European Commission

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Focus on Private Equity - October 2014

Proposed EU Merger Review of Non-Controlling Minority Shareholding Acquisitions: Challenges and Opportunities for Private Equity - At present, the EU Merger Regulation [Council Regulation (EC) No 139/2004] (the Merger...more

Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to...more

Developments in EU Transport Law - October 2014

Excerpts from this Newsletter: European Commission: Violeta Bulc as new Transport Commissioner-designate - On 15 October 2014, the Council of the European Union today adopted the list of...more

Antitrust and Competition Newsletter - October 2014 (Global)

Recent U.S. Criticism of China’s Enforcement of Its Antitrust Laws Against Foreign Companies - For some time, many in the antitrust community have expressed concerns about how China is enforcing its antitrust laws...more

Q&As and FAQs Updated by the Basel Committee, the FCA, the European Commission and the European Banking Authority

On October 7, the Basel Committee on Banking Supervision issued frequently asked questions on the Basel III leverage ratio framework. ...more

Jonathan Hill Confirmed as New European Commissioner for Financial Services

On October 8, members of the European Parliament’s Committee on Economic and Monetary Affairs voted 45-13 to confirm Jonathan Hill as the new European Commissioner for financial stability, financial services and capital...more

Money Market Funds - Focus Shifts to Europe

Following the adoption by the U.S. Securities and Exchange Commission (“SEC”) of amendments to the rules governing U.S. money market funds (“MMFs”), the focus is shifting to Europe. In fact, the prospects for sensible MMF...more

Can Different Rates Of Duty Apply To Different Forms Of Gaming? - European Court allows different tax rates for land-based and...

On 26 September, the General Court of the European Union handed down two judgments dismissing the appeals of Dansk Automat Brancheforening ("DAB") and Royal Scandanavian Casino Århus against a European Commission decision of...more

Governance & Securities Law Focus: Europe Edition - October 2014

In this issue: - EU DEVELOPMENTS - European Commission Launches Public Consultation on Proposals to - Improve EU Merger Control - ESMA Publishes Final Guidelines on Enforcement of Financial...more

European Commission Approves Hinkley Point C State Aid

The European Commission has decided that the revised UK support package for EDF’s Hinkley Point C nuclear project is compatible with EU State aid rules. In doing so, the Commission found that although the UK’s deal...more

Europe Transitions to T + 2 Settlement Cycle; US Watching Closely

Twenty-seven European markets are transitioning to a T + 2 settlement cycle today, October 6, 2014. Until today, those markets settled transactions three days after the transaction date; beginning today, securities...more

JRC Report Assesses Experiences with the EC Recommendation on the Definition of Nanomaterial

The European Commission’s (EC) Joint Research Center (JRC) has published a report entitled Towards a review of the EC Recommendation for a definition of the term “nanomaterial” -- Part 2: Assessment of collected information...more

EC publishes Standardisation Guidelines for cloud sector

In November 2012, the European Commission published a Communication on Cloud Computing intended to ‘unleash the potential of cloud computing in Europe.’ Twenty months later, the Commission has begun to deliver on its key...more

US, EU Regulators Voice Hopes for Deal on Clearinghouse Oversight

Top US and EU regulators have indicated in the last week a shared desire to agree on a framework for the trans-Atlantic supervision of clearinghouses. ...more

The European Commission 2014-2019

President-elect Jean Claude Juncker announced on September 10 the allocation of responsibilities in his team and the way work will be organised in the European Commission once it takes office. The most important...more

“By Object” Restrictions of Competition Revisited: European Court of Justice Endorses Narrow Interpretation

EU High Court adopts narrow interpretation of “by object” restrictions and boosts effects-based approach with significant implications for cooperation/joint venture agreements. The European Court of Justice has...more

Orrick's Financial Industry Week in Review

Council of EU Presidency Compromise Proposal on Benchmark Regulation - On September 10, the Presidency of the Council of the EU published its first compromise proposal (dated September 9, 2014) relating to the European...more

"EU Debate on Enforcement of the 'Banker Bonus Cap' Approaches End Game"

Michel Barnier, vice president of the European Commission, recently wrote to the chairman of the European Banking Authority (the EBA), asking the EBA to report by the end of this month on whether allowances paid by EU banks...more

Increase of ratio of film support

On 24 June 2014 the European Commission resolved that it does not object to an increase in indirect state support (in the form of a tax rebate), from 20% to 25%, for the production costs of films produced in Hungary. It is...more

New EU Competition Commissioner Magrethe Vestager to Take Office in November, Pending Approval

In an announcement made on 10 September 2014, the President-elect of the next European Commission, Jean-Claude Juncker from Luxemburg, unveiled his team and announced that Magrethe Vestager from Denmark will replace Joaquin...more

EC Publishes Responses to Public Consultation on Transparency Measures for Nanomaterials on the Market

The European Commission (EC) has posted responses received to its public consultation on transparency measures for nanomaterials on the market. The EC states that it received 202 responses -- 100 respondents submitted the...more

Managing legal risks arising from cloud computing

On 26 June 2014, the European Commission announced that it had been presented with guidelines on the standardisation of Service Level Agreements (SLAs) for cloud computing services. The publication of the guidelines...more

Antitrust Enforcement Set for Record Year of Fines

Global antitrust enforcement is on pace to set record-level fines in 2014, as the Antitrust Division (Division) of the U.S. Department of Justice (DOJ) and the European Commission (EC) undertake particularly aggressive...more

The revised PSI Directive – European Commission publishes guidelines on re-use of public sector information

On July 17th, 2014, the European Commission published guidelines for the re-use of public sector information ("PSI"). These guidelines shall support the EU Member States in the transposition of the 2013 revision of the so...more

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

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