European Commission

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UK Financial Regulatory Developments - May 2016 #15

ESAs publish ECAI opinion - The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have published their opinion on the Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the...more

Commission Summary of Contributions on EU Regulatory Framework

The European Commission has published a summary of contributions received to the ‘Call for Evidence’ on an EU regulatory framework for financial services. The consultation closed on January 31, 2016. The summary reports...more

Blog: European Parliament Calls On Commission To Establish Virtual Currency Taskforce

As we anticipated yesterday, the European Parliament has voted by an overwhelming majority to call on the European Commission to establish a Virtual Currency Taskforce....more

EU Parliament: EU, U.S. Must Improve Privacy Shield

On May 26, 2016, the European Parliament passed a resolution (2016/2727 (RSP)) calling on the European Commission (EC) to reopen negotiations with the United States to improve perceived “deficiencies” in the EU-U.S. Privacy...more

Update on the EU STS and Risk Retention

On 19 May 2016, the Committee on Economic and Monetary Affairs of the European Parliament (“ECON”) published a working document on the European Commission’s proposal for a regulation (the “Proposed Regulation”) intended to...more

European Commission Unveils New Digital Single Market Proposals

The Commission’s proposals aim to drive cross-border e-commerce in the EU and level the regulatory field across audiovisual media services and online platforms. On 25 May 2016 the European Commission (Commission)...more

Increasing Access to Equity Financing for Emerging Companies

Emerging companies remain under-represented on Europe’s capital markets despite the introduction of measures to make equity financing more accessible. This was the overarching takeaway from a recent one day summit at which...more

UK Financial Regulatory Developments - May 2016 #14

Reference rates group reports - The Working Group on Sterling Risk-Free Reference Rates (RFR) has published an interim report and work plan. It is focusing on: - finalising the process to be followed for the RFR...more

The implications of the transition to a ‘circular economy’, and overview of the content and current status of draft EU...

In this client alert we discuss the implications of the transition to a ‘circular economy’ for producers of, and traders in, raw and/or recycled materials of all kinds, manufacturers of products and actors in all stages of...more

Companies Face Uncertainty as Privacy Shield Encounters New Hurdles

The Privacy Shield, proposed this past February and greeted with cautious optimism by European and U.S. regulators alike as a more robust “replacement” for the invalidated Safe Harbor framework, appears to be suffering death...more

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

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