Investment Firms: New regulatory regime Investment Firms: New regulatory regime The Investment Firm Regulation1 (IFR), combined with the Investment Firm Directive2 (IFD), introduce a bespoke prudential regime for the vast majority of EU’s investment firms; the latter being currently subject, along with credit institutions, to Basel-derived prudential rules set out in the Capital Requirements Regulation3...Read More

Regulating RES storage (Article by Mira Todorovic Symeonides – Partner, published in the Energy & Natural Resources Newsletter of the ILO on March 1, 2021) On 8 December 2020 the Ministry of Environment and Energy issued a decision (OJ B’ 5619/2020) on the formation of a working group which will prepare a proposal for the...Read More

New Spatial and Urban Planning Law affects onshore and offshore RES projects (Article by Maria Ioannou – Senior Associate, published in the Energy & Natural Resources Newsletter of the ILO on February 22, 2021) Introduction In December 2020 Law 4759/2020 on the Modernisation of Spatial and Urban Planning Legislation and Other Provisions (OJ A’ 245/9.12.2020)...Read More

ESG factors’ paramount importance depicted in EU legislation Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (Disclosure Regulation, ESG Regulation or SFDR), as well as Regulation (EU) 2020/852 on the facilitation of sustainable investment (Taxonomy Regulation), form part of Commission’s Sustainable Finance Action Plan, linking Environmental, Social and Governance (ESG) factors to...Read More

PEPP. Could it channel an additional road towards viable pensions? Τhe Directive on Institutions for Occupational Retirement Provision (IORPs ΙΙ) regulates a private, voluntary and collective pension scheme, which supplements the state pensions. In September 2015, the Commission presented the fundamental guidelines for a new private and individual pension product, which is the standard Pan-European...Read More

New Licensing Code regulating RES production certificates takes effect (Article by Mira Todorovic Symeonides – Partner, published in the Energy & Natural Resources Newsletter of the ILO on February 15, 2021) Introduction On 1 December 2020 the new Licensing Code, which regulates renewable energy source (RES) production certificates, was published in the Official Journal (B’...Read More

Pissarides’ Committee proposal on the transformation of the supplementary State pensions’ scheme The Pissarides’ Committee aims to provide a solution to the State pensions’ fiery problem, by enhancing the credibility of the Institutions for Occupational Retirement Provision (IORPs), so that the latter will be able to operate as insurance companies and be supervised on a...Read More

Fiscal and structural changes introduced to RES market (Article by Maria Ioannou – Associate, published in the Energy & Natural Resources Newsletter of the ILO on February 8, 2021) Introduction In November 2020 the Ministry of Environment and Energy announced the adoption of fiscal and structural measures aiming to: secure the adequacy of funds on...Read More

Stricter conditions for strategic investments in RES (Article by Mira Todorovic Symeonides – Partner, published in the Energy & Natural Resources Newsletter of the ILO on January 25, 2021) Law 4759/2020 (OJ 245/2020), which entered into force on 9 December 2020, amended the conditions for the approval of, and narrowed down the renewable energy source...Read More

ESG Disclosure Regulation takes effect on March 10, 2021 On December 9, 2019, Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (“ESG Disclosure Regulation”) was published in the Official Journal of the EU. This Regulation was enacted as part of the European Commission’s Action Plan on Financing Sustainable Growth and it shall...Read More