News & Analysis as of October 19, 2024

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

EU top court delivers a blow to the European Commission’s approach on Article 22 below-threshold referrals

White & Case LLP on 9/6/2024

The Court of Justice of the EU (the Court) has overturned the General Court’s judgment in Illumina/Grail, effectively putting an end to the EC’s revised Article 22 policy approach for below-threshold mergers. Under this...more

The Standard Formula: A Guide to Solvency II – Chapter 4: Groups

Skadden, Arps, Slate, Meagher & Flom LLP on 3/1/2024

Group supervision regulates the impact that members of a Solvency II group may have on a UK Solvency II insurer. The rules governing Solvency II groups are contained in the PRA Rulebook (Group Supervision), the Solvency 2...more

The Share Trading Obligations – A New Year’s Mess

BCLP on 12/23/2020

Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe. With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - December 2020

Latham & Watkins LLP on 12/8/2020

Ahead of the end of the Brexit transition period, on 31 December 2020, regulators in the UK and the EU have issued a number of updates: Share trading obligation - In relation to the potential conflict between the share...more

UK Chancellor Outlines Future for Financial Services Post-Brexit

Latham & Watkins LLP on 11/12/2020

Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more

EU Short-selling Bans Lifted

Latham & Watkins LLP on 5/20/2020

While regulators in the EU have lifted the temporary COVID-19-related short-selling bans, they will monitor the markets and impose further restrictions if required. Regulators in Austria, Belgium, France, Greece, Italy,...more

Brexit: 10 Commonly Asked Questions

Latham & Watkins LLP on 1/7/2020

Q&As for UK Regulated Firms - Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more

PSD2 Open Banking update and operational issues with regulators’ registers

BCLP on 12/11/2019

The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service...more

Blowing the whistle on inadequate protections: How does the new EU Whistleblower Directive improve on existing legislation?

White & Case LLP on 11/27/2019

'Whistleblower' is a widely used term. However, what it means and the protections a whistleblower might receive are by no means universal. Whistleblowers have been a regular presence in the news over recent years, from...more

EU to Lift Temporary Ban on the Sale of Binary Options to Retail Clients in Wake of National Measures

A&O Shearman on 7/15/2019

The European Securities and Markets Authority has ended its temporary prohibition on the marketing, distribution or sale of binary options to retail clients. ESMA's product intervention powers under the Markets in Financial...more

Financial Regulatory Observer – June 2019: No-deal Brexit: Challenges for trading venues and their participants

White & Case LLP on 7/1/2019

There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal. The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...more

Payer Liability under PSD2

BCLP on 6/27/2019

Under Article 74 of the Payment Services Directive (EU) 2015/2366 (“PSD2”), a payer may be required to bear the losses of unauthorised payment transactions up to a maximum of €50 provided the specified conditions are met....more

Flashlight or Spotlight? The EU's Latest (Final) Report Continues to Look Closely at the Syndicated Credit Market - Syndicated...

Katten Muchin Rosenman LLP on 4/18/2019

Lenders involved in syndicated loans may encounter additional scrutiny from competition regulators in light of the final publication of a study prepared on behalf of the European Commission by Europe Economics and Euclid Law....more

Key Regulatory Topics: Weekly Update 29 March to 4 April 2019

A&O Shearman on 4/11/2019

BREXIT - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more

Key Regulatory Topics: Weekly Update 22 March - 28 March 2019

A&O Shearman on 4/2/2019

BREXIT - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans - The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more

Financial Regulatory Observer – March 2019: FRO in-depth: The future of cryptoassets regulation

White & Case LLP on 4/1/2019

Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more

Key Regulatory Topics: Weekly Update 15 March - 21 March 2019

A&O Shearman on 3/27/2019

BREXIT - European Economic Area member states' domestic preparations for a “no deal” Brexit A&O has been tracking legislative developments in preparation for a no-deal Brexit throughout the EU27 member states. On our...more

Luxembourg Proposes 21-Month Grandfathering Period in a "Hard Brexit" Scenario

Dechert LLP on 2/11/2019

The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more

ESMA Clarifies The Application of The Prospectus Directive and Transparency Directive in The Event of a "No-Deal" Brexit

Dechert LLP on 2/4/2019

In a series of votes on 29 January 2019, the parliament of the United Kingdom (the “UK”) rejected proposals aimed at preventing the UK from leaving the European Union (the “EU”) on 29 March 2019 without a Withdrawal Agreement...more

Resolution in the UK post-Brexit – onshoring the Bank Recovery and Resolution Directive

A&O Shearman on 12/18/2018

The Brexit engines at HM Treasury, the FCA, PRA and Bank of England are responding admirably to the challenge posed by Brexit to ensure that the UK has a continuing, robust and effective legal regime once the currently...more

Privacy & Cybersecurity Update - October 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 11/1/2018

In this month's edition of our Privacy & Cybersecurity Update, we examine the European Data Protection Board's published opinions on data protection impact assessments, an Ohio court's ruling that bitcoin is covered insured...more

6 Months to Brexit: Implications and Contingency Planning For Fund Managers

Proskauer Rose LLP on 9/14/2018

Introduction - The United Kingdom ("UK") formally notified the European Union ("EU") of its intention to leave the EU under Article 50 of the EU's Lisbon Treaty in March 2017. This triggered a two-year period during which...more

Brexit Update: UK Provides More Details on its Proposed Temporary Permissions Regime

Proskauer Rose LLP on 7/31/2018

On 29 March 2019, the UK is set to leave the EU (a process most commonly referred to as "Brexit"). The UK and EU are currently in negotiations to agree upon a transitional period which is proposed to run from 29 March 2019...more

UK Government and Regulators Set Out Approach to Onshoring Financial Services Legislation for Brexit

A&O Shearman on 7/11/2018

Following the enactment of the European Union (Withdrawal) Act 2018, HM Treasury has set out its approach to "onshoring" EU financial services legislation under the Act. The Bank of England, the Financial Conduct Authority...more

UK Asset Management Regulatory Roundup - March 2018 - Issue 6

Dechert LLP on 3/22/2018

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s approach to authorisation; action taken on closet tracking funds; proposed EU...more

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