News & Analysis as of September 24, 2024

European Union › Consumer Financial Products

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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 -

FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

Jones Day on 8/15/2024

The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...more

EU Second Consumer Credit Directive: Scope and impact for buy-now pay-later (BNPL) providers

Hogan Lovells on 7/26/2024

Among the changes introduced by the Second Consumer Credit Directive ((EU) 2023/2225) (CCD II) is an expansion of the scope of the current consumer credit regime under Directive 2008/48/EC (CCD I). The aim is to increase...more

An interest-ing question: when is a default interest rate a penalty?

A&O Shearman on 7/15/2024

The Court of Appeal has affirmed a three-step test for penalty clauses: (1) is it a secondary obligation; (2) does the clause protect a legitimate interest; and (3) is it extortionate by reference to the legitimate interest?...more

ESAs Propose New SFDR Classification System

Latham & Watkins LLP on 6/27/2024

The ESAs urge the European Commission to consider a labelling rather than a disclosure regime to help consumers understand the sustainability goals of financial products....more

Insights – June 2024

Skadden, Arps, Slate, Meagher & Flom LLP on 6/27/2024

Explore the unique considerations for mergers and acquisitions in the AI sector, the return of IPOs, the implications of new Supreme Court decisions and other developments in this edition of Skadden’s quarterly Insights....more

The EU AI Act: What Businesses Need To Know

Skadden, Arps, Slate, Meagher & Flom LLP on 6/27/2024

The newly approved Artificial Intelligence Act (AI Act or the Act) aims to create a secure and trustworthy environment for the development and use of AI in the European Union....more

Outline CRR III / CRD VI - Final Basel III Standards

Mayer Brown on 6/21/2024

I. IMPLEMENTING BASEL III THROUGH THE CRR III REGULATION - The Basel III standards comprise a package of reforms that were largely agreed by the Basel Committee on Banking Supervision ("BCBS") in December 2017 and set out...more

Side Letters: Just Paper Tigers, Or Do They Roar?

White & Case LLP on 5/7/2024

Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more

Cadwalader Climate - April 2024 #5

Cadwalader, Wickersham & Taft LLP on 5/1/2024

In this edition we discuss several updates aimed at the financial sector, including transition planning reports published by the Network for Greening the Financial System, prudential guidance from the Bank of England on how...more

Liquidity Management, Loan Origination and Credit Funds under AIFMD II

Cadwalader, Wickersham & Taft LLP on 3/14/2024

I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more

Fintech Focus Podcast | Are Regulators Dictating Fintech Deal Terms?

Skadden, Arps, Slate, Meagher & Flom LLP on 3/5/2024

Skadden presents the inaugural episode of our podcast “Fintech Focus,” which will explore current trends, news and developments in the fintech space. European counsel and host Joseph Kamyar kicks off the series with colleague...more

EU’s Highest Court Issues Major AI Decision With Wide-Reaching Impact

Alston & Bird on 12/20/2023

On 7 December 2023, the Court of Justice of the European Union (CJEU) issued an important decision on how the GDPR governs AI-assisted decisions. The case arose in the financial services context, with the court holding that...more

EU Revamps Consumer Credit Rules

Latham & Watkins LLP on 11/21/2023

The changes will significantly modernise the regime and enhance consumer protections. The EU has adopted a new Consumer Credit Directive, known as CCD2, which repeals and replaces the existing EU consumer credit regime...more

EU Regulatory Developments on Credit Markets

Akin Gump Strauss Hauer & Feld LLP on 8/14/2023

What’s New? A new European Union (EU) Directive on Credit Servicers and Credit Purchasers (the Directive) requires investors who acquire, manage, or sell non-performing loans (NPLs), issued by EU-authorised credit...more

How to Prepare for a Real Estate Enforcement in Europe, Part 4 – Challenges

Cadwalader, Wickersham & Taft LLP on 8/2/2023

In this mini-series on European real estate enforcements and restructurings, we have covered how to prepare for an enforcement in Part 1, emphasised the importance of valuation evidence in Part 2 and highlighted key...more

CFPB and Justice and Consumer Protection of the European Commission Announce Plans for an “Informal Dialogue”

Goodwin on 8/1/2023

On July 17, 2023, Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission and Rohit Chopra, Director of the Consumer Financial Protection Bureau, announced the start of an “informal...more

EMIR - Proposed Changes to EU Derivatives Rules

Akin Gump Strauss Hauer & Feld LLP on 7/28/2023

European Union (EU) proposals for changes to the over-the-counter (OTC) derivatives trading rules are underway. The final rules are not yet agreed, but we set out a summary of the proposals below....more

Happy FFFourth! June 2023 - FFA European Fund Finance Symposium Review, Part 2

Cadwalader, Wickersham & Taft LLP on 6/30/2023

We reported in last week’s edition of Fund Finance Friday on some of the significant themes and topics at the FFA 7th Annual European Fund Finance Symposium....more

EU Non-Performing Loans Directive: Potential impact of implementation in some key Member States

Hogan Lovells on 6/1/2023

The EU Directive (EU) 2021/2167 (NPL Directive), published in the Official Journal of the EU on 8 December 2021 and regulating the sale, purchase and servicing of both consumer and commercial non-performing loans (NPLs)...more

SFDR update alert: AMF proposes revisions to SFDR

Dechert LLP on 2/22/2023

AMF: Articles 8 and 9 SFDR should set minimum environmental standards for financial products - On 10 February 2023 the French regulator (Autorité des Marchés Financiers (“AMF”)) published its proposals as to changes it...more

EU says EU-US Data Privacy Framework lacks adequate protections

Orrick, Herrington & Sutcliffe LLP on 2/17/2023

On February 14, the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs released a draft motion for a resolution concerning the adequacy of protections afforded under the EU-US Data Privacy Framework....more

ESMA Announces Review Covering the Marketing of Financial Products across EU including Greenwashing

Cadwalader, Wickersham & Taft LLP on 2/13/2023

On January 16, 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) in partnership with EU Member State national competent authorities (NCAs). The CSA will cover...more

Luxembourg’s CSSF SFDR Guidance: What You Need to Know

Dechert LLP on 12/20/2022

On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more

EU consumer credit legislation in the digital era: Political agreement on CCD II reached

Hogan Lovells on 12/6/2022

The Council of the EU and the European Parliament have reached provisional political agreement on the proposed Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The...more

UK Government Publishes Brexit Freedoms Bill Setting Deadline for Revocation of EU Law

A&O Shearman on 10/7/2022

The U.K. Government has published the Retained EU Law (Revocation and Reform) Bill, known as the Brexit Freedoms Bill, which aims to repeal or assimilate retained EU law and abolish the principle of the supremacy of EU law in...more

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European Union › Consumer Financial Products

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