Review of the EU legislation for 11/01/2025

Here’s a comprehensive review of the legal acts mentioned:

Venezuela Sanctions Updates

Two regulations modify EU sanctions against Venezuela – one adds 15 new individuals to the sanctions list (including judges, electoral officials, and security commanders), while another updates information about 14 already listed persons, reflecting their current positions in Venezuelan government as of 2025.

Digital Company Law Reform

The directive modernizes EU company law by introducing mandatory preventive controls for company formation, creating an EU Company Certificate, establishing a digital EU power of attorney, and expanding disclosure requirements. It also enhances the Business Registers Interconnection System (BRIS) functionality.

Fishing Rights Adjustments

Three separate regulations reopen specific fishing rights:
– French vessels can resume fishing for saithe in Norwegian waters (areas 1 and 2) from November 7, 2024
– Spanish vessels can fish for undulate ray in Union waters of zone 9 from November 15, 2024
– French vessels can resume fishing for redfish in Norwegian waters (areas 1 and 2) from November 8, 2024

Withholding Tax Reform

The directive creates a new framework for handling cross-border withholding taxes, introducing digital tax residence certificates, establishing national registers of certified financial intermediaries, and setting up relief-at-source and quick refund systems.

Anti-dumping Measures

The regulation imposes definitive anti-dumping duties on suspension polyvinyl chloride imports from Egypt and the United States, with rates ranging from 58% to 100.1%, including specific company-based rates and requirements for valid commercial invoices.

Review of each of legal acts published today:

Council Implementing Regulation (EU) 2025/44 of 9 January 2025 implementing Regulation (EU) 2017/2063 concerning restrictive measures in view of the situation in Venezuela

This Council Implementing Regulation amends Regulation (EU) 2017/2063 concerning restrictive measures against Venezuela by adding 15 new persons to the sanctions list. The act is aimed at responding to the lack of progress in restoring democracy and rule of law in Venezuela, as well as addressing the continued grave human rights situation in the country.The Regulation consists of two articles and an Annex. Article 1 introduces amendments to Annex IV of the original Regulation (EU) 2017/2063, while Article 2 establishes the entry into force upon publication. The Annex contains detailed information about 15 new persons added to the sanctions list.The main provisions of the act include:

• Addition of 15 high-ranking Venezuelan officials to the sanctions list, including judges, electoral officials, and security forces commanders
• Detailed identification information for each listed person, including full names, dates of birth, positions, and ID numbers
• Specific reasons for listing each person, primarily related to undermining democracy, human rights violations, and interference in electoral processes
• Particular focus on officials involved in the controversial July 2024 presidential election and subsequent events

The listings target individuals in key positions within Venezuela’s judiciary, electoral commission, intelligence services, and armed forces. Each entry provides comprehensive information about the person’s role in undermining democratic processes or committing human rights violations, with specific examples of their actions that led to their inclusion in the sanctions list.

Council Implementing Regulation (EU) 2025/42 of 9 January 2025 implementing Regulation (EU) 2017/2063 concerning restrictive measures in view of the situation in Venezuela

This Council Implementing Regulation amends the EU’s restrictive measures (sanctions) against Venezuela by updating information about 14 individuals listed in Annex IV of Regulation (EU) 2017/2063. The changes reflect current positions and roles of these persons in Venezuelan government structures as of 2025.The act consists of two main articles and an annex. Article 1 introduces amendments to Annex IV of the original Regulation, while Article 2 establishes that the regulation enters into force the day after its publication. The annex contains detailed updates to 14 entries in the sanctions list.The main changes in the annex include updates to the current positions of Venezuelan officials such as:

• Néstor Luis Reverol Torres – now President of Zuliana Region Development Corporation
• Delcy Eloina Rodríguez Gómez – current Vice-President of Venezuela and Minister of Oil
• Elvis Eduardo Hidrobo Amoroso – now President of the National Electoral Commission
• Several other officials with updated positions in military, intelligence, and government structures

Each entry contains detailed information about the person’s role, the reasons for their listing, and the date when they were originally included in the sanctions list.

Directive (EU) 2025/25 of the European Parliament and of the Council of 19 December 2024 amending Directives 2009/102/EC and (EU) 2017/1132 as regards further expanding and upgrading the use of digital tools and processes in company law (Text with EEA relevance)

This Directive amends EU company law to expand and upgrade the use of digital tools and processes. Here are the key aspects:The Directive introduces several major changes to EU company law:

• Establishes mandatory preventive controls and legality checks for company formation and amendments to ensure reliability of company information
• Creates an EU Company Certificate that will serve as standardized proof of company registration across the EU
• Introduces a digital EU power of attorney for cross-border company procedures
• Extends disclosure requirements to commercial partnerships
• Requires making more company information available through the Business Registers Interconnection System (BRIS)

The main provisions include:

• Mandatory preventive administrative, judicial or notarial control of company formation documents
• Requirements to keep company information up-to-date with strict deadlines
• Creation of standardized EU Company Certificate available in all EU languages
• Digital EU power of attorney template for cross-border procedures
• Exemption from legalization requirements for company documents used cross-border
• Extension of disclosure requirements to partnerships
• Making more company information freely available through BRIS
• Connecting BRIS with beneficial ownership and insolvency registers

The Directive aims to facilitate cross-border business operations while ensuring reliability of company information. Member States must transpose most provisions by July 31, 2027 and apply them from July 31, 2028. Some provisions on group information have a longer implementation timeline until August 2029.

