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 -
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Orrick's Financial Industry Week in Review

Council of EU Presidency Compromise Proposal on Benchmark Regulation - On September 10, the Presidency of the Council of the EU published its first compromise proposal (dated September 9, 2014) relating to the European...more

Franchising agreements in Italy

We live in one of the world fashion capitals, waiting every year for the new Milan fashion week as an opportunity to cover in our blog some of the top current legal issues impacting the fashion sector....more

Ukraine Crisis Update: US and EU Expand and Align Sanctions

The US and EU take coordinated action to broaden and align their Russia-related sanctions — which may evolve further depending on Ukraine peace plan progress. On September 12, 2014, the US and the EU announced new and...more

Scotland: Legal Issues on Proposed Independence

On 18 September 2014, the referendum on Scottish independence will take place. Opinion polls suggest that the outcome is too close to call. This note highlights various legal issues related to the referendum and Scottish...more

The Netherlands: delay legislation on online gambling

An official delay in the reformation of the Dutch games of chance market is a fact. Although the Netherlands is still aiming for the 1stof January 2015 for the proposed Dutch Remote Gambling Act to enter into effect, the...more

The EU Bank Recovery and Resolution Directive Bringing Stability Back to the European Banking Sector

The collapse of Lehman Brothers was a pivotal moment which had catastrophic effects on the European financial sector which are still reverberating. Inadequacies in banking regulation were highlighted as most jurisdictions had...more

Europe Not Yet Satisfied with Adequacy of Québec’s Privacy Law

On June 4, 2014, the Article 29 Working Party (WP 29) issued a report to the European Commission (EC) regarding an application by the Province of Québec, Canada for status as a jurisdiction providing an adequate level of...more

England and Wales: Early Conciliation - What Is It and Why Does It Matter?

The new rules on early conciliation will be seen by some as another obstacle in the path of the poor put upon litigant employees and by others as a sensible way to encourage employers and employees to try to resolve disputes...more

The Mergers & Acquisitions Review: Eighth Edition: Chapter 17 - Cyprus

I GENERAL INTRODUCTION TO THE LEGAL FRAMEWORK FOR M&A - Since Cyprus’s accession to the EU, the legislation regulating M&A activity in Cyprus has been closely aligned with Europe-wide practices. Prior to...more

US and EU Impose Additional Sanctions on Russia

The United States and European Union implemented new sanctions against Russia on 12 September 2014 as a result of the ongoing crisis in Ukraine. While the new US and EU measures share many similarities, companies subject to...more

"EU Debate on Enforcement of the 'Banker Bonus Cap' Approaches End Game"

Michel Barnier, vice president of the European Commission, recently wrote to the chairman of the European Banking Authority (the EBA), asking the EBA to report by the end of this month on whether allowances paid by EU banks...more

Sanctions Update: European Union imposes further measures in respect of Russia/Ukraine

This morning, the EU published further sanctions to increase the pressure on Russia for its involvement in the Ukraine. The new measures add to the already complex restrictions in place and should be carefully considered....more

European Union Sanctions Against Russia - September 2014 Expansion of Sanctions

As NATO and the EU seeks to increase pressure on Russia and the Crimea, the EU expanded its sanctions against Russia on 12 September. This is the latest in a series of measures introduced since March in response to the...more

"European Central Bank Publishes Final List of 'Significant Supervised Entities' in Preparation for Banking Union"

On 4 September 2014, the EU’s European Central Bank (ECB) published its final list of significant supervised entities and less significant institutions for the purposes of the Eurozone’s single supervisory mechanism (SSM),...more

Harmonization of the Treatment of Blue Collar and White Collar Workers in Extra-Legal Pension Schemes

New legislation on extra-legal pensions has been introduced. The goal of this legislation is three-fold: - to avoid burdening employers with a huge financial cost; - to protect the goals of the law on...more

The EU General Court Gets a Rap on Its Knuckles

In Groupement des cartes bancaires, the EU Court of Justice severely reprimanded the General Court for its failure to properly analyze a restriction of competition ‘by object’ within the meaning of Article 101(1) TFEU....more

Banking and Finance Litigation Update - Issue 79, September 2014

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Excerpt from Domestic...more

European Antitrust “Block Exemption” For Insurance Under Review

In the United States, the McCarran Ferguson Act (15 USC 1011-1015), enacted by Congress in 1945, provides the insurance industry with a limited exemption from the federal antitrust laws. The Act applies to all conduct that...more

Africa Update - September 2014 #2

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from...more

Italian gaming law regime upheld by Supreme Court

The Italian gaming law regime after considerable court cases is now eventually upheld by the Italian Administrative Supreme Court in a dispute relating to a so called ‘centro trasmissione dati‘ or ‘CTD‘. ...more

New EU Russia sanctions: ban on oil project services; wider capital market sanctions (loans and credit, shorter-term equity, with...

Today, the EU published a second round of targeted sanctions against Russia. These new measures expand the EU’s existing Russia sanctions and restrict access to capital markets covering certain loans and credit, trade in...more

Advertisement Tax

On 15 August 2014 a new act (Act no. 22 of 2014) entered into force in Hungary, setting out the rules of a new tax category: advertisement tax. According to the act, an advertisement is subject to the tax if it is published...more

Increase of ratio of film support

On 24 June 2014 the European Commission resolved that it does not object to an increase in indirect state support (in the form of a tax rebate), from 20% to 25%, for the production costs of films produced in Hungary. It is...more

The International Comparative Legal Guide to: Corporate Immigration 2014

What are the main sources of immigration law in Germany? -The main source is the German Immigration Act (Zuwanderungsgesetz), which is composed of the German Residence Act (Aufenthaltsgesetz) for non-EU citizens and...more

Recent Developments in Insolvency Law

Italian legislative amendments promote rescue over liquidation for companies facing insolvency, in line with this year’s European Commission recommendation. Italian lawmakers have passed two decrees which will provide...more

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