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Detailed procedures for the issuing of licenses will be included in the regulations; it is expected there will be aggressive new timelines for the Ministry and other stakeholders to adhere to when processing and approving applications. Crucially, the New Law continues to grant the holder of an Exploration License the exclusive right to obtain a Utilization/Exploitation License for the relevant License Site.
Recently, the European Commission wrote a letter to the Chairs of ESMA, EBA and EIOPA on timing for implementation of the EU Sustainable Finance Disclosure Regulation (“SFDR”). We would like to clarify below the situations in which this is likely to be an issue, and explain how this may also affect Swiss firms.
