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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Global | Publication | April 2020
On March 30, 2020 (effective date), following a motion of the Ministerial Council, the President of the Hellenic Republic adopted a Legislative Act allowing for further urgent measures to cope with the COVID-19 pandemic. Article 55 (para 3) provides for the extension of regulatory deadlines relating to the licensing and development of renewables in Greece, including:
A. A six-month extension for:
B. A four-month extension for:
C. A two-month extension of deadlines for accepting final grid connection offers from the competent grid operator and the requirement to submit bank letters of guarantee to the grid operator between the effective date of the Legislative Act (i.e. March 30, 2020) and June 30, 2020.
Undoubtedly, the Greek Government has so far responded in a proactive, timely and effective manner to the COVID-19 pandemic, which has already had a huge impact on the global economy, business and life in general. It is evident that the Government is committed to dealing with the situation in an appropriate manner and therefore further intervention in the energy sector, and for renewables in particular, cannot be excluded.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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