European Commission

News & Analysis as of

Cartel Fines: Liability of Private Equity Funds

The European Commission has held Goldman Sachs jointly and severally liable for a cartel infringement committed by Prysmian, an Italian cable maker formerly owned by Goldman Sachs’ private equity arm. The decision is a stark...more

Video games tax credit finally receives state aid approval

The European Commission has finally given the green light to the proposed UK video games tax credit which will now come into effect from 1 April 2014....more

European Commission Publishes Final Regulatory Technical Standards on Risk Retention

The European Commission published the final regulatory technical standards on 13 March 2014 specifying the requirements for investor, sponsor, original lenders and originator institutions relating to exposures to transferred...more

EU Commission Announces New European Technology Licensing Rules

The European Union adopted on March 21, 2014, revised competition rules for the transfer of technology covering certain categories of agreements for licensing of patents, know-how and software copyrights. The EU reaffirmed...more

CRA3: ESMA Proposes Wide-Ranging Disclosure Requirements on EU Originators, Sponsors and Issuers

The European Securities and Markets Authority (ESMA) published a consultation paper in February 2014, setting out (amongst other things) the draft Regulatory Technical Standards (RTS) on disclosure requirements for structured...more

European Commission Adopts Revised Competition Regime for Technology Transfer Agreements

On 21 March 2014, the European Commission (Commission) adopted a revised set of rules for the assessment of technology transfer agreements by the Commission and national competition authorities. The new Technology Transfer...more

Spain: The draft decrees on slots and exchange betting have been notified to the European Commission

Pursuant to the information posted in the European Commission’s website, yesterday the Spanish authorities did notify the draft decrees on slots and exchange betting to Brussels. Such a notification is made in order to...more

"EU Institutions Reach Compromise on EU Directive on Private Damage Actions"

On March 18, 2014, representatives of the European Commission (the Commission), the European Parliament and the Council of the European Union reached a compromise in relation to key provisions of the proposed EU Directive on...more

Sweden: The Swedish government has requested more time from the European Commission

For many years, the Swedish government has effectively applied stall tactics to delay the inevitable review of the Swedish gambling regime. Now, despite the European Commission’s threat of legal actions in November 2013,...more

Important Announcement of a Key New Data Privacy Initiative

Rafi Azim-Khan, Partner and Head of Data Privacy, Europe at Pillsbury and Chair of the British American Business' Law Forum, was in Washington, DC yesterday to hear the important announcement of a key new data privacy...more

The EU Commission launches public consultation on future EU copyright law

The European Commission has invited end consumers, institutional users, collective management societies, authors, performers, publishers, distributors and other entities to submit their views on the need for and nature of...more

Fasten your seat belts: European Commission to use state aid powers to scrutinize aggressive tax planning

An important message to all tax planners: The European Commission’s Directorate General for Competition has declared war on "fiscal optimization." It intends to use the antitrust stick to overcome the lack of tax...more

International Tax News - February 2014

IRS RELEASES ITS “ROADMAP” OF THE TRANSFER PRICING AUDIT PROCESS - The US Internal Revenue Service has released its Transfer Pricing Audit Roadmap, a 26-page outline of the two-year transfer pricing audit process,...more

EU: European Commission consults the games industry on in-app purchasing models

The European Commission has commenced a games industry consultation, looking to assess the impact of in-app purchasing models. ...more

ESMA Calls for a Uniform Definition of “Derivatives” Under EMIR

The European Securities and Markets Authority has requested clarity on the definition to ensure consistent application across member states. Following industry lobbying, the European Securities and Markets Authority...more

ESMA Publishes 2014 Work Program

On February 12, the European Securities and Markets Authority (ESMA) published its 2014 regulatory work program, setting out a detailed account of the various areas and initiatives for which each unit or division is...more

CFTC and EC Statement on Regulatory Framework

On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory frameworks for CFTC-regulated swap execution facilities...more

Intellectual Property Bulletin - Winter 2014

The America Invents Act (AIA) came into law back in September 2011, but it was not until last March that its provisions were completely phased in. The changes last year included not only the switch from a “first-to-invent” to...more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more

MIFID II: Widening the net - Recently announced EU reforms introduce yet another set of compliance considerations for traders, and...

On January 14 2014, the European Parliament and European Council reached agreement in principle on the revised Markets in Financial Instrument Directive (Mifid II). The announcement signaled an important milestone in a long...more

European Commission Proposes New Long-Term Investment Funds Product

The EU Long Term Investment Fund will offer investors a mechanism to invest in projects requiring long-term funding. In June 2013, the European Commission (the Commission) proposed a new type of European closed-end...more

Developments in EU Transport Law - Febuary 2014

Air - European Commission adopts new guidelines for state aid to airports and airlines - The European Commission adopted on 20 February 2014 new guidelines on how Member States can support airports and airlines in line...more

Collecting Societies Overhaul

With harmonisation of collective rights management in the EU having been on the European Commission’s agenda since as far back as 1995, 4 November 2013 saw the conclusion of negotiations concerning the Directive on collective...more

Orrick's Financial Industry Week in Review - February 18, 2014

CFTC and EC Statement on Regulatory Framework - On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory...more

Cathay Pacific Airlines Settles Freight Shipping Price-Fixing Class Action

On February 12, 2014, Cathay Pacific Airlines Ltd. settled a freight shipping price-fixing multidistrict class action litigation in the Eastern District of New York. In re Air Cargo Shipping Services Air Cargo Antitrust...more

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