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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Rating Agency Developments

On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS. On July 24, Fitch issued Asia-Pacific Consumer ABS ratings criteria. On July 24, Fitch issued...more

Eye on Privacy Newsletter - July 2014

In this issue: - Proposed California Law Would Impose Data Breach Liability on Retailers and Create More Stringent Data Security Requirements for Businesses - FTC Continues Its Aggressive FCRA Enforcement and...more

Know What You Don’t Know: New EU AML Directive Requires Stringent Third Party & Customer Due Diligence

Over the past couple of years, the European Commission has been working on updating its nine-year-old Third EU Anti-Money Laundering (AML) Directive to accommodate new international standards and to address previous...more

Update on EU Sanctions against Russia

Late on 25 July, the EU added 15 further persons and 18 entities responsible for action against Ukraine's territorial integrity to the list of those subject to an asset freeze, a prohibition against making funds or economic...more

AIFMD Goes Live

After a one-year transitional period, the Alternative Investment Fund Managers Directive (AIFMD) officially went into effect on July 22, 2014. ...more

Change to HM Treasury's policy in relation to receiving funds from an individual or entity subject to EU Sanctions

The UK HM Treasury (“HMT”) is changing its policy in relation to funds received in the UK that have come either directly or indirectly from an individual or entity outside of the EU that is subject to EU Sanctions (a...more

Iran: limited sanctions relief extended to 24 November 2014

January 2014, both the EU and U.S. brought into force measures which temporarily suspended and relaxed (for a period of six months, to end on 20 July 2014) some of the sanctions in place against Iran. This reflected the Joint...more

Internet liability rules change (again) after Wikipedia case

Internet liability rules applicable to Wikipedia are different from the ones with which YouTube has to comply according to the Court of Rome as Wikipedia has now been declared not liable to for the defamatory contents...more

The Court of Justice of the European Union Strengthens Unregistered Community Design Rights

The Court of Justice of the European Union (“CJEU”) issued its decision in Karen Millen Fashions Ltd v Dunnes Stores (C-345/13) on June 19, 2014, providing guidance on litigating unregistered Community designs and...more

Insurers To Boost Access To Financing In Italy

On 24 June 2014, Governmental Decree n. 91/2014 (the so-called “Competitiveness Decree”) was published in the Italian Official Gazette. The Decree, which aims to foster the growth of Italian companies through the possibility...more

Status Updates - July 2014 #12

..Your tax dollars at work: Wikipedia placed a 10-day ban on changes to the collaborative encyclopedia from a certain IP address inside the U.S. Capitol after discovering that bizarre and embarrassing edits were being made...more

New report on telecommunications market in the EU

The European Commission has published a new report on the telecommunications market and regulation in the EU. The report covers the period from January 2012 to December 2013 and covers a variety of regulatory issues...more

EU adds names to Ukraine sanctions and widens criteria in preparation for further sanctions, possibly this week; prolongs Iran...

This alert resumes three changes to EU sanctions adopted over the past week. This week is likely to be equally busy as further sanctions on Ukraine and Russia are expected imminently. First, and most important, the...more

EU adopts new regulation on cross-border electronic identification and e-signatures

The General Affairs Council, on 23 July 2013, adopted a regulation of the European Parliament and of the Council on electronic identification and trust services for electronic transactions in the Internal Market. Until the...more

e-IDs: the Future of Secure Digital Identification?

Over the past decade, the EU has made significant technological and legal strides toward the widespread adoption of electronic identification cards. An electronic ID card, or e-ID, serves as a form of secure identification...more

The Financial Report - Volume 3, No. 14 • July 24, 2014 (Global)

Discussion and Analysis - Monday of this week was the fourth anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Like all anniversaries, it is a time for looking back. As would...more

Global Boardroom Risk Solutions Newsletter

Now more than ever, there is a need for risk solutions in the boardroom. Any organization can be faced with a significant crisis, whether a fraud investigation, a regulatory infringement, allegations of anticompetitive...more

Honing in on the new rules for the transfer of personal data outside of the EEA

Although no major legislative milestones for the EU Data Protection Regulation have occurred since March 2014 (see status update here), there has been some progress over the late spring and early summer of 2014. One key item...more

No news doesn’t mean it’s gone away: Timing Update for the EU Data Protection Regulation

With no major legislative milestones since the March 2014 EU Parliamentary vote endorsing the LIBE draft of the new Data Protection Legislation, observers from outside the EU might understandably wonder whether the...more

The Google Tornado: Just How Ground-Breaking Is The "Right To Be Forgotten"

The recent decision of the European Court of Justice relating to Google and the "right to be forgotten", enabling citizens from the European Union to request search engines operating in Europe to delete, or not to show,...more

Update from UK Information Commissioner’s Office (ICO)

Will it happen? Well, “if it looks like a duck, swims like a duck and quacks like a duck then its probably a duck”. All the indications are that the Regulation will happen. We have to assume it will. This echoes the...more

AIFMD: Renewed Focus on Its Impact on Non-EU Managers of Private Funds

Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more

Can Works Councils Be Legally Imported From the EU and Germany?

After workers at a Volkswagen plant in Chattanooga, Tenn., rejected an attempt by the United Auto Workers to gain representation, the company continued to express interest in bringing in a German-style works council, Kristin...more

FDIC Proposes Rule to Revise Deposit Insurance Assessments to Reflect the Basel III Capital Rule

The FDIC issued a notice of proposed rulemaking (the “Proposed Rule”) that would revise the FDIC’s risk-based deposit insurance assessment system to reflect the final Basel III capital rule (the “Final Capital Rule”) adopted...more

EU Court Says Loyalty Discounts Betray Competition: Ruling Underlines U.S. Differences

Intel's use of loyalty discounts and rebates to computer manufacturers and other actions directed at competitor Advanced Micro Devices violated EU competition law, according to the European Union's (EU) General Court. The...more

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