Following the expiry of the transition period which ended on 31 December 2020 at 11pm GMT (known as “IP Completion Day”), the UK is no longer a member of the EU. ...more
Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules for EU and UK transactions, particularly those that are cross-border. ...more
Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial...more
The U.K. Prudential Regulation Authority has published a consultation paper entitled "UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards." The consultation forms part of a package of...more
Financial Industry Developments - SEC Adopts Jobs Act Amendments - On April 5, the Securities and Exchange Commission ("SEC") announced that it has adopted amendments to increase the amount of money companies can...more
As is our tradition here at Crunched Credit, each year, about this time, we present our Golden Turkey Awards. In a year of monumentally bad surprises, we truly had difficulty narrowing our list down to only the exceptionally...more
Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more
BROKER-DEALER - FINRA Adopts Amendments on Resumption of Trading - The Financial Industry Regulatory Authority has adopted amendments to clarify the operation of the Regulation NMS Plan to Address Extraordinary...more
The global financial crisis hit Europe especially hard, in large part because countries could not let their banking systems fail and the resultant governmental support of troubled banks caused systemic financial stress. The...more