Recent Articles

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  24/04/2024

  Spain

  Parliamentary proceedings begin to create the Independent Administrative Authority for the Defence of Financial Customers

  On April 5, the draft law for the creation of the Financial Customer Defence Authority was published in the Official Gazette of the Spanish Parliament.1. INTRODUCTIONThe current text being processed includes modifications introduced in the previous legislature´s parliamentary procedure and which were supported by the majority of MPs. These modifications include the financing of the new Authority by financial institutions and the possibility of appealing binding decisions before the civil courts, thus guaranteeing the protection of financial clients.The Authority aims to resolve complaints...

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  24/04/2024

  United Kingdom

  CMS Banking Disputes Report 2024

  Working with litigation analytics company, Solomonic, CMS has published its Banking Disputes Report 2024, a data-driven review of the Banking and Finance sector’s dispute-related activity to identify key trends, how banking disputes are being determined in 2024 and what might lie ahead.Key findings of the 2024 report:The Banking and Finance sector had the highest volume of new High Court claims filed in 2023. This trend has continued into Q1 2024. Our report looks at the types of claims being filed.2023 demonstrated the “long tail” of market events with claims still being filed...

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  24/04/2024

  Bulgaria

  Bulgaria considers introducing Contracts for Difference

  Currently, Bulgaria is among a small number of EU member states that lacks the concept of contracts for difference (CfD). So far, the country had a feed in tariff as a mechanism to subsidise renewable energy producers who meet legislative requirements. Given that feed in tariffs are an outdated tool, contracts for guarantees were introduced.  Having in mind, the current realities of the renewable energy market, including anticipated offshore renewable energy projects, Bulgarian lawmakers came to the conclusion that the country needs CfDs to:Secure the viability of a project;Monitor the...

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  24/04/2024

  United Kingdom

  Challenging conclusivity and “playing for time” under the JCT final account process

  A recent TCC decision has considered the final account conclusivity provisions of the JCT form and the circumstances in which an adjudication commenced to preserve a challenge to the final account can be re-commenced without triggering conclusivity and losing the right to challenge the final account. In this case, the adjudication was re-commenced four months after it had initially lapsed, but was found not to have triggered conclusivity. The court’s judgment raises the prospect of parties “playing for time” by commencing adjudications and allowing them to lapse, however drafting...

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  23/04/2024

  Bulgaria

  Bulgaria passes Ordinance offering international trade with guarantees of origin

  Following the development of the EU legislation and reflecting market needs and increasing interest in trading with guarantees of origin, the Bulgaria’s Ministry of Energy adopted new Ordinance No. Е-РД-04-2 of 2 April 2024 on guarantees of origin of energy from renewable sources. The new Ordinance was promulgated in State Gazette No. 32 on 9 April 2024.This new Ordinance repeals Ordinance No. РД-16-1117 of 14.10.2011, which until now regulated the conditions and procedure for creating, maintaining, and using a system for issuing guarantees of origin.By definition,...

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  23/04/2024

  Slovakia

  Slovakia to extend higher collective agreements

  Higher Collective AgreementsThe extension of industry and sector level collective agreements to all employers in the same industry or sector is the common way for regulating collective employment conditions. This is used regularly in many European countries, although specifics differ within the EU.As opposed to a company collective agreement (applicable to a single employer and its employees), a higher collective agreement (HCA) covers the employment conditions of more employers and employees in the same industry or sector (e.g. construction, automotive, financing, transport). The purpose of the...

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