December 2023 the European Parliament and the Council managed to reach a provisional agreement regarding the AI Act, which is expected to be adopted early 2024. Within two years from adoption the AI Act will apply to all businesses introducing or using AI in the EU. Given this timeline, EU businesses should already be planning and adjusting their strategies to comply with the new AI regulation ...
The Norwegian real estate market in 2023 has been characterized by uncertainty regarding inflation and interest rates. The key interest rate is right now at 4.5%, which is the highest rate since the financial crisis in 2008. As a consequence of the aforementioned uncertainty, we have seen decreased investments in the real estate market in 2023 compared to recent years ...
