Thomas Donegan at A&O Shearman

Emir Refit: Impact of the Reclassification of Funds

The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more

4/3/2019 / Alternative Investment Fund Managers Directive (AIFMD) , Alternative Investment Funds , Amended Regulation , Counterparties , EMIR , EU , European Securities and Markets Authority (ESMA) , ISDA , No-Deal Brexit , Third Country Entities (TCEs) , Transitional Arrangements , UK Brexit

The New EU Law on Intermediate Holding Companies for Third-Country Banking Groups

Non-EU banking groups (“non-EU groups”) with large EU operations will be required to establish an EU intermediate parent undertaking (“IPU”) according to the final changes to the Capital Requirements Directive (“CRD 5”)...more

3/26/2019 / Banking Sector , Broker-Dealer , Capital Requirements , EU , FDIC , Foreign Banks , Intermediate Holding Company (IHCs) , Investment Firms , New Legislation , Third Country Entities (TCEs) , UK , UK Brexit

UK’s Consolidated Post-Brexit EU Legislation—Update

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling today announces its publication in its Brexit Resource Center website of the U.K. post-Brexit versions of several key pieces of EU legislation and...more

3/1/2019 / Banking Sector , EU , Financial Conduct Authority (FCA) , Financial Regulatory Reform , Financial Services Industry , MiFIR , Packaged Retail And Insurance-Based Investment Products (PRIIPS) , UCITS , UK , UK Brexit

On the Existence of a Pan-European Reverse Solicitation Regime Under MiFID II, and Its Importance on a ‘Hard’ Brexit

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more

2/19/2019 / Cross-Border Transactions , EU , European Securities and Markets Authority (ESMA) , Financial Services Industry , Member State , MiFID II , UK , UK Brexit

Governance & Securities Law Focus: Asia Edition, February 2019

In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

2/14/2019 / Accounting Controls , Annual Reports , Audits , Capital Markets Union , Climate Change , Cooperation , Corporate Governance , Enforcement Actions , EU , European Commission , Foreign Corrupt Practices Act (FCPA) , GAAP , Hong Kong , Private Placements , Proxy Season , UK , UK Brexit

Governance & Securities Law Focus: Europe Edition - January 2019

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more

1/24/2019 / CONSOB , Corporate Governance , Cyber Threats , Cybersecurity , EU , EU Market Abuse Regulation (EU MAR) , Executive Compensation , Glass Lewis , Hong Kong , Italy , Proxy Season , Proxy Statements , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Litigation , Shareholder Activism , Smaller Reporting Companies , UK , UK Brexit

Unilateral Revocation of Article 50 Notification is Possible

On 10 December 2018, the Court of Justice of the European Union (“CJEU”) issued a judgment, ruling that a Member State can unilaterally revoke its notice to leave the European Union under Article 50 of the Treaty on European...more

12/12/2018 / Article 50 Treaty of the EU , Court of Justice of the European Union (CJEU) , EU , Member State , Revocation , UK , UK Brexit , Withdrawal Agreement

UK’s Consolidated Post-Brexit EU Funds Legislation – Update

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling is today making available further consolidated versions of EU legislation showing the proposed U.K. onshored versions. The batch of legislation that...more

12/7/2018 / EU , EU Directive , Financial Services Industry , Onshoring , UK , UK Brexit , Withdrawal Agreement

UK’s Consolidated Post-Brexit EU Legislation–Launch Note

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling is today making available consolidated versions of EU legislation showing the proposed U.K. on-shored versions. The batch of legislation that will be...more

11/15/2018 / Bank Recovery and Resolution Directive (BRRD) , Capital Requirements Regulation (CRR) , EMIR , EU , MiFIR , Onshoring , Prudential Regulation Authority (PRA) , UK , UK Brexit , Withdrawal Agreement