Cross-Border European Commission

News & Analysis as of

Transfer of Employees’ Personal Data from Germany to the United States under German Data Privacy Law

Following the ECJ’s decision in the “Schrems” case which has invalidated the Safe Harbor framework multinational corporations may now face profound privacy law related compliance issues in a multitude of jurisdictions. In the...more

EU–US Safe Harbor About to be Struck Down?

Thousands of U.S. and European companies who rely on the EU–US Safe Harbor Framework to permit the transfer of personal data from the EU to the U.S., have come a step closer to seeing the transfer mechanism struck down....more

WCRR: EU Audiovisual Media Services Directive Open for Debate

The European Commission launched July 6 a public consultation on the Audiovisual Media Services Directive 2010/13/EU ("AVMSD"), entitled "A media framework for the 21st century," paving the way towards a single European...more

Pensions News - July 2015

Welcome to DLA Piper’s Pensions News publication in which we report on developments in pension legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

AIFMD Marketing Passport: ESMA Provides European Commission With Advice on Its Possible Extension to Non-EU Jurisdictions

On July 30, after a one-week delay, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion to the European Parliament, Council and Commission and responses to the call for evidence on the...more

The European Commission's Digital Single Market Strategy and its impact on your business

The Strategy contains several key actions under three pillars and the Commission will set out to make a number of relevant legislative proposals in this regard. As a first step to implement the Strategy, also on 6 May 2015,...more

Standing in the antitrust firing line - Regulators investigating antitrust cases are reaching across borders, and fines are on the...

Regulators investigating antitrust cases are working across borders and are getting tougher on transgressors. Corporates at risk need to be more prepared than ever. In 2000, a cartel of companies producing the animal...more

Orrick's Financial Industry Week in Review

SEC Proposes Rules to Require Disclosure Regarding the Relationship Between Executive Pay and Company Financial Performance - On April 29, the Securities and Exchange Commission published proposed rules that would...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

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

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

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 Reach Agreement on “Common Path Forward”

On July 11, the European Commission (EC) issued a memorandum announcing its agreement with the United States Commodity Futures Trading Commission (CFTC) relating to their joint understanding on a package of measures for...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

European Commission Requests ESMA Deliver Draft Regulatory Technical Standards on Cross-Border Application of EMIR

On May 13, the European Securities and Markets Authority (ESMA) published a letter (dated April 22, 2013) from Jonathan Faull, European Commission Director General of Internal Market and Services, to Steven Maijoor, ESMA...more

Orrick's Financial Industry Week In Review - May 20, 2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

Financial Services Quarterly Report - First Quarter 2013: The Role of the Depositary Under the AIFM Directive

The Alternative Investment Fund Managers Directive (the “AIFM Directive”) requires that private funds appoint a “depositary”. To date, there has been no cross-border regulatory requirement for hedge or other private funds to...more

EU Proposed Directive on Network and Information Security

On 7 February, the European Commission (EC) published an EU Cyber Security Strategy encompassing a proposed Directive on Network and Information Security (NIS Directive). The aim of the Strategy and NIS Directive is to...more

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

Skadden's 2013 Insights: Corporate Restructuring

The global reach of capital markets, financial difficulties in the eurozone and the multinational nature of many businesses and financial institutions have increased the importance of understanding legal, business and other...more

European Commission Publishes 2013 Action Plan on Key Changes to European Company Law and Corporate Governance

The European Commission has published an Action Plan (the Plan) on European company law and corporate governance for 2013. The Plan sets out 16 different priority actions to be taken by the Commission, including proposed...more

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