Commission Regulation (EU) 2025/52 of 7 January 2025 reopening the fishery for saithe in Norwegian waters of 1 and 2 by vessels flying the flag of France, by repealing Regulation (EU) 2024/2844

This Regulation reopens the fishery for saithe in Norwegian waters (areas 1 and 2) for vessels flying the flag of France. The act cancels the previous fishing prohibition established by Regulation (EU) 2024/2844 and allows French vessels to resume fishing operations for saithe in the specified areas. The reopening is retroactively effective from November 7, 2024.The Regulation consists of two main articles and an annex. Article 1 establishes the reopening of the fishery and repeals the previous prohibition regulation. Article 2 sets the entry into force and application dates. The Annex provides specific details about the reopening, including the Member State (France), the fish species (saithe), the fishing zone (Norwegian waters 1 and 2), and the relevant dates.Key provisions of the act include:
– The reopening is based on information from French authorities indicating that a fishing quota is still available for the stock
– The measure applies retroactively from November 7, 2024, to enable fishing of the remaining quota before year-end
– The regulation specifically targets saithe (Pollachius virens) fishing in Norwegian waters areas 1 and 2
– The original closure date was July 26, 2024, with fishing operations now permitted to resume from November 7, 2024

Council Directive (EU) 2025/50 of 10 December 2024 on faster and safer relief of excess withholding taxes

The Council Directive (EU) 2025/50 establishes a new framework for faster and safer relief of excess withholding taxes on cross-border investments in the EU. The directive aims to make withholding tax procedures more efficient while strengthening protections against tax fraud and abuse.The key elements of the directive include:

• Introduction of a digital tax residence certificate (eTRC) system to standardize proof of tax residency across the EU
• Creation of national registers of certified financial intermediaries who can request tax relief on behalf of investors
• Establishment of common relief-at-source and quick refund systems for excess withholding taxes
• New reporting requirements for financial intermediaries to provide information about dividend/interest payments and payment chains
• Special provisions for indirect investments through collective investment vehicles

The main provisions that will affect implementation include:

• Member States must establish national registers of certified financial intermediaries by December 31, 2028
• The directive applies to withholding taxes on dividends from publicly traded shares and optionally to interest from publicly traded bonds
• Financial intermediaries must verify investor eligibility and report detailed payment information
• Quick refunds must be processed within 60 days with interest penalties for delays
• Member States can exclude high-risk cases from fast-track relief procedures
• The directive includes liability provisions for intermediaries who fail to comply with obligations

Commission Regulation (EU) 2025/53 of 7 January 2025 reopening the fishery for undulate ray in Union waters of 9 by vessels flying the flag of Spain, by repealing Regulation (EU) 2024/1819

This Regulation concerns the reopening of fishing rights for undulate ray in specific Union waters for Spanish vessels. It amends previous fishing restrictions by allowing Spanish vessels to resume fishing for undulate ray in Union waters of zone 9 from November 15, 2024, after an earlier closure in March 2024.The act consists of two main articles and an annex. Article 1 establishes the reopening of the fishery and repeals the previous restriction (Regulation 2024/1819). Article 2 sets the entry into force and application dates. The Annex provides specific details about the fishing rights, including the species, zone, and relevant dates.Key provisions include:

• The reopening is based on information from Spanish authorities that quota is still available for this stock
• The regulation applies retroactively from November 15, 2024
• The fishing rights specifically concern undulate ray (Raja undulata) in Union waters of zone 9
• The regulation is binding in its entirety and directly applicable in all Member States

Commission Regulation (EU) 2025/54 of 7 January 2025 reopening the fishery for redfish in Norwegian waters of 1 and 2 by vessels flying the flag of France, by repealing Regulation (EU) 2024/2815

This Commission Regulation reopens the fishery for redfish in Norwegian waters (areas 1 and 2) for vessels flying the flag of France. The regulation repeals the previous prohibition established by Regulation (EU) 2024/2815 and allows French vessels to resume fishing operations for redfish in the specified areas.The act consists of two main articles and an annex. Article 1 establishes the reopening of the fishery and repeals the previous prohibition. Article 2 sets the entry into force and retroactive application from November 8, 2024. The Annex provides specific details about the reopening, including the Member State (France), the fish species (Redfish – Sebastes mentella), the fishing zone, closing date (July 26, 2024), and reopening date (November 8, 2024).Key provisions of the regulation include:

• The reopening is based on information from French authorities about newly available fishing quota following exchanges of fishing opportunities
• The regulation applies retroactively from November 8, 2024, to allow fishing of the allocated quota before year-end
• The measure affects only French vessels fishing for redfish in Norwegian waters of areas 1 and 2
• The regulation is binding in its entirety and directly applicable in all Member States

Commission Implementing Regulation (EU) 2025/36 of 9 January 2025 imposing a definitive anti-dumping duty and definitively collecting the provisional duty imposed on imports of certain polyvinyl chloride originating in Egypt and the United States

This is a Commission Implementing Regulation imposing definitive anti-dumping duties on imports of suspension polyvinyl chloride (S-PVC) originating in Egypt and the United States. The duties aim to protect EU producers from dumped imports that were found to cause material injury to the EU industry.The regulation imposes the following key measures:

• Definitive anti-dumping duties ranging from 58% to 100.1% on imports of S-PVC from Egypt and the US
• Individual duty rates for specific companies based on their dumping margins
• Requirements for valid commercial invoices to apply individual duty rates
• Definitive collection of provisional duties previously imposed

The main provisions include:

• Detailed analysis of dumping calculations and injury determination
• Assessment of causation between dumped imports and injury to EU industry
• Consideration of Union interest including impact on users and importers
• Specific duty rates for individual companies and higher rates for all other companies
• Rules for applying individual duty rates including invoice requirements
• Provisions for monitoring and preventing circumvention

The regulation entered into force the day after publication and is binding in its entirety across all EU Member States. The duties will remain in place until review or expiry, with possibility for interim reviews after one year.