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International Regulatory Update 22 – 26 June 2026

Tue, 30 Jun 2026 08:54:13 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service.

Workplace Investigations – Quarterly Review – Edition 6

Mon, 29 Jun 2026 09:18:00 GMT

In this Quarterly Review, we spotlight the global impact of AI on workplace investigations. We examine how AI is reshaping the fact-finding process and explore the opportunities and risks of AI-assisted investigations, including recent privilege decisions, the evidential significance of AI prompts in disciplinary proceedings and the growing challenge of AIgenerated evidence.

We also consider the implications for employers of AI-generated complaints and grievances and examine a recent Australian decision in which the Fair Work Commission held that an employee’s excessive use of AI to generate adversarial communications during an investigation made him “ungovernable” and justified dismissal.

Beyond AI, we consider several significant legislative and case law developments that could reshape the investigations landscape.

In the UK, from October 2026, the Employment Rights Act 2025 ("ERA") will impose an enhanced duty on employers to take all reasonable steps to prevent sexual harassment and impose liability for third-party harassment (of any type) of employees at work. Employers will therefore need to plan how they investigate incidents involving third parties such as customers and suppliers. We also look ahead to the removal of the qualifying period for unfair dismissal protection and the statutory compensation cap from January 2027, which will significantly increase the stakes of dismissal decisions, particularly for senior and regulated employees.

We also consider the implications of the Crime and Policing Act 2026 in the UK, which from 29 June 2026 introduces a new statutory route to corporate criminal liability where a senior manager commits an offence within the scope of their authority – a compliance and governance development and one which may become the focus of future workplace investigations.

In France, recent case law provides further clarity over the scope of employers’ obligations to conduct internal investigations and the procedural rights of employees and we consider developments in Spain, where a new Independent Whistleblower Protection Authority ("AINPI") has been established to oversee internal reporting systems.

In a financial services sector focus this Quarter we consider the impact on workplace investigations of the first wave of changes implementing the streamlining of the Senior Managers Certification Regime ("SMCR") and in particular guidance on what can be said about unfinished workplace investigations within a regulatory reference, the interaction of privilege with disclosure duties, and individual senior management responsibilities.

Clifford Chance advises Copenhagen Infrastructure Partners in securing one of the largest renewable energy project financings in Romania and the wider CEE region to date.

Fri, 26 Jun 2026 08:32:00 GMT

The consortium of local and international commercial banks included Erste Bank and Banca Comercială Română, Deutsche Bank, Société Générale and BRD, Eurobank, and Piraeus Bank. Equity is funded by the project owners: CIP’s Growth Markets Fund II (GMF II) and two co-investors - the European Investment Bank and a Danish pension fund.

The Peștera II onshore wind project is one of the largest wind energy initiatives in Romania, with a total capacity of 392 MW. The project qualified for the Contract for Difference (CfD) support mechanism in the first CfD auction held at the end of 2024, for an installed capacity of 245 MW (the largest wind project to qualify in the auction).

Press contact: Ana-Maria Gavrila

International Regulatory Update 15 – 19 June 2026

Tue, 23 Jun 2026 08:32:03 GMT

International Regulatory Update 08 – 12 June 2026

Tue, 16 Jun 2026 09:33:07 GMT

Mitigating risk in the energy transition

Thu, 04 Jun 2026 15:00:00 GMT

The global shift towards clean energy continues and investment is growing, although momentum varies across regions. In the US, policy uncertainty and market pressures are creating a more complex environment for infrastructure development. As governments, regulators and markets navigate the move towards cleaner energy sources, businesses are dealing with increased volatility and economic change, with implications for how risks are allocated. This transformation extends beyond the use of new technologies and raises complex questions around legacy assets, transition fuels, long‑term supply arrangements, financing models and the resilience of existing infrastructure.

Across Europe, diversification away from traditional gas supply has driven increased reliance on LNG, new terminal developments and long‑term offtake agreements, while creating challenges associated with under‑used or economically redundant legacy assets. In Asia-Pacific, offshore wind is expanding, but projects are facing political and economic pressure. Emerging markets in the Middle East are pursuing strategies focused on grid expansion, LNG exports, hydrogen, ammonia and critical minerals, highlighting the scale of capital deployment required and the importance of stable legal and regulatory frameworks.

Regulatory reform, ESG‑driven accountability and shifting policy priorities are directly influencing project bankability and investor protection. Informed legal analysis is critical to enabling capital to flow, managing risk and supporting the delivery of energy infrastructure at scale.

In this briefing, we discuss approaches to mitigating the inevitable risks which arise in the energy transition.

International Regulatory Update 25 – 29 May 2026

Tue, 02 Jun 2026 08:26:33 GMT

International Regulatory Update 18 – 22 May 2026

Wed, 27 May 2026 08:57:40 GMT

International Regulatory Update 11 – 15 May 2026

Tue, 19 May 2026 08:31:26 GMT

EU Prospectus Regulation disclosure changes from 5 June

Fri, 15 May 2026 10:20:00 GMT

On 7 May 2026, the European Commission adopted amendments to the EU prospectus disclosure regime. These are in the form of a Regulation to amend Delegated Regulation (EU) 2019/980, plus related disclosure Annexes.

