Thomas Donegan

Thomas Donegan

Shearman & Sterling LLP

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Brexit: Implications for the Insurance and Reinsurance Industry

Following the so-called “Brexit” referendum held on 23 June 2016, the UK has narrowly voted to leave the European Union. This note briefly discusses the possible issues arising from the decision for the UK and EU insurance...more

7/18/2016 - Article 50 Treaty of the EU EEA EFTA EIOPA EU Insurance Industry Popular UK UK Brexit

European Commission Adopts the EU-US Privacy Shield

If your organization works with personal data across national borders, you may have felt a rumble as the global data privacy landscape shifted once again. On July 12, 2016, the European Commission formally approved the EU-US...more

7/14/2016 - EU EU-US Privacy Shield European Commission FTC International Data Transfers Schrems v Data Protection Commissioner U.S. Commerce Department US-EU Safe Harbor Framework

UK Serious Fraud Office Secures Its Second DPA

The President of the Queen's Bench Division of the High Court has given final approval to the Serious Fraud Office’s (“SFO”) second ever Deferred Prosecution Agreement (“DPA”). This follows the Standard Bank DPA concluded in...more

7/14/2016 - Cooperation Deferred Prosecution Agreements Enforcement Actions Serious Fraud Office SMEs UK

Brexit for Fund Managers: Time for Cool Heads

The UK electorate voted to leave the European Union (EU) in the “Brexit” referendum held on 23 June 2016. This note looks at the practical impact of a Brexit for fund managers, including possible solutions in the event that...more

7/6/2016 - AIFMD EEA EU MiFID II UCITS UK UK Brexit

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

6/29/2016 - Acquisition Agreements Article 50 Treaty of the EU Cross-Border Transactions EEA EU EU Directive Financial Markets Foreign Judgments Grandfathered Status Member State Merger Agreements Popular Scotland Trade Relations UK UK Brexit VAT WTO

Brexit: What Does the Vote Mean for Business?

Today, it was announced that the UK public has voted to leave the European Union. There will now be a negotiation of a new relationship between the UK and Europe. The fact of the vote itself has no legal effect on the laws of...more

6/24/2016 - EEA EU Member State MiFID II Referendums Trade Agreements UK UK Brexit

Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/23/2016 - Annual Reports Bank Holding Company Capital Markets Union Capital Requirements Cybersecurity Dodd-Frank EU EU Market Abuse Regulation (EU MAR) Long-Term Investment Funds No-Action Relief UK

EU Market Abuse Regulation—Implications for Non-EU Issuers with Securities Traded on an EU Market

The EU’s revamped market abuse rules—the Market Abuse Regulation (“MAR”)—come into direct effect in all EU Member States on July 3, 2016. MAR expands the scope of certain EU rules to EU markets that were previously not...more

6/23/2016 - Corporate Issuers EU EU Market Abuse Regulation (EU MAR) Multilateral Agreement Trading Platforms

MiFID II Implementation Delayed to 2018

The Council of the European Union has adopted legislation to delay the application of the Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation by one year. This extension is due to...more

6/22/2016 - EU EU Market Abuse Regulation (EU MAR) MiFID II Proposed Amendments SMEs

Financial Regulatory Developments Focus - June 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/9/2016 - EU Benchmark Regulation Form 10-K G-SII MiFID II Payday Loans Position Limits Prudential Standards Shadow Banking Stress Tests

German Data Protection Commissioner Fines US Companies for Unlawful Data Transfers

On June 6, 2016, the Data Protection Commissioner for Hamburg, Germany, announced fines against three US companies for unlawful transfers of employee and customer data from the EU to the US. This action by the Hamburg...more

6/9/2016 - Data Protection Enforcement Actions Germany International Data Transfers Multinationals Standard Contractual Clauses

CFTC Adopts Final Rules Regarding the Cross-Border Application of Its Swap Margin Requirements

On May 24, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted a final rule defining the cross border application of its margin requirements for uncleared swaps. The final rule covers all swap dealers and...more

6/9/2016 - CFTC Cross-Border Final Rules Margin Requirements Swaps

Financial Regulatory Developments Focus - May 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/1/2016 - Basel III Beneficial Owner Capital Requirements Cross-Border Transactions Customer Due Diligence (CDD) EU Leverage Ratio Leveraged Lending Margin Requirements Recordkeeping Requirements Regulation Technical Standards (RTS) UCITS UK

Financial Regulatory Developments Focus - May 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

5/18/2016 - Benchmarking Distributed Ledger Insider Trading Liquidity Coverage Ratio Regulatory Standards Senior Managers Yates Memorandum

FCA Obtains Two Criminal Convictions in High-Profile Insider Dealing Trial

The jury in the so-called ‘Tabernula’ (“Little Tavern”) case has on Monday delivered its verdict after a 12-week trial. Two of the five defendants have been convicted, whilst the other three have been acquitted of all...more

5/12/2016 - Convictions Financial Conduct Authority (FCA) Insider Trading UK

MiFID II: Access to EU Markets for Third Country Investment Firms

This note discusses the MiFID II regime for access by financial institutions located outside the EU to EU customers and markets. Full harmonisation of the access regime for third country firms has not been achieved. Instead...more

5/9/2016 - Counterparties EEA EU Financial Conduct Authority (FCA) Foreign Investment Fund International Harmonization Member State MiFID II Prudential Regulation Authority

Financial Regulatory Developments Focus - May 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

5/6/2016 - AML-CTF Annuities Asset Management Capital Markets Union Capital Requirements Cross-Border Transactions EU Incentive Compensation Leverage Ratio MiFID II SIFIs UK

Financial Regulatory Developments Focus - April 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

4/15/2016 - Anti-Inversion Regulations EU FBOs Fiduciary Duty Financial Adviser FinTech FSOC Global Systemically Important Financial Institutions (GSIFI) Leverage Ratio MetLife Terrorism Funding UK

Financial Regulatory Developments Focus - April 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

4/11/2016 - Asset Management Block Chain CFTC Corporate Governance Cybersecurity Economic Sanctions EU Federal Reserve Industry Consolidation Maxwellisation Municipal Securities Issuers Natural Gas Remuneration Stress Tests UK

Financial Regulatory Developments Focus - March 2016 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

4/1/2016 - Capital Markets Union EU Eurozone GAAP Interchange Fees MiFID II Mortgage Credit Directive (MCD) Prudential Standards Ring-Fencing SIFIs SMEs UCITS V UK UK Payment Systems Regulator

Financial Regulatory Developments Focus - March 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

3/25/2016 - BRRD Central Counterparties Cuba Deposit Insurance Derivatives Clearing Organizations Dodd-Frank EU Foreign Exchanges Goldman Sachs Insider Trading Payment Systems Sanctions UK Volcker Rule

Brexit: Options for and Impact of the Possible Alternatives to EU Membership

The UK is holding a referendum on 23 June 2016 to decide whether or not to remain a member of the European Union. There seems to be a disconnect between some aspects of public discourse on the vote and the actual effect of an...more

3/21/2016 - Corporate Counsel EEA EFTA EU Referendums UK UK Brexit

Financial Regulatory Developments Focus - March 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

3/18/2016 - Basel Committee Credit Default Swaps EU FDIC Federal Savings Associations International Banks Libor Market Abuse Regulatory Agenda Ring-Fencing SEC Senior Managers Transfer Pricing UK Volcker Rule

Update on Third Country Equivalence Under EMIR

The European Commission has adopted an “equivalence” decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States. This follows the decisions adopted in November 2015 for Canada,...more

3/17/2016 - CCPs Derivatives EMIR EU European Securities and Markets Authority (ESMA)

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