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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... more +
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 -
Cadwalader, Wickersham & Taft LLP

Business As Usual, October 2024 - The European Union Kicks Off Its Consultation on the Reform of Its Securitisation Framework

Cadwalader, Wickersham & Taft LLP on

The European Commission has produced the first leg of its long awaited consultation on the function of the EU Securitisation Framework ("ESF") in the form of a paper setting out consultation questions....more

Walkers

European Commission adopts Regulatory Technical Standards on the ELTIF Regulation

Walkers on

On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more

Goodwin

ELTIF 2.0 RTS: Second Time Lucky and A Positive Step Forward on Liquidity and Redemptions

Goodwin on

In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – Final RTS Published

Proskauer - Regulatory & Compliance on

Background - On 19 July 2024, the European Commission published final regulatory technical standards (the “RTS”) in respect of Regulation EU/2023/606 relating to the European long-term investment fund (“ELTIF 2.0”). This...more

Dechert LLP

ELTIF 2.0 RTS: EU Commission Formally Adopts Its RTS and Takes Flexible Approach to Liquidity

Dechert LLP on

On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more

Walkers

ESMA call for evidence – review of the Eligible Assets Directive

Walkers on

On 7 May 2024, ESMA published its call for evidence ("CfE") on the review of the Commission Directive (2007/16/EC) on UCITS Eligible Assets ("EAD"). The CfE follows the formal request from the European Commission (the...more

A&O Shearman

CRD VI cross-border rules take shape

A&O Shearman on

Final provisions on cross-border banking services in the EU published - CRD VI will bring in uniform minimum prudential requirements for third country branches providing banking services in the EU and, more importantly,...more

Dechert LLP

ELTIF 2.0 RTS: ESMA adopts a conservative approach toward open-ended ELTIFs

Dechert LLP on

ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – what is the latest on the Draft RTS?

Proskauer - Regulatory & Compliance on

On 19 December 2023, the European Securities and Markets Authority (“ESMA”) published its final report setting out its draft regulatory technical standards (the “Draft RTS”) on Regulation (EU) 2023/606 (the “ELTIF 2...more

Proskauer Rose LLP

Regulation Round Up - July 2023

Proskauer Rose LLP on

31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more

Walkers

Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds July to September 2022

Walkers on

1.1 ESMA UCITS Q&A updates On 20 July 2022, ESMA published an updated version of its UCITS Q&As with the following new Q&As: Section X: Depository – new Q&As 7 and 8 on reconciliations; and - • Section XIII: Delegation...more

BCLP

AIFMD II European Parliament draft report provides positive amendments and points of clarity

BCLP on

On 18 May 2022 a draft report on ‘AIFMD II’ was published, containing proposals by a rapporteur presented to the ECON committee. It sets out a list of suggested amendments to the European Commission (the Commission)’s draft...more

Latham & Watkins LLP

EU State aid temporary crisis framework in the context of the invasion of Ukraine

Latham & Watkins LLP on

On 23 March 2022, the European Commission (the Commission) adopted a Temporary Crisis Framework for State aid measures to support the economy following the invasion of Ukraine by Russia (the Temporary Crisis Framework), after...more

Akin Gump Strauss Hauer & Feld LLP

Hotly Anticipated Extension of EU State Aid Framework to Recapitalizations and Subordinated Debt

Akin Gump Strauss Hauer & Feld LLP on

- EC extends the Temporary State Aid Framework to allow member states to provide recapitalizations to companies adversely affected by the COVID-19 crisis, including airlines, retailers and firms active in hospitality, leisure...more

Orrick, Herrington & Sutcliffe LLP

Orrick Finance Italy – CELF Weekly Newsletter #3

Orrick, Herrington & Sutcliffe LLP on

La Commissione europea ha approvato le misure adottate dall’Italia nel Decreto Liquidità ritenendole coerenti con il disposto di cui all’art. 107, par. 3, lett. b) del TFUE. ...more

Akin Gump Strauss Hauer & Feld LLP

Expanded EU State Aid Framework Yields U.K. & German Stimulus Programs

Akin Gump Strauss Hauer & Feld LLP on

- Extension of the existing State aid scheme would enable support for research, testing and production of products to tackle COVID-19. - It would also allow tax payment deferrals and wage subsidies to help avoid layoffs. ...more

Morgan Lewis

European Commission Approves UK Emergency State Aid for SMEs Affected by COVID-19

Morgan Lewis on

UK emergency state aid measures for small and medium-sized enterprises related to the coronavirus (COVID-19) pandemic will include direct grants and guarantees covering 80% of loan facilities....more

Sheppard Mullin Richter & Hampton LLP

COVID-19 Outbreak and Adjusted EU State Aid Control

Sheppard Mullin Richter & Hampton LLP on

The unique EU State aid control law requires, in principle, prior notification by Member States and approval by the Commission of all State aid. During a time of crisis, like the COVID-19 pandemic, EU law allows for a...more

Hogan Lovells

EU Commission adopts Temporary Framework for State aid to support the economy in the current COVID-19 outbreak and approves...

Hogan Lovells on

The COVID-19 pandemic has hit the European economy with brute force. Many businesses are facing drastic declines in revenues and are in urgent need of liquidity. Some have imposed temporary lay-offs or even face insolvency. ...more

A&O Shearman

EU Consultation on Changes to Position Limits for Commodity Derivatives

A&O Shearman on

Following its Call for Evidence issued in May this year, the European Securities and Markets Authority has launched a consultation on proposed revisions to the legal framework for position limits and position management in...more

A&O Shearman

European Commission Proposes EU Covered Bonds Legislative Package

A&O Shearman on

The European Commission has published legislative proposals for a new EU covered bonds framework. The legislative package consists of a proposed Directive on the issue of covered bonds and covered bond public supervision and...more

Morrison & Foerster LLP

The Big Picture: EU's Financial Regulation Offensive

Morrison & Foerster LLP on

In the aftermath of the financial crisis, the national and international response by legislators and regulators has been to substantially overhaul and increase financial regulation applicable to banks and other financial...more

Katten Muchin Rosenman LLP

European Commission Launches Review of EMIR

Katten Muchin Rosenman LLP on

On May 21, the European Commission (EC) issued a consultation paper (CP) as part of its review of the European Market Infrastructure Regulation (EMIR). Article 85(1) of EMIR requires the EC to prepare a report by August 17 on...more

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