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EU Working Group Advises Companies On Obtaining Consent For Cookies
On October 8, the EU’s Article 29 Data Protection Working Party, which represents all 28 data protection authorities of the EU countries, released a document to provide guidance to website operators for obtaining consent for use of cookies on their websites. The guidance notes that implementation of the e-Privacy Directive that requires such consent varies by member state, and that practices for obtaining user consent for storage of or access to cookies also vary. The Working Party therefore identifies the main elements of valid consent, implementation of which would ensure compliance with each member state’s implementation of the directive: (i) specific information, (ii) timing, (iii) active choice, and (iv) freely given. The document provides further detail on each of the elements.
EU Parliament Approves Online Transaction Dispute Resolution Platform
On March 12, the European Commission announced that the European Parliament voted to support new legislation governing the out-of-court resolution of contractual disputes resulting from online transactions for the sale of goods or services, referred to as Online Dispute Resolution (ODR). The ODR legislation establishes a single EU-wide platform to handle disputes between traders and consumers arising from cross-border online transactions. The platform, which would not be applicable to offline transactions, will: (1) allow consumers and traders to electronically submit complaints related to online transactions along with related documents to an alternative dispute resolution entity; (2) allow alternative dispute resolution entities to receive and transmit information electronically; and (3) allow the parties to conduct and resolve the dispute resolution process via the platform. The platform is intended to be operational by 2015.
European Lawmakers Agree to New Capital Rules and Caps on Bank Executive Pay
On February 28, the European Parliament announced that negotiators from the Parliament and the European Council agreed to alter bank capital rules and limit executive pay. The capital requirements, developed to implement aspects of Basel III, would raise to eight percent the minimum thresholds of high quality capital that banks must retain. The announcement does not specify what types of capital would satisfy the requirement, but does indicate that good quality capital would be mostly Tier 1 capital. With regard to executive pay, the base salary-to-bonus ratio would be 1:1, but the ratio could increase to a maximum of 1:2 with the approval of at least 65 percent of shareholders owning half the shares represented, or of 75 percent of votes if there is no quorum. Further, if a bonus is increased above 1:1, then a quarter of the whole bonus would be deferred for at least five years. Finally, the legislation would require banks to disclose to the European Commission certain information that subsequently would be made public, including profits, taxes paid, and subsidies received country by country. The European Parliament is expected to vote on the legislation in mid-April, and each member state also must approve the legislation. Once approved, member states must implement the rules through their national laws by January 2014.
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