European Commission

News & Analysis as of

New Agreement on Privacy Shield Set to Become Final in Early July

On June 24, 2016, the European Commission announced that it had reached a final agreement with the United States on the terms of the EU-U.S. Privacy Shield, which will permit U.S. companies to transfer the personal data of...more

European Commission Adopts a Delegated Regulation on RTS Relating to Clearing Access in Respect of Trading Venues and Central...

The European Commission has adopted a Delegated Regulation and annex supplementing the Markets in Financial Instruments Regulation (Regulation 600/2014) (“MiFIR“) with regard to regulatory technical standards (“RTS“) relating...more

Impact of Brexit on UK Employment Law

Many in the UK are in a state of shock. The vote, narrowly, and with significant geographical and demographic variations, is to leave. What impact will this have in relation to UK employment law?...more

Brexit – Major Upheaval and Change

As the UK leaves the EU, in light of the seismic result of the United Kingdom referendum on June 23, 2016, there will be an immense amount to do, for the UK and the remaining EU, and for companies that are either based in, or...more

Simpler or simplistic? The Prospectus Regulation

The European Commission has continued in its drive towards a European Capital Markets Union by proposing measures in the Prospectus Regulation which it hopes will revamp the current prospectus regime. We are told that...more

Best-laid plans? The "Pan-European Private Placement Market"

The global dislocation in the financial markets which began in 2007 prompted a decrease in lending and an increase in regulation in the European and the US economies, amongst others. This paper looks at recent initiatives...more

Updating the AVMS Directive: making VoD services pay?

Our latest client alert on the European Commission’s Digital Single Market strategy sets out some of the key aspects of the most recent proposal from the Commission relating to the Audiovisual Media Services Directive and...more

Anti Tax Avoidance Directive

On 21 June 2016, the EU Council reached agreement on the EU Anti Tax Avoidance Directive (“ATAD”). The ATAD is expected to be adopted in a forthcoming ECOFIN meeting, possibly on 12 July 2016. The Council had reached...more

European Commission adopts Regulatory Technical Standards on Volume Cap Mechanism and Provision of Information for the Purposes of...

The European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation with regard to Regulatory Technical Standards on the volume cap mechanisms and the provision of information...more

EU Regulation Proposal for Program to Enhance Consumer and End User Protection and Involvement in Financial Services Policy Making

The European Commission published a proposal for a Regulation to provide funding for two financial expertise non-profit organizations: Finance Watch and Better Finance...more

European Commission Adopts Regulatory Technical Standards on the Direct, Substantial, and Foreseeable Effect of Derivative...

The European Commission adopted a Commission Delegated Regulation supplementing the Markets in Financial Instruments Regulation. Under MiFIR, a new trading obligation is introduced for shares and other sufficiently liquid...more

EU Reaches Political Understanding on Conflict Minerals Regulation – An Overview and Take-aways for Downstream Companies

Late last Wednesday, the European Union reached agreement on the broad framework of a conflict minerals regulation. In this Alert, we describe some of the key terms of the regulation and what it means for the downstream....more

Blog: EU reaches understanding on conflict minerals framework

According to Euranet Plus News Agency, the “EU has reached a preliminary deal to curb the trade in minerals from war zones and corrupt regimes. The rules will force companies that mine, refine or import ‘conflict minerals’...more

EU Privacy Shield Status Update

While it’s making few headlines, the European Commission is still working to finalize Privacy Shield, and it’s even possible that Privacy Shield will pass a key hurdle by the end of this month. The Commission is still...more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

Italian TV Services Case Brings Welcome Clarity on the Legality of Information Exchanges among Competitors

The Italian Administrative Tribunal of Lazio Region (the “TAR”) recently overturned the fines imposed by the Italian Competition Authority (“ICA”) against a number of post-production TV companies and a trade association for...more

European Commission Publishes Chemicals Legislation Roadmaps

The European Commission published two evaluation and fitness check roadmaps in May this year. These roadmaps will assist the Commission in assessing whether the current legislative framework for chemicals, including REACH, is...more

European Commission Adopts Delegated Regulations on RTS Relating to Execution Venues under MiFID II

On June 8, 2016, the European Commission adopted the following two Delegated Regulations supplementing the MiFID II Directive (2014/65/EU): 1. A Delegated Regulation (C(2016) 3333 final) in relation to regulatory...more

European Commission Adopts Delegated Regulation on RTS on Detailed Records of Financial Contracts under BRRD

On June 7, 2016, the European Commission adopted a Delegated Regulation supplementing the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD). The Delegated Regulation deals with the regulatory technical standards...more

European Parliament Supports MiFID II Implementation Extension

The European Parliament adopted at first reading the European Commission’s proposals for a new Directive and Regulation to extend the implementation of MiFID II by one year to January 3, 2018. In addition, the provisional...more

European Commission Consults on Cross-border Distribution of Funds and Capital Markets Union

The European Commission published a consultation paper on how the cross-border distribution of funds could be improved in the context of the Capital Markets Union. The CMU is intended to mobilize capital in Europe and channel...more

Setting the New Benchmark: EU Regulation on Financial Benchmarks

Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more

The European Court Of Justice Requires The European Commission To Provide Adequate Reasons For Its Requests For Information

On March 10, 2016, the Court of Justice of the European Union (CJEU) rendered its judgment in the so-called Cement case, (C-247/14 P HeidelbergCement v Commission, C-248/14 P Schwenk Zement v Commission, C-267/14 P Buzzi...more

New Rules (and Prohibitions) to Promote E-Commerce in Europe

Anyone who has gone through the experience of purchasing a product or a service online in Europe has gone through at least one of these experiences, or all of them: a message informs you that a product or service is not...more

European Commission moves to restrict geoblocking

On 25 May 2016 the European Commission published draft legislation aimed at restricting the use of geoblocking and similar practices by websites selling to into the European Union. The European Commission has published a...more

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