In early 2002 the European Union started a regulation program in order to simplify and improve the EU legislation. This program was enhanced in 2015 by the EU Commission and was named “REFIT”, which now serves as a regulatory fitness and performance tool in several regulatory fields. It ensures that EU law remains as simple and effective as far as possible.
Every single business that trades with the UK, both in goods and services, will be affected by a “no-deal Brexit” scenario, i.e. the withdrawal of the UK from the EU without an agreement. On 4 September 2019 the Commission published a “Brexit preparedness checklist”, to provide information and to help enterprises conducting business in the EU and/or in the UK to double-check their state of preparedness.
The European Parliament and the Council has adopted a new regulation on fairness and transparency for business users of online intermediation services (“Regulation”). The Regulation sets out a harmonised framework on the transparency and fair operation of the online platforms. The new regulation was adopted on 12 July 2019, however, online platforms have a year to prepare for its application.
From 1 January 2020 a new European Union Directive (nicknamed „Quick Fixes”) will enter into force. Among several changes, rules that regulate the customer VAT numbers has been reformed.
On 10 September 2019 the newest edition of Incoterms rules, Incoterms 2020 was released by the International Chamber of Commerce (ICC). The Incoterms rules serve as significant commercial provisions for the international sale of goods, including commonly accepted definitions and rules relating to the delivery of goods between trading partners. Since the first publication of Incoterms rules in 1936, ICC has revised regularly these rules to follow the changes in the worldwide trade system.
In July 2019 the European Commission adopted a communication and four reports that will support European and national authorities in better addressing money laundering and terrorist financing risks, underlining that a number of structural shortcomings in the implementation of the Union’s concerning rules still need to be addressed.