News & Analysis as of

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

Financial Services Quarterly Report - Fourth Quarter 2013: Management of French Funds and Access to the French Market: New...

Further to the implementation of the AIFM Directive in France, new cross-border management and distribution possibilities are now available for investment products in the form of alternative investment funds (AIFs)....more

Cross Border VAT - The New One Stop Shop And Changes To The Place Of Supply Of Electronic, Telecoms And Broadcasting Services From...

THE CURRENT DISTORTION The place of supply rules govern where a particular supply takes place, and therefore determine where businesses are obliged to register, collect and remit Value Added Tax (VAT) due on their...more

Cross-Border Application of EMIR — What Has Changed?

The European Securities and Markets Authority (ESMA) has now published its Final Report regarding the cross-­border application of European Market Infrastructure Regulation (EMIR) Regulatory Technical Standards (the ...more

Corporate and Financial Weekly Digest - November 15, 2013

In this issue: - SEC Division of Corporation Finance Issues 11 New C&DIs - Register for Our 2014 Proxy Season Update Webinar - CFTC Issues Cross-Border Transactions Advisory - CFTC Issues Guidance...more

National bank of Ukraine toughens requirements for mandatory sale of foreign currency proceeds

The recent amendments to Ukrainian banking legislation stipulating additional requirements for sale of proceeds by residents and non-residents in foreign currency have come into force....more

Business Across Borders - Leaving the nest: an overview of companies’ international ventures

With global forecasts for trade growth remaining well below the average of the past 20 years, the last article in our Business Across Borders series, written by the Economist Intelligence Unit, and launched today, examines...more

Basics Of Employment Law In Italy

Italy, with a population of over 60 million, is one of the top ten largest economies in the world. There are many benefits to doing business in Italy, including its favorable geographic location and flexible and diverse...more

European Cross Border Employment Contracts: Which Law Applies?

According to the Rome Convention of June 19, 1980 (applicable for employment contracts entered into with until December 16th, 2009) as well as the European Regulation 593/2008 (for employment agreements concluded afterward),...more

Europe: EU Court of Justice takes stand against prohibitions on cross-border betting and gaming activities

Patrick Van Eecke and Antoon Dierick (both DLA Piper Brussels) comment on the latest ruling of the European Court of Justice in respect of Italian gaming an betting regulations....more

The Mergers & Acquisitions Review - Seventh Edition: Chapter 16: Cayman Islands

I OVERVIEW OF M&A ACTIVITY - Despite signs of a stabilising economy, the Cayman Islands witnessed a 1 per cent decrease in new company registrations in 2012 compared to 2011; 8,971 new companies were incorporated...more

Alert: ESMA Consults on Extraterritoriality

The extraterritorial effect of new financial regulation is a controversial issue, fundamental to the business of banks, brokers, funds and their clients. A consultation paper containing proposed rules on certain...more

Alternative Investment Fund Managers Directive: Cyprus in the AIFMD Era

In This Issue: - Highlights of AIFM Law provisions - Licensable AIFMs pursuant to the AIFM Law - Depositary - Cross-border management and marketing of AIFs (Passport) - On 5 July 2013 Cyprus transposed...more

The Projects and Construction Review, Chapter 22 "Italy"

The current state of Italian project finance is the result of a trend initiated more than 20 years ago, when public resources started to become scarce and the construction or infrastructure needed private funds to be carried...more

Orrick's Financial Industry Week in Review - July 22, 2013

SEC and EU Supervisory Cooperation for Asset Management Industry - On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3...more

European Commission and CFTC announce a path forward on cross-border regulation of OTC derivatives

On July 11, 2013, the Commodity Futures Trading Commission and the European Commission announced a high-level joint understanding (referred to in the announcement as the “Path Forward”) regarding the approach to the...more

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