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Third Country Entities (TCEs)

Latham & Watkins LLP

European Commission Publishes FAQs on EU Corporate Sustainability Reporting Directive

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The FAQs aim to clarify key aspects of the CSRD, including the scope of the rules, compliance dates, and exemptions. On 7 August 2024, the European Commission (Commission) published a set of frequently asked questions...more

Jones Day

CRD VI and the New EU Third-Country Branch Regime: Harmonization Means Restricted Access

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The Situation: The European Union ("EU") banking legislation has been substantially reviewed and provides notably for a new regime applicable to cross-border activities from non-EU jurisdictions....more

Latham & Watkins LLP

EU Reaches Provisional Agreement on Forced Labour Regulation

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The proposed regulation would ban forced labour-made products from the EU market, affecting companies’ supply chains and requiring compliance checks. On 5 March 2024, the European Parliament and European Council...more

A&O Shearman

CRD VI – What EU branches of third country banks need to know

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The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more

Latham & Watkins LLP

UK Government Consults on Regulation of ESG Ratings Providers

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The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - December 2022

Oil price cap - The oil price cap has been co-ordinated by the G7 in order to make EU, UK and US services (including (re)insurance) available to third country importers and exporters as long as the price paid for...more

WilmerHale

Final Adoption of the EU's Foreign Subsidies Regulation

WilmerHale on

On November 28, 2022, the Council of the European Union (Council) gave its final approval to the proposed Regulation on Foreign Subsidies (Regulation), concluding seven months of negotiations with the EU Parliament. Under...more

Eversheds Sutherland (US) LLP

Commerce Department targets third-country suppliers to Russian military, expands export licensing for consumer communications...

​​​​​​​Recently, the Biden Administration adopted additional sanctions in response to Russia’s attempts to annex parts of sovereign Ukrainian territory, including the designation of 14 persons in Russia’s military industrial...more

BCLP

BCLP Global Data Privacy FAQs: What counts as a “transfer” of data under the EU GDPR? New draft EU Guidelines released

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It is well known that the EU GDPR (specifically, Chapter V) restricts transfers of personal data from the EU to a “third country” (i.e. a jurisdiction outside the EEA) or to an international organisation. But what is meant by...more

WilmerHale

Lock, Stock and Two Smoking Notifications: The Proposed European Regulation on Foreign Subsidies

WilmerHale on

The European Commission has published a far-reaching proposal for a regulation to tackle foreign subsidies affecting the EU internal market. This proposal appears as a game changer for foreign direct investment. If adopted,...more

Morrison & Foerster LLP

Mounting U.S. Sanctions And Chinese Countermeasures Create New Legal And Reputational Risks For Third-Country Businesses

Over the past year, we have seen waves of actions by the Trump Administration targeting parties in China and Hong Kong. These actions ranged from economic sanctions against Chinese and Hong Kong officials and organizations,...more

Latham & Watkins LLP

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

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Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more

Husch Blackwell LLP

Analyzing The EDPB’s Draft Recommendations On Supplementary Measures

Husch Blackwell LLP on

Keypoint: In the wake of Schrems II, the EDPB’s much-anticipated recommendations provide extensive guidance on supplementary measures parties can use to legally transfer data out of the EEA in the absence of an adequacy...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector - September 2020

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On 22 July 2020, HM Treasury published a policy statement setting out the UK government’s rationale and proposed approach for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation...more

McDermott Will & Emery

Weekly IRS Roundup September 14 – September 18, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 14, 2020 – September 18, 2020... September 14, 2020: The IRS published final...more

Latham & Watkins LLP

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

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Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more

Latham & Watkins LLP

ESMA Provides Its Input on the BMR Review

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ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

BCLP

Planning for a post-Brexit world: spotlight on insurance

BCLP on

Financial services firms have spent a small fortune in planning for a post-Brexit world. Now that the UK has left the EU and we are in an implementation period due to end on 31 December 2020, this article looks at what forms...more

Akin Gump Strauss Hauer & Feld LLP

EU Securities Financing Transactions Regulation Reporting – Impacts for Asset Managers

The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020. While the scope of the reporting requirements under Article 4 of the Securities...more

A&O Shearman

European Securities and Markets Authority Publishes Clarifications on Reporting of Securities Financing Transactions

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The European Securities and Markets Authority has published a final report and guidelines on reporting under the Securities Financing Transaction Regulations, together with amended SFTR validation rules and a statement on...more

Latham & Watkins LLP

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

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Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Katten Muchin Rosenman LLP

New EU-Wide Tax Anti-Avoidance Law Introduces Sweeping Disclosure Requirements

Key Points - Coming into force on 1 July 2020, EU DAC6 Regulations will require intermediaries in certain cross-border arrangements to disclose activity to tax authorities. - The DAC will apply retroactively to affected...more

A&O Shearman

Final EMIR 2.2 Technical Advice Published

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Following its consultation earlier this year, the European Securities and Markets Authority has published final reports and the final technical advice on third-country CCP tiering, comparable compliance and fees under draft...more

BCLP

Getting The Deal Through - Cloud Computing 2020

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What kinds of cloud computing transactions take place in your jurisdiction? As a G7 economy with mature IT and related services markets, the UK is one of the most important global markets for cloud computing. According to...more

A&O Shearman

Final EU Technical Standards on Cooperation Arrangements with Third-Country Regulators on Market Abuse Issues

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The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on supervisory cooperation between EU national regulators and third-country national regulators. The...more

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