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

Privacy Shield is final: What it means for businesses

The US Department of Commerce announces that it will begin accepting applications for Privacy Shield certifications beginning on August 1. For US organizations collecting personal data from the EU, the past year has been...more

BaFin establishes new whistleblower reporting

On 2 July 2016, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) introduced a new reporting platform for whistleblowers of financial sector institutions under BaFin's...more

European Parliament Passes Landmark Data Protection Regulation

On April 14, 2016, the European Parliament passed the General Data Protection Regulation (GDPR) and its companion, Data Protection Directive for Police and Criminal Justice Authorities. The GDPR is a comprehensive regulation...more

Competition News July-August 2016

The French Competition Authority severely punished the exclusivity practices put in place by company in a dominant position - On June 23, 2016, the French Competition Authority punished the Belgian group Umicore for...more

Your daily dose of financial news - The Brief – 7.22.16

EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more

EU and UK Sanctions Update: July 2016

Below is a summary of developments since our previous update in May, relating to European Union (“EU”) sanctions on Russia, Iran and other jurisdictions, the impact of Brexit on EU sanctions and recent changes with respect to...more

Blog: FCA accepts that it needs a mission, & that consumers must take responsibility for their own decisions

Andrew Bailey, the new CEO of the UK’s Financial Conduct Authority, gave what some might regard as an extraordinary speech at the FCA’s annual public meeting a few days ago. “Extraordinary” for 2 reasons. First, he recognised...more

EC Amends Cosmetics Regulation to Allow Use of Titanium Dioxide (Nano) as UV Filter

The European Commission (EC) published on July 14, 2016, a regulation in the Official Journal of the European Union that amends Annex VI, the list of ultraviolet (UV) filters allowed in cosmetic products, of the cosmetics...more

Brexit: Preparing for the Unknown — Practical steps

The UK’s new Prime Minister Theresa May has said: “The country voted to leave the European Union, and as prime minister I will make sure that we leave the European Union.” That seems like a clear statement, but the...more

How Will Brexit Impact Environmental and Energy Law?

Following the recent UK referendum result, attention is now turning to the legal implications for specific policy areas. While the overwhelming majority of the UK’s environmental legislation is derived from EU...more

The 2016 EU Data Protection Legislation

In April 2016, the European Union adopted new legislation on data protection. The part relevant to private enterprises (EU Regulation 2016/679) is known as the General Data Protection Regulation or “GDPR.” The GDPR is subject...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

ECJ Ruling Opens Door To Withholding Tax Refunds

The European Court of Justice (ECJ), in the case of Brisal, has determined on 13 July 2016 that national law which prohibits a non-resident taxpayer from deducting financing/operating costs from interest withholding tax...more

European Chemical Agency Publishes Call for Evidence on the Use of Formaldehyde Releasers

On July 6, 2016, the European Chemicals Agency (ECHA) issued a call for evidence from relevant stakeholders to gather information on the uses of formaldehyde releasers. ECHA intends to issue a report to inform the...more

Financial Services Weekly News - July 2016 #3

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

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

On February 29, 2016, the Swedish Government requested that the European Union impose a ban on imports of U.S./Canadian live lobster (Homarus americanus). Sweden argued that Homarus americanus is an “alien invasive species”...more

A Side-By-Side Comparison of “Privacy Shield” and the Controller-Processor Model Clauses: The Easiest Way to Understand What...

The EU Data Protection Directive 95/46/EC (the “Directive”) creates the legal framework for the national data-protection laws in each EU member state. The Directive states that personal data may only be transferred to...more

"Brexit: Implications for UK Capital Markets"

On 23 June 2016, a majority of the UK electorate voted to leave the European Union (EU). This decision, referred to as “Brexit”, has already caused significant domestic political upheaval, but the ultimate legal implications...more

ECB Guide on Approach for the Recognition of Institutions Protection Schemes

On July 12, 2016 the European Central Bank published a guide on the approach for the recognition of institutional protection schemes for prudential purposes. The report aims to ensure coherence, effectiveness and transparency...more

Privacy Shield to Open for Business August 1

After more than two years of negotiations, on July 12, 2016, the European Commission formally adopted the EU-U.S. Privacy Shield (the “Privacy Shield”) framework as a valid mechanism for transfers of personal data from the EU...more

The OJ Publishes MiFIR and MiFID II Corrigendum

Corrections to the text of MiFIR (Regulation 600/2014) and MiFID II (2014/65/EU) have been published in the Official Journal of the EU. These correct “obvious errors” in the original text, as published in certain language...more

Future of U.K. Data Protection Regs Unclear

As new British Prime Minister Theresa May assembles her new Cabinet, including a new Secretary of State for Exiting the European Union following the June 23, 2016 Brexit referendum outcome, the U.K.'s march forward to leave...more

Impact of Brexit on Policyholders Buying Insurance in the UK Market

Following the UK referendum vote on 23 June to leave the European Union, businesses and individuals around the world are closely monitoring the emerging political, business and economic situation. It is not yet known...more

Blog: The #AIFMD for non-EU Fund Managers: why it might soon be easier to market a Fund into the EU than it’s been so far

At the moment, a non-EU PEVC fund manager (Fund Manager), managing a non-EU PEVC fund (Fund), can only market* that Fund in the EU if it complies with the National Private Placement Regime (NPPR) in every relevant EU country....more

English jurisdiction agreement in bond prospectus: does it bind a secondary market purchaser?

The Court of Justice of the European Union (CJEU) has considered the circumstances in which an English jurisdiction clause contained in a prospectus concerning the issue of bonds might be enforceable against a purchaser of...more

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