The European Commission has announced that it is considering submissions and proposals from individuals and companies to amend the EU Blocking Statute.
The EU Blocking Statute is the Council Regulation (EC) No. 2271/96, adopted in 1996 to protect individuals and companies in the EU from complying with the extraterritorial application of laws and measures of third countries.
The Commission noted that it would review the Blocking Statute to:
(i) introduce additional deterrent mechanisms; and
(ii) streamline the application of the regulation, including by reducing compliance costs for EU individuals and companies.