European Commission

News & Analysis as of

General Court of the EU Dismisses Trioplast Application Seeking Reimbursement of Interest Paid for Being Late in Paying Cartel...

With a judgment handed down on 12 May 2016 (Case T-669/14, Trioplast Industrier AB v. European Commission), the General Court of the European Union (GCEU) dismissed an action brought by Trioplast Industrier AB (Trioplast...more

EU Technical Standards on the Valuation of Derivatives for Bail-in Adopted by the European Commission

The European Commission adopted Regulatory Technical Standards on the valuation of derivatives for the purpose of bailing-in derivative liabilities. The Bank Recovery and Resolution Directive provides that a resolution...more

EU Technical Standards on Minimum Requirement for Own Funds and Eligible Liabilities Adopted by the European Commission

The European Commission adopted Regulatory Technical Standards on criteria relating to the methodology for setting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL). MREL is the European equivalent of US...more

Tough New EU-Wide Cybersecurity Rules in Prospect: The Network and Information Security Directive

Two-thirds of large UK companies have come under cyber attack in the past year, according to the UK Government, and a quarter have been attacked at least once a month. But only half have taken any recommended actions to...more

European securitisation: Making a comeback? After seven years in the doldrums, moves are afoot to revitalise the European...

How likely is a successful revival of the market under qualifying securitisation — simple, transparent and standardized (STS) — going to be? That all depends on the results of the "trilogue" discussions between the European...more

European Commission Gives Portugal Two Months To Address Issues With Biofuel Law Compliance

On April 28, 2016, the European Commission (EC) encouraged Portugal to become fully compliant with the Renewable Energy Directive (Directive) through the release of an April infringements fact sheet. The Directive has set the...more

New Public Country-by-Country Reporting of Financial Information Proposed by European Commission

Country-by-country reporting (“CBCR”) is one of the OECD BEPS deliverables (under Action 13). It is expected to be a significant tool used by tax authorities’ auditors in evaluating a multinational group’s transfer pricing...more

Digital Single Market update – revised cross-border portability of online content services proposal leaked

In December 2015 we published a briefing on the European Commission's proposal and draft Regulation on ensuring the cross-border portability of online content services in the EU. By way of reminder, the Regulation seeks to...more

The European Cloud Initiative: Will Data Protection Requirements Cause Stormy Weather?

The European Commission (EC) recently proposed the European Cloud Initiative (ECI): a plan to create a world-class data infrastructure to store, manage, transport and process data at high speeds. The primary aims are to...more

European Commission Publishes Proposal for Signing the EU-U.S. Umbrella Agreement

The EU-U.S. data protection Umbrella Agreement consists of a framework of principles and safeguards for trans-Atlantic transfers of personal data (such as criminal records, names and addresses) in relation to the prevention,...more

EU & Competition Law Update – May 2016

The beginning of the end for national TV boundaries? On 22 April 2016, the European Commission ("EC") invited industry comment on the commitments proposed by Paramount Pictures International Limited ("Paramount") in...more

ESMA Publishes Final Report on Amendment of Draft RTS on Reporting Obligations under Article 26 of MiFIR

On May 4, 2016, The European Securities and Markets Authority (ESMA) published its final report requesting an amendment of ESMA draft regulatory technical standards (RTS) on transaction reporting under the Markets in...more

EU Technical Standards on Contents of a Business Reorganization Plan and Reporting on Implementation

The European Commission adopted a Delegated Regulation outlining the regulatory technical standards on the elements of a business reorganization plan and the minimum contents for reporting progress in the implementation of...more

UK Financial Regulatory Developments - May 2016 #5

Commission discusses crowdfunding in the CMU - The Commission has published a report on crowdfunding in the EU capital markets union (CMU). The report assesses national regimes, identifies best practice and presents the...more

UK Financial Regulatory Developments - May 2016 #4

Treasury updates sanctions - The Office of Financial Sanctions Implementation (OFSI) has amended the sanctions lists in respect of North Korea. (Source: Treasury updates sanctions)...more

EBA Amends Historical Look-Back Approach Method for Calculating Additional Collateral Outflows

On May 3, 2016, the European Banking Authority (EBA) issued an opinion to the European Commission supporting the Commission’s proposed amendment to the historical look-back approach (HLBA) methodology used in the draft...more

Data transfers in limbo – U.S. companies face fines by German data protection authorities

While EU regulators determine whether to adopt a new agreement for transfers of personal data from Europe to the United States to replace the invalid EU-U.S. Safe Harbor Framework, German data protection authorities have not...more

Privacy Shield Update: A Recap of Recent Developments

On April 13, 2016, the Article 29 Working Party (WP29), an influential group of European data protection authorities, issued a non-binding opinion that criticized certain elements of the fledgling Privacy Shield framework....more

Merger Control In The EU: The European Commission Extends Jurisdiction Over Transactions Involving Chinese SOEs

Speed read - The European Commission took into account the revenues of all Chinese SOEs active in the energy industry to establish jurisdiction for merger control of a transaction....more

European Commission To Promote Crowdfunding under Capital Markets Union

The European Commission announced that it would not, at this stage, be proposing legislation to regulate crowdfunding. The Commission pledged to report on whether crowdfunding should become regulated at EU-level as part of...more

PF Newsletter: Article 55 of the BRRD

From 1 January 2016, all EEA incorporated banks and credit institutions are required to include a term in any non-EEA law governed contract under which they have liabilities, giving contractual recognition of the bail-in...more

UK Financial Regulatory Developments - April 2016 #26

Commission reports on CMU - The Commission has published a working report on the progress and momentum around the CMU action plan since its launch in September 2015. The first report also sets out 11 key initiatives...more

A Tale of Shields & Swords or Are Data Transfers between the EU and the US legal once again?

The world changed on October 6, 2015; well, at least the world of data transfer between the European Union and the U.S. On that day, the European Court of Justice issued its “Schrems” judgment (case C-362/14) declaring the...more

EU Technical Standards on Requirements for Investment Firms under MiFID II Adopted by the European Commission

The European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Directive with regard to organizational requirements and operating conditions for investment firms. The adopted...more

European Commission Assesses Progress on Capital Markets Union

The European Commission published a status report on progress made since the adoption of the Capital Markets Union Action Plan. The European Commission's Action Plan, published in September 2015, set out the steps for the...more

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