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 -
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Private placements: tapping the US market

European corporates are turning to the US private placement market in growing numbers, as they seek to broaden and diversify their sources of funding while locking in some attractively priced long-term debt. When Smith...more

Socially Aware - Volume 5, Issue 5 - August 2014

In This Issue: - Data for the Taking: Using the Computer Fraud and Abuse Act to Combat Web Scraping - Google Glass Into Europe: A Small Step or a Giant Leap? - Drugs and the Internet: FDA Distributes New...more

Consumer Protection Organization Petitions FTC To Enforce U.S.-EU Safe Harbor Framework

On August 14, the Center for Digital Democracy (CDD) announced that it filed a complaint with the FTC claiming that 30 U.S. companies are compiling, using, and sharing EU consumers’ personal information without their...more

Stem cell patentability: European update following Opinion of Advocate-General in ISCC and the Australian position

The recent Opinion of the Advocate-General suggests that a clarification and moderation of the Court of Justice of the European Union’s (CJEU) approach to the patentability of stem cells may be on the horizon. If followed,...more

New Legislation Concerning The Immobilisation Of Bearer Shares And Units

The Act intends to adapt Luxembourg legislation to the recommendations of the Financial Action Task Force (the FATF) and the global Forum on transparency and exchange of information for tax purposes (the Global Forum) in...more

Orrick's Financial Industry Week in Review - August 18, 2014

FHFA Seeks Input on Single Security Structure for Fannie Mae and Freddie Mac - On August 12, FHFA published a Request for Input on the proposed structure for a Single Security that would be issued and guaranteed by...more

Corporate and Financial Weekly Digest - Volume IX, Issue 32

In this issue: - SEC’s Office of Investor Education and Advocacy Releases Alert on Identifying Fraudulent Private Placements - ICE Futures U.S. Issues Amendments to EFRP Rule and FAQs - Consumer Financial...more

REMIT Draft Implementing Acts Further Define Data Reporting Obligations

On 8 July 2014, the European Commission’s DG Energy published an updated draft of the implementing acts on data reporting under the Regulation on Wholesale Energy Market Integrity and Transparency (“REMIT”)....more

EU Council Adopts Revised Nuclear Safety Directive

On 14 August 2014, the European Union’s (“EU”) new nuclear safety directive, Council Directive 2014/87/EURATOM (“2014 Directive”),1 will come into force as an EU-wide legally binding instrument.2 The 2014 Directive amends the...more

Recent UK Proposals Emphasise Importance of REMIT Compliance for Energy Firms

Two recent actions demonstrate the United Kingdom’s (“UK”) continuing commitment to enforcing the European energy laws and the need for vigorous compliance efforts by market participants. Last month, the Office of Gas and...more

Recent EU Decisions Highlight Risks of “Gun Jumping”

The European Commission (“the Commission”) last month levied a fine of EUR 20 million on Marine Harvest ASA (“Marine Harvest”), a Norwegian seafood company, for acquiring a 48.5% stake in its competitor Morpol ASA (“Morpol”)...more

EU Merger Law May Soon Extend To Minority Acquisitions

Economically, minority shareholdings — ranging from minimal passive investments to strategic control — are a significant phenomenon. Globally, however there is a wide variety of approaches to antitrust regulation of these...more

Italian Parliament Approves Final Rules on Changes to Feed-in Tariffs for Photovoltaic Plants

On 7 August 2014, the Italian Parliament approved the conversion into law of Law Decree no. 91 /2014 (the Decree) regarding, amongst other matters, “urgent measures … for the limitation of costs applied to electricity...more

Structured Thoughts: Volume 5, Issue 6 - August 2014

In This Issue: - European Product Intervention - FINRA Speaks at 2014 Structured Retail Products Conference - FINRA Approves Amendments to Communication Rules – Relief from Filing for Certain...more

Canada and the EU Complete Trade Treaty Negotiation

On August 5, 2014, Canada and the European Union (EU) announced that they have completed negotiation of the Comprehensive Economic and Trade Agreement (CETA). The announcement puts to rest extended speculation about whether a...more

Update on EU sanctions on Ukraine and Russia pertinent to Cyprus, BVI and Cayman

New EU restrictions and prohibitions - As the crisis over Ukrainian sovereignty has deepened, notably following the crash of Malaysia Airlines Flight 17, the EU has sought to increase punitive measures on rebel groups...more

Recent Court Cases Highlight the Difficult Questions Related to Medically Assisted Procreation in France

Law No.2013-404 dated May 17, 2013, (the Law) allowed same-sex couples to get married and to adopt children, through either the mutual adoption of a child or the adoption of the same-sex spouse’s biological or adopted child....more

Troubles for B Plus create new videolottery opportunities?

The status of the Italian videolottery market might considerably change after the new measures ordered against B Plus Giocolegale Ltd., one the largest Italian videolottery and AWP (comma 6A) operators, which placed the...more

The Nationalisation of Banco Espirito Santo – The Aftermath

The Bank of Portugal announced on Sunday 3 August 2014 that it applied its powers under the Decree law No 31/2012 of 10 February 2012 (the "Resolution Law") to split Banco Espirito Santo ("BES") into a "good bank" and "bad...more

Technical infringements receive stiff fines from the European Commission

Both the Electrabel case and the Marine Harvest case serve as harsh wake-up calls that companies and their antitrust advisers must adopt a high level of caution when analysing whether a transaction must be notified under the...more

Financial Regulatory Developments Focus - August 2014 #2

In this issue: - Derivatives - Bank Structure - Recovery & Resolution - Bank Prudential Regulation & Regulatory Capital - Financial Services - Consumer Protection - Funds...more

The EU Article 29 Working Party's Guidance on the "Legitimate Interest" Ground for Processing Personal Data

When precisely is a data controller lawfully permitted to process personal data? If a data controller does not have the consent of a data subject to process his or her data, when does the “legitimate interest”...more

Orrick's Antitrust and Competition Newsletter - August 2014

China’s MOFCOM Blocks ‘P3 Alliance’ Despite EU, U.S. Non-Opposition - On June 17, 2014, China’s Ministry of Commerce, China’s competition regulator, prohibited the proposed “P3 Alliance” that would have combined the...more

European Industry Associations Call for Balanced Policy on Nanomaterials

Fifteen European industry associations, including the Nanotechnology Industries Association (NIA) and the European Chemical Industry Council (CEFIC), have endorsed a brochure entitled “Europe needs safe and innovative...more

ESMA Publish Report on Guidelines and Recommendations Relating Principles for Financial Market Infrastructures in Respect of...

On August 5, ESMA published a report setting out guidelines and recommendations for the implementation of the principles for financial market infrastructures in respect of central counterparties (CCPs) published by the...more

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