Vinge Dude Diligence – for improved gender equality

10BE5 and Vinge partner to accelerate tech adoption for capital raisings in the Nordic region

10BE5, a legal tech company, and Vinge today announce a collaboration partnership.

Update on the EU, UK and US sanctions against Russia and Belarus

In the past few days EU, UK and US have issued sanctions against Russia and Belarus in response to Russia’s invasion of Ukraine. Of particular importance is yesterday’s action by the US to sanction the two largest Russian banks, VTB Bank and Sberbank. UK has also sanctioned VTB Bank and it is not unlikely that EU will follow suit within short. Business dealings involving these banks, as well as all other sanctioned entities, will be severely affected. The sanctions can be summarised as follows:

Sanctions against Russia - what to expect?

There is at present intense speculation what counter measures in terms of sanctions that the US, EU and UK will implement against Russia in response to its threat against and potential invasion of Ukraine. There are several possible explanations for why information of the counter measures have not been made public. The silence could be deliberate because uncertainty makes the sanction threat more powerful. The silence could also be due to that the decision makers are not in agreement – within the EU it would seem that at least the sanctioning of the Nord Stream 2 pipeline and Russian gas is a contentious issue.

The Swedish rules on cabotage transport and posting will change on 2 and 21 February 2022

The Swedish government has decided on a number of new rules concerning cabotage transports, combined transports, transport customer responsibility for driving and rest times and posting of workers.

Nuclear power and natural gas to be included in climate taxonomy – new proposal by the EU Commission

On 31 December 2021, the EU Commission submitted a proposal to an expert group within the Commission as well as the member states regarding the inclusion of nuclear power and natural gas in the climate taxonomy, i.e. the EU classification system for environmentally sustainable operations.

Vinge presents the Swedish chapter for the 2022 version of The Legal 500: Private Equity Country Comparative Guide

The guide provides an overview of the Swedish Private Equity market and the salient legislation in connection with PE transactions in Sweden.

The prohibition imposed by EU law on complying with secondary sanctions laid down by the United States against Iran may be relied on in civil proceedings

On Tuesday 21 December, the EU Court of Justice delivered its long-awaited judgment in the Bank Melli Iran case (Case C-124/20) on the interpretation of the EU Blocking Statute regarding compliance with third country sanctions. According to the Court, the prohibition imposed by EU law on complying with secondary sanctions laid down by the United States against Iran may be relied on in civil proceedings. Following the Court’s judgment, anyone seeking to terminate a contract with a person or business subject to US sanctions must thoroughly consider if the termination is motivated by other reasons than the existing sanctions and reflect on whether to apply to the Commission for a derogation from the Blocking Statute.

The EU Commission proposes a new tool to counter the use of economic coercion by third countries

The European Commission has proposed a new regulation that will provide it with tools to counteract economic coercion from third countries with measures such as tariffs and imports restrictions.

Vinge hones its offering within capital requirements and risk management in the financial services sector

In order to further strenghthen its service offering within the Banking & Finance and Regulatory practice area, Vinge has formed a team within the capital requirements and risk management in the financial services sector. Torbjörn Jacobsson, whose background includes, among other things, head of risk in the banking sector, has been recruited to lead the group as a senior specialist in relation to issues concerning financial risks and capital requirements.

Emelie Svensäter Jerntorp appointed as new partner

Commencing 1 January 2022, Emelie Svensäter Jerntorp will become a partner at Vinge’s Skåne office.

Sweden proposes a new law on investment screening which will have significant implications for transactions

Contrary to the situation in many other countries, there are currently only limited possibilities to regulate or prevent foreign direct investments in Sweden that could entail risks to Swedish security interests. Existing regulatory frameworks, such as the Protective Security Act (Sw. Säkerhetsskyddslagen), are limited to certain areas, to certain activities and to specific situations. The final report of the Inquiry of foreign direct investments (Sw. Granskning av utländska direktinvesteringar), published on 1 November 2021, puts forward a proposal for new legislation to address this gap.

The Swedish Government decides on amendments to regulations on cabotage transports

The Swedish Government has now decided to implement changes in the regulations concerning the conditions for foreign hauliers' freight transport in Sweden and the responsibility for customers ordering such transports. The Government's decision was prompted by a judgment from the Court of Appeal over Skåne and Blekinge in case B 3209-20, on 5 May 2021.

Wibeke Sorling appointed as new partner

Commencing 1 January 2022, Wibeke Sorling will become a partner at Vinge’s Gothenburg office.

Arbitration proceedings between a Member State and an investor from another Member State further curtailed – the judgment of the EU Court of Justice in PL Holdings

Following the much debated judgment by the CJEU in Achmea, arbitration clauses in bilateral investment treaties between Member States under which an investor in one of those Member States may bring proceedings against the other Member State are considered incompatible with EU law. However, the judgment in Achmea seemed to leave it open whether an arbitration agreement between a Member State and an investor from another Member State not based on such a clause would be considered acceptable by the CJEU. Yesterday’s ruling by the Court in the Swedish case PL Holdings (Case C-109/20) dealt with one aspect of this question, resulting in further limits to investment arbitration in the EU.

New statute prohibits unfair terms and conditions and practices in conjunction with the purchase of agricultural and food products

The so-called UTP Act prohibits buyers from using certain terms and conditions and practices against suppliers of agricultural and food products. The Swedish Competition Authority exercises supervision and can, among other things, carry out unannounced inspections and order individual to attend formal interviews. In conjunction with violations, sanctions such as injunctions subject to a default fine or a sanction fee of up to one per cent of the buyer’s annual turnover can be imposed. The UTP Act will enter into force on 1 November 2021 and will also be applicable to contracts which are entered into prior to this date.