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

Your Daily Dose of Financial News

Shareholders have accused Under Armour of “concealing the impact” of Sports Authority’s bankruptcy from investors in order to artificially inflate its stock price. The suit comes on the heels of a disastrous Q4 for UA, in...more

NIS Directive to be Implemented in UK Despite Brexit

In January, the UK government confirmed that it will be implementing the EU’s Network and Information Security Directive (NIS Directive) regardless of Brexit. EU countries have until 9 May 2018 to implement the Directive into...more

Combative French Plaintiff Obtains Extended Jurisdiction Over Cross-border Online Marketplace Sales

On 21 December 2016, the European Court of Justice (ECJ) handed down an interesting interpretation of jurisdictional issues in cross-border competition law and online sales. The ECJ ruled that courts of a Member State have...more

European Securities and Markets Authority Concerned About MiFID II Loopholes

The European Securities and Markets Authority published a letter, dated February 1, 2017, from it to the European Commission about the potential for loopholes to be exploited in the revised Markets in Financial Instruments...more

Corporate and Financial Weekly Digest - Volume XII, Issue 7

BROKER-DEALER - FINRA Proposes Amendments to Rule Pertaining to Communications with the Public - The Financial Industry Regulatory Authority (FINRA) is seeking comment with respect to proposed amendments (the...more

Final Draft Technical Standards on the Exclusion of Transactions with Non-EU Non-Financial Counterparties from Credit Valuation...

The European Banking Authority published final draft Regulatory Technical Standards on the procedures for excluding transactions with non-financial counterparties established in a third country (which do not hold positions...more

International Organization of Securities Commissions Publishes FinTech Research Report

The International Organization of Securities Commissions published a research Report on financial technologies, or FinTech – innovative business models and emerging technologies that have the potential to transform the...more

The U.S.-EU Covered Agreement: Different Assessments By Different Audiences

On January 13, 2017, the week before the inauguration of President Trump, the U.S. Department of Treasury and the Office of the U.S. Trade Representative announced that the negotiations between the full text of the agreement...more

Wind Power Overtakes Coal in Europe

Last year, 86 % of the 24.5 GW of new generating capacity installed in the EU came from renewable energy sources, specifically from wind, solar, biomass and hydro, breaking the previous record of 79% in 2014. This new water...more

Currency Hedging Survives ESMA UCITS Share Class Cull

For the past two years, the European Securities and Markets Authority (“ESMA”), Europe’s main securities regulator, has had UCITS share classes in their sights. It has issued two discussion papers on the topic and has now...more

The CSSF's position in respect of ESMA's Opinion on UCITS' Share Classes

On 13 February, 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier –CSSF) announced its position in respect of ESMA’s opinion by issuing press release n°17/06. The CSSF expects UCITS...more

Orrick's Financial Industry Week In Review

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

Is a pan-European asset management company a panacea to Europe's growing NPL problem?

On 30 January 2017, the Chairman of the European Banking Authority ("EBA") Andrea Enria outlined his proposal for tackling the large number of non-performing loans ("NPLs") that have increasingly troubled European banks and...more

European Parliament Adopts Draft Reform of Carbon Market Post-2020

On February 15, 2017, the European Parliament (EP) made a significant step toward reforming the EU Emission Trading System (ETS) post-2020, adopting a draft proposal that seeks middle ground with a tight vote of 379 for/263...more

Restrictions on Advertising with Nutrition and Health Claims Apply to Both Communications Addressed to Consumers and to...

The Court of Justice of the European Union (ECJ) held that the restrictions on promoting foodstuffs with nutrition and health claims not only apply to communications addressed to the general public but also to communications...more

Data Breach Notification In the EU: A Comparison of US and Soon-To-Be EU Law

In the United States Congress has repeatedly attempted, but failed, to agree on federal data breach notification legislation. As a result, there is no single federal statute that imposes a breach notification obligation on...more

ESMA Issues Report on Distributed Ledger Technology

On February 7, 2017, the European Securities and Markets Authority (“ESMA“) published a report regarding distributed ledger technology (“DLT“). DLT is a developing technology that has the potential to significantly alter...more

EU General Data Protection Regulation (GDPR) - Overview of Key Points

A new data protection framework (the GDPR) has been adopted, significantly changing current EU laws. It will take the form of a Regulation and so will be directly applicable in all EU Member States from 25 May 2018. Once in...more

Governance & Securities Law Focus: Latin America Edition - February 2017

This newsletter provides a snapshot of the principal US and selected international governance and securities law developments during the fourth quarter of 2016 that may be of interest to Latin American corporations and...more

Cross-border Trade Secrets Protection - Coincidence or Collaboration?

The US and the EU passed new trade secret laws within 30 days of each other. If you are engaged in cross-border business you are now subject to dual enforcement -- but also common protections in both jurisdictions. What can...more

Update – Sweden’s Request to Ban American Lobster in the EU Risks Violating the Rules of the WTO

In July 2016, we reported that the Swedish Government had requested that the European Union impose a ban on imports of U.S./Canadian live lobster (Homarus americanus). Sweden argues that Homarus americanus should be...more

2017 heralds new non-financial reporting requirements across Europe

For many large companies across Europe, 2017 marks the introduction of new non-financial reporting requirements addressing issues such as human rights and corruption for financial years beginning on or after 1 January 2017....more

The EU Winter Package Briefing Paper

Clean energy for all Europeans - On 30 November 2016 the Commission published its so-called ‘Winter Package’ of eight proposals to facilitate the transition to a ‘clean energy economy’ and to reform the design and...more

The Financial Report, Volume 6, Number 3

The Ninth Circuit Court of Appeals in San Francisco is poised to rule on, with respect to President Donald Trump’s recent executive order on immigration, the question of how much power a president has to issue executive...more

EU Technical Standards on Additional Collateral Outflows for Derivative Transactions Published

A Commission Delegated Regulation, in the form of Regulatory Technical Standards, on additional liquidity outflows corresponding to collateral needs resulting from the impact of an adverse market scenario on an institution's...more

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