On 9 September, the EU announced a consultation exercise over a possible amendment to the EU Regulation adopted in 1996 and known as the “blocking statute”. The aim of the ‘blocking statute’ is to protect EU individuals and companies from having to comply with the extra-territorial application of third-country laws and measures. The Commission has proposed a review the blocking statute in order to include additional deterrence mechanisms and streamline the application of the Regulation, including by reducing compliance costs for EU persons and businesses. The consultation closed on 4 November, and the EU has not released a report on responses it has received.
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