News & Analysis as of September 18, 2024

European Union › Third Country Entities (TCEs)

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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 -

European Commission Publishes FAQs on EU Corporate Sustainability Reporting Directive

Latham & Watkins LLP on 8/14/2024

The FAQs aim to clarify key aspects of the CSRD, including the scope of the rules, compliance dates, and exemptions. On 7 August 2024, the European Commission (Commission) published a set of frequently asked questions...more

CRD VI and the New EU Third-Country Branch Regime: Harmonization Means Restricted Access

Jones Day on 7/15/2024

The Situation: The European Union ("EU") banking legislation has been substantially reviewed and provides notably for a new regime applicable to cross-border activities from non-EU jurisdictions....more

EU Reaches Provisional Agreement on Forced Labour Regulation

Latham & Watkins LLP on 3/25/2024

The proposed regulation would ban forced labour-made products from the EU market, affecting companies’ supply chains and requiring compliance checks. On 5 March 2024, the European Parliament and European Council...more

CRD VI – What EU branches of third country banks need to know

A&O Shearman on 1/26/2024

The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more

Russia and Belarus sanctions update - December 2022

Eversheds Sutherland (US) LLP on 12/12/2022

Oil price cap - The oil price cap has been co-ordinated by the G7 in order to make EU, UK and US services (including (re)insurance) available to third country importers and exporters as long as the price paid for...more

Final Adoption of the EU's Foreign Subsidies Regulation

WilmerHale on 12/9/2022

On November 28, 2022, the Council of the European Union (Council) gave its final approval to the proposed Regulation on Foreign Subsidies (Regulation), concluding seven months of negotiations with the EU Parliament. Under...more

BCLP Global Data Privacy FAQs: What counts as a “transfer” of data under the EU GDPR? New draft EU Guidelines released

BCLP on 12/2/2021

It is well known that the EU GDPR (specifically, Chapter V) restricts transfers of personal data from the EU to a “third country” (i.e. a jurisdiction outside the EEA) or to an international organisation. But what is meant by...more

Lock, Stock and Two Smoking Notifications: The Proposed European Regulation on Foreign Subsidies

WilmerHale on 6/25/2021

The European Commission has published a far-reaching proposal for a regulation to tackle foreign subsidies affecting the EU internal market. This proposal appears as a game changer for foreign direct investment. If adopted,...more

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

Latham & Watkins LLP on 12/7/2020

Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

Latham & Watkins LLP on 6/16/2020

Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more

ESMA Provides Its Input on the BMR Review

Latham & Watkins LLP on 2/20/2020

ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

Planning for a post-Brexit world: spotlight on insurance

BCLP on 2/3/2020

Financial services firms have spent a small fortune in planning for a post-Brexit world. Now that the UK has left the EU and we are in an implementation period due to end on 31 December 2020, this article looks at what forms...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Latham & Watkins LLP on 1/14/2020

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

New EU-Wide Tax Anti-Avoidance Law Introduces Sweeping Disclosure Requirements

Katten Muchin Rosenman LLP on 12/12/2019

Key Points - Coming into force on 1 July 2020, EU DAC6 Regulations will require intermediaries in certain cross-border arrangements to disclose activity to tax authorities. - The DAC will apply retroactively to affected...more

Final EMIR 2.2 Technical Advice Published

A&O Shearman on 12/2/2019

Following its consultation earlier this year, the European Securities and Markets Authority has published final reports and the final technical advice on third-country CCP tiering, comparable compliance and fees under draft...more

Getting The Deal Through - Cloud Computing 2020

BCLP on 11/21/2019

What kinds of cloud computing transactions take place in your jurisdiction? As a G7 economy with mature IT and related services markets, the UK is one of the most important global markets for cloud computing. According to...more

Final EU Technical Standards on Cooperation Arrangements with Third-Country Regulators on Market Abuse Issues

A&O Shearman on 10/21/2019

The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on supervisory cooperation between EU national regulators and third-country national regulators. The...more

EU Equivalence for Australian and Singaporean Benchmarks

A&O Shearman on 8/9/2019

Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of...more

EU Credit Rating Equivalence Decisions Repealed for Some; Reaffirmed for Others

A&O Shearman on 8/9/2019

A series of Implementing Decisions on the equivalence with the EU Credit Rating Agencies Regulation of the credit rating regimes of certain non-EU countries have been published in the Official Journal of the European Union....more

Firms Criticized for Non-Compliance with the EU Contracts For Difference Product Intervention Measures

A&O Shearman on 7/17/2019

The European Securities and Markets Authority has published a Statement cautioning contracts for difference providers to comply with its temporary product intervention measure restricting the marketing, distribution or sale...more

European SPC Manufacturing Waiver Goes into Force

McDermott Will & Emery on 7/12/2019

Newly issued EU Regulation 2019/933 provides supplementary protection certificate exemptions for exporting and stockpiling active pharmaceutical ingredients and medicinal products if certain anti-abuse requirements are met....more

Special Report - Collective Investment Schemes & EU Holding Companies: A Multijurisdictional Analysis in Light of the CJEU Danish...

McDermott Will & Emery on 7/11/2019

On 26 February 2019, the Court of Justice of the European Union (CJEU) issued long-awaited judgments in a group of cases concerning the Danish government withholding tax on dividends and interest paid by Danish companies to...more

EU Governments Call for Creation of European Champions in Revision of EU Merger Control Policy

BCLP on 7/9/2019

Perhaps this is an indication of the way things are going to be after Brexit. The Governments of Germany, France and Poland have recently published a document calling for a radical review of the EU merger rules to allow a...more

European Commission Publishes Commission Delegated Regulation Extending Exemption from EU Transparency Requirements to the...

A&O Shearman on 7/5/2019

An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/1799), which specifies that third-country central banks may be exempted from certain transparency requirements under...more

International Arbitration, Investment Protection and EU State Aid Rules: the General Court of the EU Annuls the European...

Sheppard Mullin Richter & Hampton LLP on 6/25/2019

In a long-awaited ruling of June 18, 2019, the General Court of the EU (GCEU) annulled the European Commission’s State aid 2015 decision in the Micula case (joined cases T-624/15, T-694/15 and T-704/15). The factual...more

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European Union › Third Country Entities (TCEs)

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