European Commission

News & Analysis as of

PE Set To Benefit From More Outward Looking Chinese Buyers

In recent years, Chinese companies have become increasingly bold in the search for new deals, looking beyond the country’s borders for transformational takeovers. This year already, we have seen PEViews China chartthe largest...more

EU Customs Developments - June 2016

EU Customs Policy - Union Customs Code Developments - The minutes of the 13 May 2016 meeting between the European Commission and Member State experts, summarising the discussion on various amendments and...more

European truck cartel’s €2.93 billion in fines may just be the beginning

The European Commission on Tuesday announced its decision finding truck makers MAN, Volvo/Renault, Daimler, Iveco, and DAF liable for violating EU antitrust rules. The companies acknowledged that for 14 years they colluded...more

A Side-By-Side Comparison of “Privacy Shield” and the Controller-Controller Model Clauses: The Easiest Way to Understand What...

The EU Data Protection Directive 95/46/EC (the “Directive”) creates the legal framework for the national data-protection laws in each EU member state. The Directive states that personal data may only be transferred to...more

EU-US Privacy Shield to Launch August 1, Replacing Safe Harbor

I. Introduction: Privacy Shield to Go Live August 1 (at Last) - The replacement for Safe Harbor is finally in effect, over nine months after Safe Harbor was struck down by the Court of Justice of the EU in the Schrems...more

Shield, Sword or Plough Ahead? Approval of New EU Privacy Shield Forces a Decision

When the European Court of Justice first invalidated the Safe Harbor we recommended here that, for most companies, staying the course by implementing general data security best practices was probably the right thing to do...more

EBA Final Draft RTS on Assessment Methodology for Internal Ratings-Based Approach

The European Banking Authority (EBA) has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent authorities regarding compliance of an institution with the...more

Competition News July-August 2016

The French Competition Authority severely punished the exclusivity practices put in place by company in a dominant position - On June 23, 2016, the French Competition Authority punished the Belgian group Umicore for...more

EC Amends Cosmetics Regulation to Allow Use of Titanium Dioxide (Nano) as UV Filter

The European Commission (EC) published on July 14, 2016, a regulation in the Official Journal of the European Union that amends Annex VI, the list of ultraviolet (UV) filters allowed in cosmetic products, of the cosmetics...more

Brexit: Preparing for the Unknown — Practical steps

The UK’s new Prime Minister Theresa May has said: “The country voted to leave the European Union, and as prime minister I will make sure that we leave the European Union.” That seems like a clear statement, but the...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

Privacy Shield to Open for Business August 1

After more than two years of negotiations, on July 12, 2016, the European Commission formally adopted the EU-U.S. Privacy Shield (the “Privacy Shield”) framework as a valid mechanism for transfers of personal data from the EU...more

ESMA Guidance Published On Application Of AIFMD Passport to Non-EU Jurisdictions

Four things you need to know: - ESMA has been undertaking a review of whether or not a number of jurisdictions outside the EU might be eligible to benefit from the various passporting rights, which could be extended...more

European Commission Publishes Communication on Cybersecurity

On 5 July, the European Commission (“EC”) published a communication outlining measures to improve resilience to cyber incidents, improve cooperation and information sharing, and promote innovation and competition in the...more

Brexit & Financial Services: The Big Question

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

Antitrust M&A Snapshot - July 2016

United States: January – June Update - The Federal Trade Commission (FTC) and US Department of Justice (DOJ) have been actively challenging mergers and acquisitions in the first half of 2016. In some instances, the...more

ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more

EU Approves New “Privacy Shield” Data Transfer Accord With U.S.

On Tuesday July 12, 2016, the European Commission formally adopted the EU – U.S. Trans-Atlantic Privacy Shield data transfer deal, commonly referred to as the “Privacy Shield”. The action followed an earlier vote by...more

EC Summary of Contributions of the Green Paper on Retail Financial Services

On July 14, 2016 the European Commission published a summary of responses to the public consultation launched on December 10, 2015 relating to the Green Paper on retail financial services prepared by the Directorate-General...more

Wrap-Up of Federal and State Chemical Regulatory Developments, July 2016

TSCA/FIFRA/IRIS/NTP/TRI - EPA Launches Advisory Panels: On June 15, 2016, the U.S. Environmental Protection Agency (EPA) launched two advisory panels designed to facilitate small businesses to provide feedback to EPA...more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Regulatory scrutiny of online hotel booking continues

The 13 July 2016 saw the Competition and Markets Authority (CMA) announce that it had sent a questionnaire to a large sample of hotels throughout the UK. As part of a joint monitoring project with the European Commission,...more

Privacy Shield: The New Safe Harbor

In the aftermath of the Safe Harbor invalidation, the European Commission and the U.S. Department of Commerce have agreed to a new draft of the “Privacy Shield”. The first draft Privacy Shield was unveiled in February,...more

Adoption of Privacy Shield Gives U.S. Businesses Greater Clarity On Data Transfers From Europe

The European Commission (EC) announced that it has adopted the EU-US Privacy Shield (“Privacy Shield”) effective July 12, 2016, which replaces the US-EU Safe Harbor Framework (“Safe Harbor”). The adoption of Privacy Shield...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

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