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EU-US Data Privacy Framework adequacy decision adopted by European Commission: a solution for EU-US transfers (for now at least) On 10 July, the European Commission announced the adoption of their adequacy decision for the EU-US Data Privacy Framework (the DPF), meaning that the free flow of personal data to the US can now resume, at least to US companies participating in the DPF. ... Good news for non-residents with assets in Spain? A promising Wealth Tax precedent. A recent decision may pave the way for non-residents with assets in Spain to benefit from significant Spanish Wealth Tax reductions. The Wealth Tax ─ a rare phenomenon in European countries─ is levied on both Spanish residents, who are taxed on their worl... Marathon or sprint: China's approach to generative AI Generative AI’s recent and explosive launch into the public consciousness has unsurprisingly landed it firmly at the top of global regulatory agendas. Although large language models (LLMs), which underly offerings such as OpenAI’s ChatGPT, Google Bard and... Final ISSB Sustainability and Climate Standards are here: likely to set new global baseline, but interoperability remains key The International Sustainability Standards Board (ISSB) has this week issued its long-awaited sustainability and climate disclosure standards, marking what it hopes will be a ‘new era’ of greater consistency in sustainability-related disclosures in capita... Has the UK just reintroduced its 1.5% stamp duty charge on share issues? The short version: it seems that it has, with effect from 1 January 2024, as a result of the Retained EU Law (Revocation and Reform) Bill receiving Royal Assent on 29 June 2023. What is currently unclear is whether that is a deliberate policy choice or an... New guidance for employers on data subject access requests The Information Commissioner’s Office (ICO) has published new guidance for employers on subject access requests (SARs). The ICO’s accompanying press release reports that, in the last year, 15,848 complaints relating to SARs were reported to the ICO, an in... Spanish Supreme Court follows CJEU's case law: dividend distributions within the EU shall be tax exempt unless the tax authorities prove abuse In a recent ruling issued on 8 June 2023, the Spanish Supreme Court followed the Court of Justice of the European Union’s decisions in Eqiom and Enka (C-6/16), Deister Holding (C-504/16) and the Danish cases (C-116/16 and C-117/16) - as the Spanish Nation... In the global race to regulate AI, will the EU get there first? As pressure to regulate AI continues to mount around the world, the European Parliament has approved its negotiating position for the EU AI Act, bringing the landmark piece of AI specific legislation one step closer. The EU Commission published its initia... EDPB provides insights on GDPR fine calculations On 7 June 2023, the European Data Protection Board (EDPB) published the final version of its Guidelines on the calculation of administrative fines. These were finalised more swiftly than usually is the case, albeit still a year after the consultation vers... New Brazilian Transfer Pricing Framework: moving towards the OECD standard Law No. 14,596 aligns the Brazilian transfer pricing rules with the standards embodied by the OECD Transfer Pricing Guidelines and completely departs from the old Brazilian formulary approach (which made Brazil an outlier from a global tax perspective). L...