European Economic Money

News & Analysis as of

FCA feeds back on SMR for bank branches

FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more

PRA finalises non-EEA bank branch SMR rules

PRA has published feedback on its consultation on applying the SMR to UK branches of non-EEA firms. It needs to wait for Treasury to extend the definition of “relevant authorised person” before it can make the final rules....more

Polish CIT exemption applies also to special Cypriot funds managed by a corporate body

In a recent Polish Supreme Administrative Court’s award it was confirmed that a non-UCITS fund should benefit from the Polish CIT exemption for investment funds, even if their corporate manager is contracted. The award...more

A U.S. Employer’s Guide to Basic UK Employment and Immigration Laws

UK employment law is constantly developing and it has been challenging for employers to keep up with the changes in recent years. All employers in the UK, no matter how big or small, are required to comply with these laws or...more

A New Concept in Cartel Fining: “Direct EEA Sales Through Transformed Products”

On 9 July 2015, the Court of Justice of the European Union (CJEU) issued its judgment in InnoLux Corp. v Commission C-231/14P, confirming the existence of a new concept in cartel fining: “direct European Economic Area [EEA]...more

Cayman Islands introduce opt-in regimes for AIFMD compliance

For the past few years, the ongoing developments in Europe in relation to EU investor access to non-EU alternative investment funds or EU alternative investment funds managed by non-EU managers have been the source of great...more

ECJ Decision in LCD Cartel Case Affirms Potential for Higher Fines to be Imposed on Vertically Integrated Companies

Decision allows Commission to consider sales of products incorporating cartelized goods when calculating cartel fines for a vertically integrated group selling the “transformed product” in Europe. On 9 July 2015, the...more

Hacking Your Rivals – Corporate Espionage in Major League Baseball

As we approach the dog days of summer, baseball season is again in full bloom. We previously discussed old-fashioned sign stealing in the context of teams trying to gain a competitive advantage during an actual game. But it...more

MiFID 2: Third-country firms

The MiFID 2 package takes effect (with a few exceptions) from 3 January 2017. We still await key technical measures. Following ESMA's discussion, consultation and advice papers last year, it has now started to publish final...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

EU Capital Markets Union: FCA Responds to European Commission Green Paper - The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU). The FCA...more

Another Aleynikov Trade Secrets Case Ends with Narrower Statute

In 2009, Sergey Aleynikov was a computer programmer employed by Goldman Sachs to write high-frequency trading code. He accepted an offer to join a new Chicago-based company, Teza Technologies. Before he left Goldman Sachs,...more

Individual Accountability at UK Financial Institutions - All Change

The new UK senior managers regime, which will come into force on 7 March 2016, is part of a major overhaul of the accountability regime for individuals working in UK banks and investment firms (firms). Overview...more

ISDA Launches BRRD Implementation Monitor

The implementation of the European Bank Recovery and Resolution Directive (BRRD) is currently ongoing in all EU member states, and is at different stages of the respective legislative process. In order to keep track of the...more

Starting a Hedge Fund in 2015

Hedge funds are well into the transition from bastions of alternative investment to being accepted into the mainstream investment marketplace. It is now estimated that global hedge fund assets under management amount to in...more

Financial Regulatory Developments Focus - March 2015 #2

In this issue: - Federal Reserve Board Releases Results for 2015 Comprehensive Capital Analysis and Review - Revised List of Validation Rules Issued by European Banking Authority for Supervisory Reporting...more

Distribution of Private Equity Funds in Europe after AIFMD

With the AIFMD now effective, the attention of U.S. private equity sponsors has turned to capital raising in Europe under the new regime. The key impact of the AIFMD for U.S. sponsors is the prohibition on the active...more

"China’s MIIT Releases Draft Intellectual Property Policies for Industry Standardization Organizations"

The Electronic Intellectual Property Center of China’s Ministry of Industry and Information Technology (MIIT) has released a draft “Template for Intellectual Property Policies in Industry Standardization Organizations” (the...more

Fund Distribution Strategies Under the European AIFMD

After a year-long transitional period, the European Alternative Investment Fund Managers Directive (AIFMD) is now in force, in all but six EEA Member States. This article examines the methods now available to market private...more

Privacy in the Cloud: A Legal Framework for Moving Personal Data to the Cloud

For many companies, the main question about cloud computing is no longer whether to move their data to the “cloud,” but how they can accomplish this transition. Cloud (or Internet-based on-demand) computing involves a shift...more

Regulatory Reporting Under AIFMD – an Update and Comparison to SEC’s Form PF

The Alternative Investment Fund Managers Directive (the “AIFMD”) introduces new regulatory reporting requirements for alternative investment fund managers (“AIFMs”) established in the European Economic Area (“EEA”) and...more

The New EU Clinical Trials Regulation Aims at Harmonization and Transparency

On June 16, 2014, Reg. (EU) No. 536/2014 on Clinical Trials on Medicinal Products for Human Use (Regulation) has entered into force. Once it becomes applicable, the Regulation will provide a comprehensive legal framework for...more

UK Banking: Ringing in the Changes

It has been three years since the Independent Commission on Banking (the “IBC”), chaired by Sir John Vickers, published its final report and recommendations on the reform of the UK banking system in response to lessons learnt...more

What You Need to Know About Trade Secret Law Now

Recent legal developments have made it more difficult to obtain and enforce some patents including, in particular, medical diagnostics and software-implemented technologies. Because of these patent law changes, a wide...more

Investor Transparency Post AIFMD: What Have We Gained?

The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) states in Recital 94 that its objective is: ...to ensure a high level of investor protection by laying down a common...more

The International Comparative Legal Guide to: Corporate Immigration 2014

What are the main sources of immigration law in Germany? -The main source is the German Immigration Act (Zuwanderungsgesetz), which is composed of the German Residence Act (Aufenthaltsgesetz) for non-EU citizens and...more

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