News & Analysis as of September 18, 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 -

Directive on Cross-Border Law Enforcement Access to Bank Account Registries Published in Official Journal of the European Union

A&O Shearman on 7/3/2024

Directive (EU) 2024/1654 has been published in the Official Journal of the European Union, amending Directive (EU) 2019/1153 regarding access by competent authorities to centralized bank account registries through the...more

CRD6: Implications for US Fund Finance Lenders

Mayer Brown on 5/29/2024

The European Union’s new Capital Requirements Directive 6 (CRD6) introduces significant regulatory changes for non-EU banks operating within EU Member States. This update explores the impact of CRD6 on US lenders providing...more

Banking Bites - June 2022

BCLP on 6/21/2022

New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more

Key Regulatory Topics: Weekly Update 4 - 10 December 2020

A&O Shearman on 12/22/2020

FCA Brexit FAQs – firms preparing for the end of the transition period On 9 December, the FCA published a Brexit FAQs in respect of firms preparing for the end of the transition period, covering: (i) the TPR; (ii)...more

European Commission Proposes Amended Framework for the Securitisation of Non-Performing Exposures

Latham & Watkins LLP on 9/9/2020

The proposal is part of an effort to aid economic recovery and enhance the capacity of banks to lend to corporates and SMEs. The European Commission’s proposal to amend the Securitisation Regulation1 and the Capital...more

European Commission publishes its emergency COVID-19 State aid rules and rapidly approves ten State aid schemes

White & Case LLP on 3/25/2020

The European Commission has now adopted a Framework of temporary State aid rules enabling Member States to adopt measures to support the growing number of businesses suffering because of the COVID-19 outbreak. This is the...more

European Systemic Risk Board Publishes Recommendation on Collection of Information from Banks

A&O Shearman on 12/27/2019

The European Systemic Risk Board has published a Recommendation on the exchange and collection of information for macroprudential purposes by national regulators about branches of banks (credit institutions) that have their...more

Report on Loan Enforcement Laws Across the EU Published

A&O Shearman on 12/19/2019

The European Commission has published a study analyzing the individual and collective loan enforcement laws in the 28 EU member states. The report, authored by Dr Steffek, University of Cambridge, sets out in anonymized...more

European Banking Authority Publishes Opinion on Relation of Prudential Objectives to Anti-Money Laundering and Counter-Terrorism...

A&O Shearman on 8/7/2019

The European Banking Authority has published an Opinion signaling the importance of money laundering and terrorism financing risks in the prudential supervision of EU Member States. The Opinion invites national prudential...more

Basel Committee on Banking Supervision Publishes Overview of Pillar 2 Practices and Approaches

A&O Shearman on 7/8/2019

The Basel Committee on Banking Supervision has published an overview report on the Pillar 2 supervisory review process and on the different practices that regulators and legislators in Basel member jurisdictions have adopted...more

Financial Regulatory Observer – March 2019: Banks face steep climb in MREL issuance

White & Case LLP on 3/29/2019

The upcoming enforcement of the MREL requirement will require European banks to issue a significant amount of subordinated and senior notes. But political instability and differing levels of investor demand could push up...more

Brexit preparedness for financial services: the German response

White & Case LLP on 2/11/2019

The House of Commons recently rejected the Withdrawal Agreement. While the UK Parliament is still debating how to leave the EU, a hard Brexit remains an option. To prepare for this possibility, the UK, EU Commission and EU27...more

ESMA Fines Five Banks for Negligently Issuing Credit Ratings

Jones Day on 8/24/2018

The Situation: The European Securities and Markets Authority ("ESMA") has fined several banks for negligently issuing credit ratings on a professional basis without obtaining the necessary authorization to be a credit rating...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/8/2017

The UK and EU made a significant breakthrough early this morning to “unlock” Brexit divorce negotiations. The still-rough agreement would see Britain repaying $53 billion and addressed in at least vague terms thorny issues...more

Key Regulatory Topics: Weekly Update - 11 August 2017 – 17 August 2017

A&O Shearman on 8/21/2017

BREXIT - ECB interview on Brexit preparations - On 16 August, the ECB published the transcript of an interview, given by Sabine Lautenschlager, ECB Executive Board Member and Supervisory Board Vice-Chair, on the...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 2/10/2017

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/18/2017

Deutsche Bank and the DOJ have put the finishing touches on the deal to resolve the investigation into DB’s role in its sale of toxic RMBS. The bank will fork over $7.2 billion in total, including a $3.1 billion civil penalty...more

EAPO: Luxembourg banks, are you ready?

A&O Shearman on 12/23/2016

From 18 January 2017, the courts in the EU Member States will apply Regulation (EC) No 655/2014 (the EAPO Regulation) establishing a European account preservation order (EAPO), which will represent a new (and potentially...more

Your daily dose of financial news - The Brief – 7.5.16

Robins Kaplan LLP on 7/5/2016

Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end...more

Your daily dose of financial news - The Brief – 6.30.16

Robins Kaplan LLP on 6/30/2016

US banks made a strong showing in part 2 of the latest round of the Fed’s stress tests. Only Morgan Stanley didn’t pass unconditionally (concerns over the company’s “internal controls and processes” tripped it up), while the...more

Your daily dose of financial news - The Brief – 6.23.16

Robins Kaplan LLP on 6/23/2016

It was House day for Chair Yellen on the Hill, and if you guessed that in this election year her final appearance before this Congress was more about her questioners scoring political points than it was anything related to...more

Your daily dose of financial news - The Brief – 6.20.16

Robins Kaplan LLP on 6/20/2016

Here’s a sign of the times, or at least, the changing tenor of banking in America. After years of exclusivity that saw it refusing customers with less than $10 million on hand, Goldman Sachs is opening itself up to common...more

Your daily dose of financial news - The Brief – 6.17.16

Robins Kaplan LLP on 6/17/2016

Dealbook’s Strategies feature reviews the Fed’s latest non-move and suggests that the current bind in which the Fed finds itself is—at least in part—a problem of its own making....more

UCITS V Directive—Overview and Practical Implications

K&L Gates LLP on 10/15/2015

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

European Commission Requests 11 Member States to Implement Bank Recovery and Resolution Directive (BRRD)

Orrick - Finance 20/20 on 6/3/2015

On May 28, 2015, the European Commission published a press release announcing that it has requested 11 member states (Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland,...more

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