New rules on business insolvency adopted
The directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures has been adopted by the Council of the EU on 6th of June. This decision marks the end of the legislative procedure.
The overall objective of the directive is to reduce the most significant barriers to the free flow of capital stemming from differences in member states’ restructuring and insolvency frameworks, and to enhance the rescue culture in the EU based on the principle of second chance. The new rules also aim to reduce the amount of non-performing loans (NPLs) on banks’ balance sheets and to prevent the accumulation of such NPLs in the future. In doing so, the proposal aims to strike an appropriate balance between the interests of the debtors and the creditors.
Transparency obligations for online platforms
The EU is introducing new rules which will provide businesses with a more transparent, fair and predictable online business environment, as well as an efficient system for seeking redress. The regulation adopted on 14th of June addresses relations between online platforms and businesses.
The main aim of the regulation is to establish a legal framework that guarantees transparent terms and conditions for business users of online platforms, as well as effective possibilities for redress when these terms and conditions are not respected.
The online platforms covered by the regulation include online market places, online software application stores and/or online social media, as well as online search engines, irrespective of their place of establishment, provided they serve business users that are established within the EU and that they offer goods or services to consumers who are also located within the EU.
Proposal for amending Law no. 346/2004
The Ministry for Business Environment, Trade and Entrepreneurship launched a public debate on June 7 on Draft Emergency Ordinance amending and supplementing Law no. 346/2004 on the stimulation of the establishment and development of small and medium-sized enterprises.
According to the project’s substantiation notes, sustaining the long-term economic development of the country should be seen in terms of encouraging the entrepreneurial initiative, especially among the younger generation, and supporting the work of SMEs, especially innovative ones in profitable sectors, by removing bureaucratic barriers and facilitating access to financial sources and instruments with multiplier effect in the economy.
Guidance on free flow of non-personal data
As part of the Digital Single Market strategy, the new Regulation on the free flow of non-personal data, which has started to apply in the Member states, will allow data to be stored and processed everywhere in the EU without unjustified restrictions. The guidance aims to help users – in particular small and medium-sized enterprises – understand the interaction between these new rules and the General Data Protection Regulation (GDPR) – especially when datasets are composed of both personal and non-personal data.
The guidance gives practical examples on how the rules should be applied when a business is processing datasets composed of both personal and non-personal data. It also explains the concepts of personal and non-personal data, including mixed datasets; lists the principles of free movement of data and the prevention of data localisation requirements under both, the GDPR and the free flow of non-personal data Regulation; and covers the notion of data portability under the Regulation on the free flow of non-personal data. The guidance also includes the self-regulatory requirements set out in the two Regulations.