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

Orrick's Financial Industry Week in Review

European Banking Authority Publishes Opinion on European Commission's Proposed Amendments to ITS - On April 16, the European Banking Authority (EBA) published via its website an opinion dated April 4, 2014 on...more

In for a Penny, in for a Pound

It is generally known that those who infringe a patent are liable for committing the act of infringement. In the vast majority of cases this is the person who produces patent-infringing goods or sells or uses a patented...more

Spain: Football player sentenced to prison for personal injury

The Criminal Court of Vigo sentenced a local football player to 4 months imprisonment for a personal injury offence which occurred in a football game in Vigo, a city situated in north-west Spain. The offence was...more

EU, U.S., Ukraine and Russia Sign Pact to Deescalate Crisis, but Sanctions Threats Still Loom

On April 17, 2014, U.S., EU, Russian and Ukrainian representatives endorsed an agreement outlining initial steps to deescalate tensions in Ukraine. For the moment, the agreement may temporarily stall additional U.S. and EU...more

EU Banks –Dog Bites Man, Again

The Financial Times reported on April 2 that the Eurozone Banks continue to load up on sovereign debt; generally, the debt of their respective host countries. A few days later, the Financial Times reported a bevy of talking...more

The Financial Report - Volume 3, No. 8 • April 2014 (Global)

Discussion and Analysis - According to various media sources summarizing the findings of a recently published “Progress Report,” as of April 1, 2014, of the 398 total rulemaking requirements under the Dodd-Frank Act,...more

Europe Under Review: Part 3 Of 8 – Accuracy And Proportionality

As the next in our series of “back to privacy basics”, we look at the rules regarding accuracy and proportionality in the processing of personal data. As we will do throughout this series, we take a look at the current...more

Business Litigation Report -- April 2014

In This Issue: -- Main Article: DOJ’s Use of Expansive Legal Theories Broaden FCPA Jurisdiction -- Noted With Interest: Proposed Amendments to the Federal Rules Aim to Lessen Burden of Discovery --...more

Public Meeting Does Not Clarify Direction of PCAOB’s Proposal to Expand the Auditor’s Report

While most commenters at the PCAOB’s April 2–3 public meeting on the Auditor’s Reporting Model proposal expressed support for additional reporting by auditors, the views as to the nature of such reporting were disparate and...more

Easter chocolate bunnies

Easter is rapidly approaching and many of you have probably already stocked up on eggs and chocolate bunnies. While you will be enjoying them, maybe you will be thinking of the calories that you are taking in, the taste...more

"European Parliament Approves Proposed Directive on Private Antitrust Damages Actions"

On April 17, 2014, the European Parliament overwhelmingly approved the European Commission’s proposal for a directive on private antitrust damages actions (the Directive). The Directive is intended to facilitate antitrust...more

EU Customs Practice Group - March 2014

In This Issue: - EU CUSTOMS POLICY: ..UCC developments ..Proposed EU Framework for Customs Infringements and Sanctions - TARIFFS: ..Duty Suspensions and Tariff Quotas ..EU reduces additional...more

New EU Energy and Environmental State Aid Guidelines Adopted: Phase Out of Renewable Energy Subsidies in Sight

On 9 April 2014, the European Commission adopted its new Energy and Environmental State Aid Guidelines (the "EEAG") which will take effect from 1 July 2014 onwards, replacing the Environmental State aid Guidelines ("EAG")...more

European Parliament adopts legislation facilitating antitrust damages actions

Today, the European Parliament approved legislation governing antitrust damages actions brought in the national courts of EU Member States. The Parliament’s approval was the last significant hurdle and follows several years...more

ECHA Planning Workshop on Regulatory Challenges in the Risk Assessment of Nanomaterials

The European Chemicals Agency (ECHA) will hold a topical scientific workshop on October 23-24, 2014, on regulatory challenges in the risk assessment of nanomaterials. The workshop will bring together experts in the field of...more

Germany: When is a New Hire too old to join a Company Pension Scheme?

In Germany, all employees are mandatorily covered by the statutory pension insurance which provides the main source of income during retirement. In addition, many companies grant company pension benefits to their employees,...more

TSCA Reform: Do It Now, Or It May Never Be Done

Whatever window of opportunity exists to reform the Toxic Substances Control Act is closing. This is not only because the mid-term elections are fast approaching, or that there are too few legislative days left this session,...more

CFTC Seeks Comments on ICE Clear Europe Petition

On April 7, the Commodity Futures Trading Commission requested public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) to amend an earlier CFTC order permitting ICE Clear Europe and futures...more

The Highest Court in the European Union Strikes Down the Data Retention Directive as Invalid

In a significant move, the Court of Justice of the European Union (CJEU) has ruled that the Data Retention Directive 2006/24/EC (Directive) is invalid. This decision is expected to have wide-reaching implications for privacy...more

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

French Approach to After Hours Work Unlikely to Catch On

A new labor agreement reached in France requires employers in certain technology and consultancy sectors to take steps to ensure employees are not plugging into work on their free time. France has had a 35-hour workweek for...more

UCITS V - Aligning with AIFMD!

The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Services - Financial Crime - Excerpt from Derivatives: European Commission Consults on Definition...more

EU expands Ukraine-related asset freeze list to four more persons, work on possible Russia sanctions continues

In an attempt to strengthen European Union (EU) sanctions targeting misappropriation of Ukrainian state funds, the EU has added another four names to the existing list of individuals subject to an asset freeze. These...more

Privacy in Latin America and the Caribbean

With the enactment or implementation of several new data privacy laws in the past couple of years, the privacy landscape in Latin America and the Caribbean continues to change dramatically. Twelve countries in the region now...more

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