ESMA has suggested that the adopted measures should be treated as applying from 5 June, even though they will not formally be EU law by then.

See our alert for a high-level summary of the practical implications for different types of EU Prospectus Regulation prospectuses approved from 5 June.

International Regulatory Update 05 – 08 May 2026

Tue, 12 May 2026 08:43:16 GMT

Consumer Goods & Retail Sector: UK corporate criminal liability reforms: risks for global supply chains

Fri, 08 May 2026 08:13:00 GMT

Reforms to the UK's law on corporate criminal liability which will come into effect on 29 June 2026 will increase the risk of prosecution for businesses with complex global supply chains. Multinational organisations will be potentially criminally liable for the actions of certain individuals within them. They should review their supply chain operations and governance arrangements now and identify and address any weaknesses that could give rise to UK enforcement action.

Supply chain compliance depends on all participants identifying and addressing risks and meeting their legal and regulatory obligations across sourcing, manufacturing, distribution and marketing operations. For consumer goods and retail businesses, the risk of criminal investigations and enforcement action is particularly pronounced in the UK, the US, France and Italy. Implementing clear policies, conducting regular reviews of supply chain processes and putting in place thorough training arrangements across all relevant jurisdictions are therefore essential.

International Regulatory Update 27 April – 1 May 2026

Wed, 06 May 2026 08:06:43 GMT

Clifford Chance announces promotion of 28 new partners

Thu, 30 Apr 2026 12:29:45 GMT

These promotions underscore the firm’s ongoing commitment to enhancing its global capabilities across key products, markets, and sectors where it can deliver the greatest value for clients.

Charles Adams, Global Managing Partner, said:

“These promotions recognise lawyers who consistently operate at the highest level, delivering outstanding results for clients on their most complex, cross-border matters. They play a pivotal role in the firm’s strong performance, deepening key client relationships and driving the next phase of our growth strategy.”

Adrian Cartwright, Global Senior Partner, added:

“Our newly promoted partners demonstrate exceptional judgement, deep market insight, and a strong sense of leadership and accountability to both our clients and the firm. Their appointments reflect the high standards we set for our partnership and our commitment to fostering an environment where exceptional talent can thrive and achieve their best.”

The promotions take effect 1 May 2026.

The promoted partners are:

Alice Dunoyer de Segonzac, Disputes, Paris
Auriane Bijon, Capital Markets, Paris
Bahar Rahimyar, Project Development & Finance, Düsseldorf
Benjamin Fisher, Debt Finance, New York
Benjamin Harding, Funds & Asset Management, London
Ben Redding, Real Estate, London
Cameron Dwyer, Tax, Pensions, Employment & Incentives, London
Caroline Scholke, Antitrust & Trade, Düsseldorf
Chris Norman, Restructuring & Insolvency, London
Craig Grant, Private Equity, London
Dan Bomsztyk, Corporate Transactions & Advisory, London
David Gérard, Real Estate, Paris
Eric Schaffer, Private Equity, New York
Georg Lübbehüsen, Debt Finance, Frankfurt
Gillis Waelkens, Corporate Transactions & Advisory, Brussels
Hannah Richard, Tax, Pensions, Employment & Incentives, New York
Janet Fok, Corporate Transactions & Advisory, Hong Kong
Joclynn Marsh, Corporate Transactions & Advisory, Houston
John Karantonis, Private Equity, Sydney
Kyle Kreshover, Private Equity, Houston
Leonardo Fernández, Structured Finance, Madrid
Matthew Ball, Capital Markets, Tokyo
Michael Gorrie, Disputes, London
Oliver Clarke, Funds & Asset Management, London
Pablo Murcia, Corporate Transactions & Advisory, Madrid
Peter Hughes, Project Development & Finance, Washington DC
Rebecca Elgar, Real Estate, Sydney
Rebecca Trapp, Tax, Pensions, Employment & Incentives, London

International Regulatory Update 20 – 24 April 2026

Tue, 28 Apr 2026 08:22:54 GMT

What Mythos means for your business: action to take now

Tue, 21 Apr 2026 13:18:00 GMT

AI's cyber capabilities are advancing fast. AI-related cybersecurity risks – and expectations of preparedness – are rising. Recent limited or restricted releases of new AI models with advanced cyber capabilities highlight AI's exceptional potential to bolster cyber defence, as well as the risk of strengthened cyber-attacks if misused.

International Regulatory Update 13 – 17 April 2026

Tue, 21 Apr 2026 09:45:34 GMT

International Regulatory Update 6 – 10 April 2026

Tue, 14 Apr 2026 08:36:07 GMT

International Regulatory Update 30 March – 3 April 2026

Tue, 07 Apr 2026 08:25:02 GMT

International Regulatory Update 23 – 27 March 2026

Tue, 31 Mar 2026 09:12:20 GMT