The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
In a much-anticipated move, the Polish Competition Authority's (PCA) revised guidelines on the criteria and procedure for notifying the intention of a concentration (Guidelines) have clarified the criteria for mandatory...more
A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 has been published, alongside a draft explanatory memorandum. The...more
On October 10, 2024, the European Council officially adopted the Cyber Resilience Act (CRA), a regulation designed to ensure that products with digital features are secure to use and resilient against cyber threats, and that...more
On October 7, 2024, the European Data Protection Board (“EDPB”) adopted an opinion on obligations following from the use of processors and sub-processors (the “Opinion”). The EDPB is the body that seeks to ensure harmonised...more
As Jersey is considered from a UK and an EU perspective to be a "third country", it is outside the scope of full compliance with the AIFMD and can take advantage of the NPPR marketing routes. A Jersey domiciled AIFM will...more
Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and...more
The Sedona Conference (TSC) and its Working Group 6 on International Electronic Information Management, Discovery, and Disclosure recently published their Commentary on Proportionality in Cross-Border Discovery (Commentary)...more
The Financial Conduct Authority has updated its webpage on the Overseas Funds Regime to confirm that it will open the gateway to new schemes on September 30, 2024. From that date, new schemes (schemes not in the Temporary...more
Antitrust and Competition - The European Commission Opens an Investigation into Alleged Market Allocation and No-Poach Agreements in the Online Food Delivery Sector - On 23 July 2024, the Commission opened an antitrust...more
Last month, the European Data Protection Board – which is composed of the national data protection authorities (‘Supervisory Authorities’) of the countries in the European Economic Area (‘EEA’), as well as the European Data...more
The European Central Bank and the European Banking Authority have published a joint report on payment fraud data. The report assesses payment fraud reported by the industry across the EEA and covers semi-annual data reported...more
U.S. Court Axes Most of SEC's SolarWinds Data Breach Suit - The U.S. District Court for the Southern District of New York recently dismissed much of the U.S. Securities and Exchange Commission’s (“SEC”) suit against...more
The draft represents the next step in transposing the CSRD into national law. On 24 July 2024, the German Federal Government adopted the governmental draft of the Act implementing the EU Directive on Sustainability...more
On 17 July 2024, the Financial Conduct Authority (FCA) published a policy statement (PS24/7) setting out the final rules and guidance necessary to implement the UK’s Overseas Funds Regime (OFR). This follows the FCA’s...more
In Part I, we discussed the European Commission’s (“Commission”) disapproval of Meta’s “pay or consent” subscription model. In Part II, we delve into the European Commission’s findings, prior findings by the European Data...more
On 1 July 2024, the European Commission (the ‘Commission’) announced its preliminary findings in an investigation of a leading social media platform, concluding that its ‘pay or consent’ advertising model implemented in the...more
By 2050, the cost of producing low-carbon hydrogen is expected to be five times higher in the most expensive regions than the least expensive regions, according to the Hydrogen Council. This significant cost gap will require...more
Quick Hits Schrems II Recap Most people are now familiar with the Schrems II requirements to “know your transfers” and to protect personal data when such information is subject to processing (including remote access to...more
The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 (SI 2024/635) were made on May 13, 2024 and enter into force on July 16, 2024. Established by the...more
Position paper informs Norwegian approach to AI, with sector-specific legislative amendments to regulate developments in AI. Laws/Regulations directly regulating AI (the “AI Regulations”) Currently, there are no...more
The EU’s 12th and 13th “packages” of sanctions on Russia cancel a significant exemption, ban the provision of certain software systems, and impose multiple other measures. This Client Alert is published in the context of...more
We have been talking about it since last year: the bill to secure and regulate the digital space ("SREN") has now been passed. The legislative process leading up to the enactment of the SREN bill has been slow (as a reminder:...more
On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit...more
AIFMD 2.0 enters into force today –15 April 2024. Member States have 24 months to transpose the provisions into national law, meaning that AIFMD 2.0 will take effect from 16 April 2026....more
After several years of negotiations between the European Commission, European Council, and European Parliament following the publication of the initial draft proposal in November 2021, AIFMD II was published in the Official...more