European Commission

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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

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

New IP Enforcement Policy in the EU

Given that strategic importance of IP-sensitive industries for the EU economy, the European Commission (Commission) has introduced a new initiative with a view to strengthen the protection of EU-based IP rights by working...more

EU Announces Guidelines to Standardize Cloud Computing Agreements

In an effort to meet one of the key objectives of the European Union's Cloud Computing Strategy - to develop model terms for cloud computing contracts, including service-level agreements - an industry working group that...more

Commission Tightens Rules of Exemption Under the EU De Minimis Safe Harbor

On June 25, 2014, the European Commission (Commission) adopted revised rules on agreements of minor importance which do not appreciably restrict competition (the so-called “De Minimis Notice”) and providing a safe harbor from...more

No Forward Progress? MiFID sunset clause means continued uncertainty for regulatory status of FX contracts across Europe

In February this year, ESMA sent a letter (the ESMA Letter) to the European Commission asking them to clarify which types of FX contracts fall within the definition of a “financial instrument” under MiFID. Now, five months...more

The Commission Fines Servier And Five Generic Companies For Curbing Entry Of Cheaper Versions Of Cardiovascular Medicine

The European Commission has imposed fines totalling €427.7 million on the French pharmaceutical company Servier and five producers of generic medicines – namely, Niche/Unichem, Matrix (now part of Mylan), Teva, Krka and Lupin...more

Financial Regulatory Developments Focus - July #4

In this issue: - Derivatives - Regulatory Capital - Recovery & Resolution - Bank Structure - Financial Market Infrastructure - Financial Services - Funds -...more

Know What You Don’t Know: New EU AML Directive Requires Stringent Third Party & Customer Due Diligence

Over the past couple of years, the European Commission has been working on updating its nine-year-old Third EU Anti-Money Laundering (AML) Directive to accommodate new international standards and to address previous...more

Update from UK Information Commissioner’s Office (ICO)

Will it happen? Well, “if it looks like a duck, swims like a duck and quacks like a duck then its probably a duck”. All the indications are that the Regulation will happen. We have to assume it will. This echoes the...more

EU Court Says Loyalty Discounts Betray Competition: Ruling Underlines U.S. Differences

Intel's use of loyalty discounts and rebates to computer manufacturers and other actions directed at competitor Advanced Micro Devices violated EU competition law, according to the European Union's (EU) General Court. The...more

Financial Regulatory Developments Focus - July 2014 #3

In this issue: - Derivatives - Compensation - Bank Prudential Regulation and Regulatory Capital - Recovery & Resolution - Credit Ratings - Insurance - Financial Services...more

European Commission's Actions to Better Protect and Enforce Intellectual Property Rights

Although the number of registrations of European Patents, Community Trademarks and Community Designs more than doubled between 2003 and 2012, the high numbers of infringements of intellectual property rights (IPRs) harm this...more

EC and SCENIHR Begin Public Consultation on Preliminary Opinion on Guidance on the Determination of Potential Health Effects of...

The European Commission (EC) and the Scientific Committee on Emerging Newly Identified Health Risks (SCENIHR) have begun a public consultation on the preliminary opinion concerning “Guidance on the Determination of Potential...more

Timing and Scope of EU Clearing Obligation for Derivatives

The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more

Shelter from the Coming Storm: Anti-Corruption Compliance in European Public Procurement

A red sky at morning is the traditional harbinger of ill weather. From our vantage point in Brussels, we’ve scanned the horizon for signs of the future of anti-bribery enforcement activity in Europe. We’ve identified four...more

EU: Commission recommends principles to Member States to promote effective protection of consumers

On Monday 14th July, the European Commission issued its Recommendation for the principles that Member States should consider adopting for the further protection of the consumers of online gambling services. In 2011,...more

Governance & Securities Law Focus: Latin America Edition

In this issue: - US DEVELOPMENTS - SEC Developments - PCAOB Adopts Auditing Standard and Amendments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters...more

Governance & Securities Law Focus: Asia Edition

In this issue: - ASIAN DEVELOPMENTS - HKEx Publishes Revised Connected Transaction Rules - US DEVELOPMENTS - SEC Developments - PCAOB Adopts Auditing Standard and Amendments -...more

Financial Regulatory Developments Focus - July 2014 #2

In this issue: - Derivatives - Regulatory Capital - Recovery & Resolution - Financial Services - Consumer Protection - Enforcement - People - Events -...more

Commission Publishes White Paper on Minority Shareholdings

Under the current Council Regulation (EC) No 139/2004 (the Merger Regulation), the Commission is only able to review transactions that lead to a change of control. The Commission also has the power to review existing minority...more

Export Controls in UK Offshore Centers

Many private equity and investment funds are organized as limited partnerships or companies of offshore entities. Similarly, companies may structure mergers and acquisitions by utilizing offshore holding entities. The British...more

EU Cloud Standardisation Guidelines

In November 2012, we wrote an Alert about the European Commission’s Communication on Cloud Computing intended, it said, to “… unleash the potential of cloud computing in Europe”. Sceptics were doubtful that the cloud...more

EU Cloud Standardisation Guidelines

In November 2012, we wrote an Alert about the European Commission’s Communication on Cloud Computing intended, it said, to “... unleash the potential of cloud computing in Europe”. Sceptics were doubtful that the cloud...more

EC Posts Meeting Materials from Validation Workshop on Transparency Measures for Nanomaterials

The European Commission (EC) has posted materials from its June 30, 2014, validation workshop to discuss the preliminary results of the study supporting the impact assessment on transparency measures for nanomaterials. The EC...more

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