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Big Tech faces challenges when denying third parties access to its open platforms. The European Court of Justice has ruled that a dominant company’s refusal to make its open platform compatible with a third-party app may be abusive.

In this note we discuss the interplay between prospectus exemptions and share issuance authorisations of listed Dutch companies. Prospectus exemptions are expanded under the EU Listing Act, but will Dutch issuers be able to take full advantage?

On June 28, 2023, the European Commission published a set of new legislative proposals, including PSD3, aimed at ushering in the digital era for payments and the broader financial sector, with a particular focus on consumers.

When handled properly, ESG and sustainability create opportunities for companies in the real estate sector to make their business model future proof
and to benefit the bottom line. ESG has thus become an important driver for business considerations.

The AEC test has likely assumed mythic status at the European Commission with the EU courts striking down its AEC analysis for a third time. Nevertheless, the Commission seems on the right track to tackling abuse of dominance in the digital sector.

Although the text of the Foreign Subsidies Regulation is not aimed at specific countries, the European Commission’s initial enforcement actions appear to be targeting Chinese subsidies.

In the blog below, Jeroen van Eck of our Financial Markets team looks back on, and ahead to, the developments surrounding green bonds in the EU.

On 12 September 2023, the European Commission published a proposal for a Council Directive on Business in Europe: Framework for Income Taxation (BEFIT Directive).

The Court of Appeal of 's-Hertogenbosch ruled that several producers of prestressing steel are jointly and severally liable for potential loss that Deutsche Bahn may have suffered as a result of an infringement of competition law rules.

Market soundings are a tool for issuers and financial market participants to gauge investor interest in potential transactions before they are publicly announced. These interactions often involve sharing inside information as defined by the MAR.

In this issue of Tax Notes International, Ashley Peeters and Michael Molenaars examine two recent Dutch Supreme Court rulings providing more details about antiabuse tests for foreign holding companies that invest in the Netherlands.

The Dutch Investments, Mergers and Acquisitions Security Screening Act (Wet veiligheidstoets investeringen, fusies en overnames – Vifo Act) entered into force on 1 June 2023.

Companies are swamped by ESG – Environmental, Social and Governance – regulations. The underlying goal is, of course, worth pursuing: a transition to a sustainable world.

On 30 of May 2024 the Council of the European Union adopted the Anti-Money Laundering and Anti-Terrorism Financing Package (the AML Package). The AML Package will have consequences for market parties.

The ECJ wrote the epilogue to the Illumina/Grail saga, overturning the EC’s novel ‘Article 22’ approach. It is now clear that the EC cannot accept referral requests to review transactions that fall below the thresholds of national merger control regimes.

M&A transactions falling below the merger notification thresholds are not necessarily exempt from scrutiny. Companies should therefore carefully assess the potential competitive impact of their transactions, as the ACM has proven to be vigilant.

The ECJ overruled the General Court in its CK Telecoms ruling, taking the strict requirements that the GC placed on the Commission when reviewing mergers off the table. This will make it easier for competition authorities to intervene in merger cases.