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A Buttonwood Tree Sprouts in Europe: What the EU’s Proposed Capital Markets Union Means for You

On Wednesday, February 18, the European Commission (“EC”) launched its ambitious “Green Paper” consultation for the creation and completion of a European Union (“EU”)-wide Capital Markets Union (“CMU”). The release of the...more

A European Prospectus Revolution?

The EU prospectus regime, based on Directive 2003/71/EC (the “Prospective Directive”) as amended, has been in place now for nearly 10 years and was due to be reviewed by the European Commission by 1 January 2016. However, the...more

FMLC Publishes Letter to European Commission on Reporting and Transparency of Securities Financing Transactions

On February 10, the UK Financial Markets Law Committee (FMLC) published a letter to the Director-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission. The letter discusses...more

European Commission Publishes Green Paper on Building a Capital Markets Union

On February 18, the European Commission published a green paper on building a Capital Markets Union. The green paper identifies a number of key priorities to create a fully integrated single market for capital....more

EU Art. 29 Working Party Letter on Health Data and Apps

The EU Article 29 Working Party (“WP29”) has published a letter to the European Commission (“EC”) on the scope of health data in relation to lifestyle and well-being apps, following the EC’s Working Document on mHealth and...more

ESMA Publishes Technical Advice on New EU Market Abuse Regime

On February 3, the European Securities and Markets Authority (ESMA) published its final report to the European Commission (EC) with technical advice on possible new secondary legislation under the European Union’s Market...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

EU General Court Upholds Finding of Irish Airline Tax as State Aid but Annuls Recovery Decision

In the parallel judgments T-473/12 and T-500/12 handed down on 5th February 2015, the EU General Court upheld the European’s Commission’s finding that the Irish airline tax constituted State aid. The Court confirmed that the...more

Retailers Need To Prepare For The New EU Data Protection Regulation

By now, everyone has heard of the draft EU Data Protection Regulation that is expected to replace the current Data Protection Directive, which dates from 1995. The key innovative provisions in the Regulation will...more

Consumer Privacy Rights – Germany To Enable Consumer Protection Organisations To Bring Actions For Privacy Violations

The German federal government has recently approved a bill that might substantially change the way consumer privacy rights are enforced throughout the country....more

Significant changes to the EU regime governing the export of dual use goods from the UK and other EU member states

The EU Dual Use Regulation (Regulation (EC) 428/2009) (the "Dual Use Regulation") governs the export of a range of 'dual use' goods and associated technology from the UK and other EU Member States. Dual use goods are those...more

Medtronic Completes Acquisition of Covidien for $49.9 Billion

(January 26, 2015) Medtronic announced today that it has finally completed its previously announced acquisition of Covidien. According to the press release provided by Medtronic, the “cash-and-stock transaction is valued at...more

GB: Commission publishes summary of latest LCCP changes

Following the publication of the updated LCCP last week, the Commission has just published a summary of the changes....more

EU Issues Guidance to Clarify Transitional Measures for Data Requirements for Plant Protection Products and Active Substances

The European Commission (EC) Standing Committee on Plants, Animals, Food and Feed has issued a guidance document entitled Draft Guidance Document on the Interpretation of the Transitional Measures for the Data Requirements...more

Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

European Commission extends State aid probe into Belgian tax scheme

The European Commission (“Commission”) has opened a fifth formal State aid investigation into national tax rulings. This investigation concerns the Belgian “excess profit” provision, which allows multinational groups to...more

EU Investigates Tax Rulings for Breach of State Aid Rules

The European Commission is currently conducting in-depth investigations into whether national tax rulings breach the EU’s competition rules. Whilst the spark for these investigations was the “Luxleaks” scandal, in December...more

Further encouragement for private enforcement of competition law: European Courts allow greater information about cartel conduct...

The details regarding cartel conduct contained in the decisions of the European Commission and national competition authorities are highly relevant to the follow-on cartel damages litigation that are now so common in Europe....more

EU Data Protection Reform Update

EC Commissioner Oettinger makes noteworthy comments during a conference in Munich regarding the pending EU Data Protection Reform. Background - In 2012, the European Commission (EC) proposed a major reform to...more

EC Competition Law: Latest Developments Provide Ever Greater Opportunities for Private Enforcement

The private enforcement of competition law within the EU continues its inexorable rise and plaintiff opportunities abound. Small and medium size businesses throughout Europe are joining larger companies in initiating...more

Orrick's Financial Industry Week in Review

ESMA Publishes Final Technical advice on the MiFID II Directive and MiFIR - On December 19, 2014, the European Securities and Markets Authority (ESMA) published final technical advice (ESMA/2014/1569) to the European...more

European Commission and EU Art 29 dispel the myths on the ECJ's decision in Google Spain

In May 2014, we reported on the implications of the landmark decision in Google Spain which recognises the right for individuals to have links about themselves de-listed from search results. In response to the complaints...more

EU Commission Publishes Work Program for 2015

The European Commission’s work program for 2015 covers 10 actions for 2015, including a “connected digital single market” across the EU....more

ESMA Publishes Final Technical advice on the MiFID II Directive and MiFIR

On 19 December 2014, the European Securities and Markets Authority (ESMA) published final technical advice (ESMA/2014/1569) to the European Commission and a consultation paper (ESMA/2014/1570) on the MiFID II Directive...more

Corporate and Financial Weekly Digest - Volume X, Issue 2

In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more

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