News & Analysis as of

SEC Sued to Implement Resource Extraction Rules

On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Since that time, industry players have asked the SEC to...more

The Mergers & Acquisitions Review: Eighth Edition: Chapter 17 - Cyprus

I GENERAL INTRODUCTION TO THE LEGAL FRAMEWORK FOR M&A - Since Cyprus’s accession to the EU, the legislation regulating M&A activity in Cyprus has been closely aligned with Europe-wide practices. Prior to...more

Adoption of a new European legal framework applicable to cross-border electronic identification and e-signatures

The European Parliament and the Council adopted on 23 July 2014 a regulation on electronic identification and trust services for electronic transactions in the Internal Market (the "Regulation"). Before that, the Directive on...more

EU Adopts a Parent-Subsidiary Directive Amendment on Hybrid Loans

On July 8th 2014, the European Union’s Economic and Financial Affairs Council (ECOFIN) adopted an amendment to the Parent-Subsidiary Directive (PSD). This amendment is targeted at cross-border hybrid loans and aims to...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

The CFTC’S Cross-Border Application of the Dodd-Frank Act

After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more

European Account Preservation Orders: A New Method for Debt Recovery

The European Union has introduced a new procedure to facilitate cross-border debt recovery, which aims to preserve funds and recover bad debt....more

Cross-Border Conversion of a Company in the European Union

Traditionally, a cross-border “migration” of a company from one European Union (EU) Member State to another EU Member State, while technically possible, has been cumbersome and costly. Such a migration would involve either a...more

International Tax News - June 2014

NEW FOR SUPPLIERS OF DIGITAL CONTENT AND INTANGIBLES: DLA PIPER’S GLOBAL VAT GUIDE - Starting January 1, 2015, EU VAT rules for suppliers of digital content, telecommunications and broadcasting services are changing....more

Intangible Services, Rights And Digital Content: Global VAT Guide

Welcome to DLA Piper’s Global VAT Guide: Cross Border Supplies of Intangible Services, Rights and Digital Content. As business grows more global, the challenge for in-house counsel and in-house VAT specialists is...more

UK High Court confirms jurisdiction to grant cross-border declaration of non-infringement

In Actavis Group HF v. Eli Lilly & Co. the UK High Court has granted a declaration of non-infringement in the UK, France, Italy and Spain. A jurisdictional challenge in relation to the French, Italian and Spanish...more

Financial Regulatory Developments Focus - June 2014 #2

In this issue: - Derivatives - Capital and Prudential Regulation - Remuneration - Credit Ratings - Funds - Financial Services - Enforcement - Events -...more

Restrictive Covenants and the Cross-Border Employer

In most U.S. states employers are free to bind employees with restrictive covenants – which commonly take the form of post-employment restrictions on soliciting clients or employees – as a condition of employment. The wide...more

European Council adopts directive on the collective management of copyright and multi-territorial licensing of online music

On February 20, 2014, the European Council adopted a directive on the collective management of copyright and multi-territorial licensing of online music (the “Directive”). The two principal aims of the Directive are...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more

EU – International data transfers from processors to processors made easier, good news for cloud providers and outsourcers

Working Party 29 issued a working document on model clauses for personal data transfers from EU data processors to non-EU sub-processors. This is an important step towards creating a more comprehensive framework for...more

Simplified Authorization Procedure for Cross-Border Marketing of Swiss Securities Funds and German UCITS

At the beginning of this year – to the (pleasant) surprise of market participants – an agreement came into force to implement a simplification in the marketing of Swiss securities funds (Effektenfonds) in Germany, and German...more

U.S. and European Cross-Border Real Estate Investment: Key Structuring Considerations

Deploying real estate capital across international markets can be a complex exercise, and structuring cross-border investments so that capital can be brought back efficiently adds to the complexity. Accommodating the...more

Consumer Rights Directive: Significant implications for online businesses with effect from 13 June 2014

The EU Consumer Rights Directive (2011/83/EC) will bring into effect, from 13 June 2014, significant changes to German consumer rights. The aim of the Directive is to standardise national legislation across member states,...more

EU Commission to investigate cross-border pay-TV movie services – a new Murphy’s law?

Executive summary - The European Commission has commenced antitrust proceedings against several prominent European pay-TV service providers and major U.S. film studios including Sony Pictures Entertainment,...more

"US Swap Regulation: Cross-Border Debate Among Issues to Watch in 2014"

Since the enactment of Dodd-Frank in 2010, the CFTC and the SEC have proceeded at different speeds to address previously unregulated markets for swaps and security-based swaps, respectively. The CFTC moved quickly to develop...more

Markets In Financial Instruments Directive: Agreement In Principle On Revised European Rules

Introduction - On 14 January 2014 the European Parliament, the Council and the Commission reached a high-level agreement in principle on updating the rules for the revised Markets in Financial Instruments Directive...more

EMIR Trade Reporting Requirements Come Into Effect 12 February 2014

Following the European Securities and Markets Authority’s approval and registration of the first four trade repositories (TRs) in November 2013, counterparties to all types of over-the-counter and exchange-traded derivatives...more

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

"EMIR Regulations Continue to Impact Derivatives Markets in 2014"

The financial crisis highlighted a number of problems in global OTC derivatives markets, including transparency, counterparty credit risk and a consequent removal of market liquidity. International concerns about these...more

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