European Union

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 -
News & Analysis as of

Retail closer than ever to competition authorities’ hearts

Following a number of European Commission sector inquiries (which included investigations into the energy, financial services and pharmaceuticals sectors), the competition authorities at both European and national levels have...more

The CNIL sets expectations as to the ‘EU-U.S. Privacy Shield’ and starts implementing enforcement measures in case of Safe Harbor...

Further to the EU Commission press release on the “EU-U.S. Privacy Shield” and the Article 29 Working Party (WP29) statement illustrating that more discussions on the new arrangement are to come, the French CNIL (a) issued a...more

Innovation is the key to success in 2016

Diverging economic conditions on either side of the Atlantic—as well as geopolitical issues such as global stock market volatility and plummeting oil prices—mean issuers, lenders and their advisers are entering unknown...more

Blog: Lloyd’s CRO Urges Insurers To Contingency Plan Against The Risk Of #Brexit. Was He Right To Do So?

Lloyd’s Chief Risk Officer, Sean McGovern, spoke to the Insurance Institute of London yesterday about the impact of a possible Brexit on insurers, reinsurers and brokers. The speech was delivered at a sensitive time, and with...more

FinCrimes Update - January 2016 Summary, Volume 4, Issue 1

JANUARY FINCRIMES WEBINAR RECAP: 2015 ENFORCEMENT ACTIONS: LESSONS LEARNED FOR REGIONAL AND SUPER-REGIONAL BANKS - On January 28, 2016, BuckleySandler hosted 2015 Enforcement Actions: Lessons Learned for Regional and...more

Formal Proposal to Delay Implementation of MiFID II Package to 2018

The European Commission has proposed to delay the application of the Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation by one year. The proposed extension is due to concerns about the...more

EU-US Privacy Shield: European Union and U.S. Reach Agreement in Principle for New Data Transfer Framework – But Uncertainty...

On February 2, 2016, the European Commission (EC) and the U.S. Department of Commerce (Commerce) announced that they had reached agreement on a new data transfer safe harbor arrangement for the transfer of personal data from...more

"Privacy Shield" is Proposed to Replace Invalidated U.S. - EU Safe Harbor Agreement and Keep Data from Europe Flowing

The Safe Harbor agreement between the European Union and the United States permitted American businesses to import personal data of EU citizens based on self-certification of compliance with EU data protection laws. Safe...more

Employment Matters Monthly - February 2016

A Note from the Editors - If January was a harbinger of what's in store for 2016, it's sure to be a busy year for HR professionals and employment attorneys. And Employment Matters is certainly here to guide you along the...more

Judicial Redress Act passes the House with the Senate Amendments

The amended Judicial Redress Act has passed the House and is on its way to the president to be signed into law. The Act, which we covered in an earlier blog post, gives citizens of foreign countries the same rights as US...more

Article 29 Working Party updates its Opinion on applicable law

The Article 29 Working Party (WP29) has updated its Opinion on applicable law and has introduced a new ‘inextricable link’ test representing a new element to the existing ‘in the context of the activities of an establishment’...more

UK Financial Regulatory Developments - February 2016 #6

OBWG publishes open banking standard - The OBWG, set up at Treasury’s request, has set out an Open Banking Standard to guide how open banking data should be created, shared and used by its owners and those who access it....more

U.S. Commodity Futures Trading Commission and European Commission Announce Common Approach for Transatlantic CCPs

On February 10, the U.S. Commodity Futures Trading Commission (the “CFTC”) and the European Commission announced a common approach relating to requirements for transatlantic central clearing parties (CCPs). The CFTC and the...more

A reset for debt in 2015?

At the beginning of 2015, it was believed that the high yield bond and leveraged loan markets would continue at the levels seen in 2014. Issuance had peaked and terms were loosening. Indeed, the first quarter started...more

Regional Perspectives on the Paris Agreement on Climate Change

On 12 December 2015, nearly 200 countries at the 21st annual meeting (COP21) of the United Nations Framework Convention on Climate Change (Convention or UNFCCC) reached an agreement that many have described as a historic...more

Blog: Applying The 4th Anti-Money Laundering Directive & The 2nd Payment Services Directive To Virtual Currency Exchanges And...

The European Union’s Economic and Financial Affairs Council will meet on Friday 12 February 2016. At that meeting, the Council will be invited to agree to...more

Blog: PRA Letter To Life And General (Re)Insurers About Buy And Sell Side Longevity Risk Transfers

The PRA has published a letter to life and general insurers about longevity risk transfers, and the counterparty risks they transfers can generate. Here’s a key extract...more

ESMA Publishes Opinions on Pension Schemes To Be Exempt From EMIR Clearing Obligations

On February 2, the European Securities and Markets Authority (ESMA) published a set of opinions to exempt 16 UK-based pension schemes from clearing obligations contained in the European Market Infrastructure Regulation...more

UK Financial Regulatory Developments - February 2016 #5

ECA reports on ESMA supervision of CRAs - The European Court of Auditors (ECA) has issued a report on ESMA’s role as the single supervisor of credit rating agencies (CRAs) in the EU. It finds that overall ESMA has laid...more

Blog: European Commission Speech About The Resolution Of Insurers And Asset Managers

The European Commission has published a short extract from a speech given by Commissioner Jonathan Hill to the Centre for European Policy Studies on 9 February 2016. The first two paragraphs of the extract are about the...more

EU-US Privacy Shield May Provide Guidance for Transatlantic Data Transfers

The decision of the Court of Justice of the European Union (CJEU) to invalidate Safe Harbor in October 2015 sent shockwaves throughout the international business community. Safe Harbor was a certification mechanism that...more

Blog: ESMA’s Advice On The Application Of The Passport To Non-EU Alternative Investment Fund Managers

It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the Isle of Man, the Cayman Islands, Bermuda or Australia (the Countries), to...more

Your daily dose of financial news The Brief – 2.11.16

Day 1 of Dr. Yellen’s trip to the Hill is done, and the official tone is “cautious,” with Yellen predicting continued economic growth and eventual additional rate hikes but expressing concerns about international threats to...more

Amended version of Judicial Redress Act passes the Senate; now goes back to the House

The US Senate passed the amended version of the Judicial Redress Act on February 9. The amendments, which tie the Umbrella Agreement to Safe Harbor 2.0 (now dubbed the US-EU “Privacy Shield”), now go back to the House for...more

Overview of US and EU “Implementation Day” Guidelines on Iran Sanctions Relief

This overview describes the status of US and EU sanctions following the first round of nuclear-related sanctions relief that occurred on “Implementation Day” under the Joint Comprehensive Plan of Action (JCPOA) concluded with...more

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