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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ESMA Securities and Markets Stakeholder Group Responds to ESMA Consultations on Draft Technical Standards and Technical Advice on...

On October 13, the Securities and Markets Stakeholder Group (SMSG) of the European Securities and Markets Authority (ESMA)published its response to the July consultations published by ESMA on draft technical standards and...more

The Alternative Investment Fund Managers Directive One Year On – A Guide for Non-EU Managers

It has now been a full year since US and other non-EU managers of private funds became subject to the Alternative Investment Fund Managers Directive when seeking to market or sell funds in countries in the European Union. The...more

CPMI-IOSCO Recovery of Financial Market Infrastructures Report

On October 15, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissioners (IOSCO) published a final report entitled, “Recovery of Financial Market...more

Be Global - October 2014

Saudi Arabia: Further changes to the Nitaqat System - In the last couple of years the Government in Saudi Arabia has been increasingly engaged with the issue of employment and creating opportunities for Saudi...more

Fan pages and social media – who shall be blamed?

Internet liability are increasingly tested with the growth of social media. And we receive a large number of requests of advice from clients running a fan page, a group or a list on social networks dedicated to either their...more

Financial Regulatory Developments Focus - October 2014 #5

In this issue: - Bank Prudential Regulation & Regulatory Capital - Derivatives - Recovery & Resolution - Shadow Banking - People - Events - Excerpt from Bank Prudential...more

Regulatory Reporting Under AIFMD – an Update and Comparison to SEC’s Form PF

The Alternative Investment Fund Managers Directive (the “AIFMD”) introduces new regulatory reporting requirements for alternative investment fund managers (“AIFMs”) established in the European Economic Area (“EEA”) and...more

Belgium Publishes Decree on the Nanomaterial Register

The Belgian Royal Decree Regarding the Placement on the Market of Substances Manufactured at the Nanoscale, a Report to the King, and the Opinion of the Council of State were published in the September 24, 2014, issue of the...more

Status Updates - October 2014 #12

..Unfree speech? In the United States, the First Amendment would likely prevent the prosecution of someone who posted racist or anti-Semitic messages on a social media platform. But social media platforms operate worldwide,...more

Wiped Out

If you thought Google was the only organization affected by the European Court of Justice’s May decision honoring a Spanish man’s right to have a newspaper story about him erased from its search rankings, you’d be wrong. In...more

What Price Market Integrity? The Various “Benchmark Reviews”

When the LIBOR scandal first came to light, governments and regulators quickly took the view that “something had to be done” about pricing indices (Benchmarks). Since that moment, the FX scandal and further investigations...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

Law À La Mode - Issue 14 – October 2014 (Global)

In This Issue: - Understanding the EU Consumer Rights Directive: An overview of the new Directive on Consumer Rights and its implementation in Belgium, France, Italy and the UK - Free Zones in the UAE: What do...more

EUROPE- European Commission and UEFA “strengthen their relations” with Arrangement for Co-operation

On 14 October 2014 the European Commission and the Union of European Football Associates (UEFA) signed an Arrangement of Cooperation (the “Agreement”) which shall expire on 17 December 2017. The Agreement comes as UEFA...more

Germany’s Minimum Wage Act To Impose Far-Reaching Requirements

Unlike most European countries and the United States, Germany’s workforce has long operated without a nationwide/general minimum wage. But that will change January 1, 2015, when the country’s first national minimum wage...more

Website Blocking Orders - A New Tool in the Fight Against Online Trade in Counterfeit Goods

There are many ways in which online trade in counterfeit goods can be tackled. Unfortunately, they are often ineffective and in many cases expensive. ...more

All-In@EiG 2014 Co-ordinated Advice on a Global Scale

In This Issue: 1. Welcome to EiG 2014 2. Europe: Gaming in the Cloud 3. Risk – What’s Your Appetite? 4. Japan: Current Status of Casino Legalization 5. Poland: Overview of Expected Changes 6. Patents on...more

Creating a Speak-Up Culture in the E.U.: Five Key Challenges Compliance Professionals Are Tackling

This autumn, I moderated two roundtables—one in Stockholm and one in Geneva—on the challenges of creating a speak-up culture. With nearly two dozen senior ethics and compliance professionals in attendance, it made for a very...more

Right time for Internet of Things regulations?

Internet of Things technologies are already all around us and with a market that is expected to reach a value of more than $ 14.4 trillion over the next decade with 50 billion connected devices by 2020, the question is...more

Cyber coverage: mind the gap

This alert identifies a number of important themes in the growing area of exposure to cyber risks and offers advice on how to negotiate the new array of insurance coverage on the market....more

Margrethe Vestager: the New EU Competition Commissioner

The competition portfolio in President Juncker’s new Commission falls to Margrethe Vestager, a social liberal politician from Denmark. Margrethe Vestager is expected to take up her post as the new Competition...more

The General Data Protection Regulation - Update on the latest developments

Introduction - The European data protection directive is already one of the most stringent data protection laws in the world. Europe is set to have an even more rigorous data protection law with the introduction of the...more

Prioritising Privacy

Law firms and clients that are caught unaware of changes to international data protection legislation risk heavy fines. New laws, fines and increased enforcement activity mean that staying on top of data protection...more

Focus on Private Equity - October 2014

Proposed EU Merger Review of Non-Controlling Minority Shareholding Acquisitions: Challenges and Opportunities for Private Equity - At present, the EU Merger Regulation [Council Regulation (EC) No 139/2004] (the Merger...more

"Banker Bonuses: UK and EU Remain on Collision Course"

Since 1 January 2014, the EU’s Capital Requirements Directive (CRD)1 has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent...more

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