An EU Commission Delegated Regulation (2021/1833) on the criteria for when an activity will be considered as ancillary to the main business has been published in the Official Journal of the European Union. The changes to the...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
10/22/2020
/ EIOPA ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
In this newsletter, we provide a snapshot of the principal European, U.S., U.K. and selected international governance and securities law developments of interest to European corporates.
...more
European banks operating across multiple jurisdictions face a set of specific regulatory challenges, including...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
The FCA has published a series of measures and regulatory guidance on how financial services firms should deal with the coronavirus (COVID-19) pandemic. In our previous client notes, “Planning in a Time of Pandemic:...more
4/1/2020
/ Banking Sector ,
Consultation ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Financial Institutions ,
Financial Planning ,
Financial Services Industry ,
Payment Systems ,
Relief Measures ,
Short Sales ,
telephone-recording ,
UK ,
UK Payment Systems Regulator
The European Securities and Markets Authority (ESMA) has announced regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation...more
EU DEVELOPMENTS -
Corporate and Capital Markets -
Institutional Investment: ESMA Report on Undue Short-Term Pressure on Corporations (Corporate Aspects) -
On 18 December 2019, the European Securities and Markets...more
1/22/2020
/ Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
Foreign Corrupt Practices Act (FCPA) ,
Prospectus ,
Proxy Voting Guidelines ,
Securities and Exchange Commission (SEC) ,
UK ,
Venture Capital
The U.K. House of Commons has approved the Withdrawal Agreement. Assuming this is ratified by the EU, and Royal Assent is achieved in time, the U.K. will leave the EU on January 31, 2020, entering into a “transition” or...more
1/15/2020
/ Cross-Border Transactions ,
Data Protection ,
EU ,
EU Action Plans ,
European Commission ,
Federal Agency Taskforce ,
Financial Markets ,
Financial Services Industry ,
Framework Agreement ,
UK ,
UK Brexit
Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in July 2019.
...more
10/18/2019
/ AML/CFT ,
Corporate Issuers ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Regulatory Reform ,
Global Marketplace ,
Member State ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions
Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern...more
10/18/2019
/ Bilateral Agreements ,
EU ,
European Court of Justice (ECJ) ,
Exports ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Northern Ireland ,
UK ,
UK Brexit ,
Value-Added Tax (VAT) ,
Withdrawal Agreement
Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in April 2019.
...more
U.S. DEVELOPMENTS -
SEC and NYSE/Nasdaq Developments -
SEC Proposes to Expand “Testing the Waters” Exemption to Permit Pre-Offering Communications -
On 19 February 2019, the Securities and Exchange Commission...more
6/24/2019
/ Climate Change ,
Commission Delegated Regulation ,
Corporate Governance ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Dodd-Frank ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Foreign Corrupt Practices Act (FCPA) ,
Green Bonds ,
Greenhouse Gas Emissions ,
IOSCO ,
Publicly-Traded Companies ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
UK ,
UK Brexit
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates.
...more
4/25/2019
/ BEIS ,
Corporate Governance ,
Enforcement Actions ,
EU ,
EU Benchmark Regulation ,
European Securities and Markets Authority (ESMA) ,
Italy ,
Nasdaq ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
UK
The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more
4/3/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Amended Regulation ,
Counterparties ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
ISDA ,
No-Deal Brexit ,
Third Country Entities (TCEs) ,
Transitional Arrangements ,
UK Brexit
Non-EU banking groups (“non-EU groups”) with large EU operations will be required to establish an EU intermediate parent undertaking (“IPU”) according to the final changes to the Capital Requirements Directive (“CRD 5”)...more
3/26/2019
/ Banking Sector ,
Broker-Dealer ,
Capital Requirements ,
EU ,
FDIC ,
Foreign Banks ,
Intermediate Holding Company (IHCs) ,
Investment Firms ,
New Legislation ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
UK Post-Brexit EU Financial Services Legislation -
Shearman & Sterling today announces its publication in its Brexit Resource Center website of the U.K. post-Brexit versions of several key pieces of EU legislation and...more
This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more
In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions.
...more
2/14/2019
/ Accounting Controls ,
Annual Reports ,
Audits ,
Capital Markets Union ,
Climate Change ,
Cooperation ,
Corporate Governance ,
Enforcement Actions ,
EU ,
European Commission ,
Foreign Corrupt Practices Act (FCPA) ,
GAAP ,
Hong Kong ,
Private Placements ,
Proxy Season ,
UK ,
UK Brexit
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates.
...more
1/24/2019
/ CONSOB ,
Corporate Governance ,
Cyber Threats ,
Cybersecurity ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Executive Compensation ,
Glass Lewis ,
Hong Kong ,
Italy ,
Proxy Season ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholder Activism ,
Smaller Reporting Companies ,
UK ,
UK Brexit
On 10 December 2018, the Court of Justice of the European Union (“CJEU”) issued a judgment, ruling that a Member State can unilaterally revoke its notice to leave the European Union under Article 50 of the Treaty on European...more
UK Post-Brexit EU Financial Services Legislation -
Shearman & Sterling is today making available further consolidated versions of EU legislation showing the proposed U.K. onshored versions. The batch of legislation that...more
UK Post-Brexit EU Financial Services Legislation -
Shearman & Sterling is today making available consolidated versions of EU legislation showing the proposed U.K. on-shored versions. The batch of legislation that will be...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/8/2018
/ Banking Sector ,
Competition ,
Consultation ,
Corporate Governance ,
Derivatives ,
Enforcement ,
EU ,
Financial Services Industry ,
FinTech ,
Investment Funds ,
MiFID II ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/5/2018
/ Banking Sector ,
BSA/AML ,
Competition ,
Corporate Governance ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit