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Special Purpose Vehicles European Union

Goodwin

Proposed Amendments to Pillar Two Law in Luxembourg

Goodwin on

On 12 June 2024, Luxembourg published a bill of law amending the law of 22 December 2023 (the Pillar Two Law[1]) implementing EU directive no. 2022/2523, largely known as the “EU Minimum Tax Directive” or “Pillar Two...more

Cadwalader, Wickersham & Taft LLP

In Depth: Latest Compromise Text in Relation to AIFMD2 Proposals on Loan Origination Funds

On 1 June 2022, the French Presidency published its “final” compromise text in relation to the revision to the EU Alternative Investment Fund Managers Directive (known as “AIFMD2”). According to this latest AIFMD2...more

Conyers

Proposed Addition of the Cayman Islands to the EU’s High Risk Third Countries List (the “EU AML List”)

Conyers on

On 7 January 2022, the European Commission adopted a delegated regulation (the “Regulation”) proposing revision of its EU AML List to add nine countries, including the Cayman Islands. The EU AML List is the EU’s list of...more

Cadwalader, Wickersham & Taft LLP

See You in September August 2021 - Limited Recourse Finance Series, Part 2: Structural Features

In Part Two of our series on limited recourse finance in the European real estate finance market, we look at the structural features....more

Cadwalader, Wickersham & Taft LLP

Summer Reading July 2021 - Limited Recourse Financing Series: The Need for Limited Recourse Structures

Limited recourse financing (also sometimes referred to as “non-recourse”) is a very common structure adopted in real estate financing transactions in Europe. The principle around limited recourse financing is essentially...more

Hogan Lovells

Real estate securitisations: guidance by Italian tax authorities on the applicable tax treatment

Hogan Lovells on

With ruling No. 132 of 2 March 2021 (the “Ruling”), the Italian Tax Authorities (“ITA”) provided clarifications on the tax regime applicable to real estate special purpose companies (the “RE SPVs”) carrying out securitisation...more

Orrick, Herrington & Sutcliffe LLP

L'agenzia delle entrate commenta il regime fiscale delle operazioni di cartolarizzazione immobiliare

Con la Risposta a Interpello n. 132 del 2 marzo 2021, l’Agenzia delle Entrate (Divisione Contribuenti – Direzione Centrale Piccole e medie imprese) (“Agenzia”) commenta per la prima volta il regime fiscale applicabile alle...more

Hogan Lovells

An overview of EU and German federal financing measures for companies responding to COVID-19

Hogan Lovells on

In response to the economic effects of the COVID-19 pandemic and market uncertainty, plethora of financing measures was introduced at EU level and German federal level. In their joint effect, these measures are aimed at...more

Akin Gump Strauss Hauer & Feld LLP

Changes to EMIR Reporting Responsibilities from 18 June 2020 – Key Considerations

Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for...more

White & Case LLP

European Real Estate Finance: Recent developments - December 2019

White & Case LLP on

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more

White & Case LLP

European CMBS 2.0: How Sustainability is the Future of the Product

White & Case LLP on

Post-crisis commercial mortgage-backed securities ("CMBS") issuance in Europe has been on the slow-burner with only a handful of transactions each year. The year 2018 saw European "CMBS 2.0" experience something of a revival...more

Kramer Levin Naftalis & Frankel LLP

Derivatives Alert - 10 points à retenir sur EMIR Refit

Le règlement (UE) n°2019/834 (EMIR Refit ou EMIR 2.1) publié au JOUE le 28 mai 2019 est entré en vigueur le 17 juin 2019. L'objectif majeur d’EMIR Refit est de limiter l'application du règlement (UE) n°648/2012 (EMIR) aux...more

Pillsbury - Global Trade & Sanctions Law

INSTEX Becomes Operational but Is It Too Little, Too Late?

Announced last week, “INSTEX had been made operational and available to all EU Member States.” INSTEX is the special purpose financing channel designed by the EU to permit the processing of payments for trade between the EU...more

Latham & Watkins LLP

In Practice: Loan Portfolio Sales and Securitisation

Latham & Watkins LLP on

In Europe, the market for loan portfolio sales continues to thrive due to post-financial crisis bank deleveraging and a renewed focus on regulatory capital efficiency and return on capital. This "In Practice" article...more

Latham & Watkins LLP

We’ve Got You Covered: New European Covered Bond Framework

Latham & Watkins LLP on

The new framework should simplify the path for issuers seeking to market European covered bonds to investors in the US. Key Points: ..The new framework will create minimum product and technical standards for covered...more

White & Case LLP

UK, France, Germany create INSTEX SPV to support trade with Iran

White & Case LLP on

On 31 January 2019, France, Germany and the United Kingdom (the "E3") announced the registration in France of INSTEX SAS ("Instrument for Supporting Trade Exchanges"), which is a special purpose vehicle aimed at facilitating...more

Dechert LLP

Good News for Securitisation: EU Commission asks ESMA to consider expanding the use of the “No Data” option in Disclosure...

Dechert LLP on

Late on Tuesday evening, 18 December 2018, the EU Commission posted online its letter to the European Securities and Markets Authority (ESMA) on the data disclosure proposals contained in the regulatory technical standards...more

Akin Gump Strauss Hauer & Feld LLP

Iran Sanctions Are Here—Breaking Down What This Means For Business

• As of November 5, 2018, the United States concluded the second of two wind-down periods for re-imposition of U.S. sanctions on Iran following the May 8, 2018, announcement that the United States would cease participation in...more

Dechert LLP

End of the Road: U.S. Sanctions on Iran Come Back Into Effect

Dechert LLP on

On November 5, 2018, applicable wind-down periods for certain transactions with Iran ended and the second and final set of U.S. secondary sanctions that had been lifted pursuant to the Iran nuclear deal – the Joint...more

Proskauer Rose LLP

EU PRIIPs Regulation – Relevance to Fund Managers Explained

Proskauer Rose LLP on

Background - On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: October 2017 - France Reshaping Legal Framework to Increase Interest in Its Financial Market

France is changing its legal framework to make the Paris financial market one of the most attractive ones in Europe. Bond Issuance Reform - Bond issuances have been simplified by an ordinance of May 10, 2017, which is...more

Orrick, Herrington & Sutcliffe LLP

Securitisations: the Bank of Italy establishes new disclosure and statistical obligations for vehicle companies

On 30 June 2017, the Decision of the Bank of Italy of 7 June 2017, entitled “Provisionson disclosure and statistical obligations for vehicle companies involved in securitization transactions” (the “Decision”) was published in...more

Carlton Fields

Rules of the (International) Road, Brexit, PPP as a New Tool for Argentina, and Keeping Non-U.S. Companies Safe from Suit (Expect...

Carlton Fields on

- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State? - Rules of the (International) Road: Choosing and Appointing a Distributor ...more

Dechert LLP

The Regulation on Key Investor Documents for Packaged Retail and Insurance-Based Investment Products – Key Points for EU and...

Dechert LLP on

In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more

McGuireWoods LLP

Perfecting the (European) Class Action

McGuireWoods LLP on

Last month, I got to experience what I consider a career highlight: I was invited to speak on “Perfecting the Class Action” at Middle Temple. The spiel I gave would be familiar to readers here (it was a basic description of...more

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