News & Analysis as of September 22, 2024

European Union › Depository Institutions

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

European Parliament Publishes Proposed Changes to AIFMD and UCITS Directives

Latham & Watkins LLP on 2/23/2023

The “AIFMD II” proposals continue their progress through the EU legislative process with more detail provided, but in many areas specific criteria will not be known until Level 2 measures are developed. On 9 February 2023,...more

Credit Funds: Riding the Sea of Change

Paul Hastings LLP on 6/13/2022

We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by...more

European Banking Authority Publishes Opinion on Strengthening Depositor Protection in the EU

A&O Shearman on 11/18/2019

The European Banking Authority has published the second in a series of three opinions on the implementation of the Deposit Guarantee Scheme Directive in the EU. This opinion relates to DGS payouts. The first opinion related...more

Corporate & Financial Weekly Digest, Featuring Articles on SEC C&DIs, Brexit Financial Sanctions, EMIR Refit Regulation and ESMA

Katten Muchin Rosenman LLP on 2/11/2019

SEC/CORPORATE - SEC Issues C&DI on Disclosure of Self-Identified Director Diversity Characteristics - On February 6, the staff of the Division of Corporation Finance of the Securities and Exchange Commission released...more

EU to Require Insolvency Opinions in Relation to U.S. Sub-Custodians Under the EU AIFMD Regime

Cadwalader, Wickersham & Taft LLP on 2/8/2019

From April 2020 depositaries under the EU Alternative Investment Fund Managers Directive (“AIFMD”) will need to obtain independent legal advice regarding the protections under U.S. insolvency law afforded to the assets under...more

Further UK Legislation in Preparation for Brexit Comes Into Force

A&O Shearman on 12/17/2018

Three pieces of U.K. legislation to onshore EU laws in preparation for Brexit have been made. These are: 1. The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (SI 2018/1318)....more

Draft UK Post-Brexit Legislation Published to Onshore the EU Central Securities Depositories Regulation

A&O Shearman on 11/1/2018

HM Treasury has published a draft of the Central Securities Depositories (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 10/9/2018

Parliament adopts general data protection law - Parliament has adopted the law of 1 August 2018 on the organisation of the National Commission for Data Protection and implementation of Regulation (EU) 2016/679 of the...more

UK Government Releases Post-Brexit Draft Legislation for Deposit Protection

A&O Shearman on 8/22/2018

HM Treasury has published draft Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018. The draft regulations are expected to be laid before Parliament in autumn 2018 and to come into...more

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

Troutman Pepper on 2/27/2017

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

Financial Services Quarterly Report - Fourth Quarter 2016: Developments in the Luxembourg Financial Sector

Dechert LLP on 12/28/2016

The Luxembourg financial regulator has published a circular on UCITS depositaries, clarifying the organisational arrangements and other rules provided by Luxembourg’s UCI Law and the EU UCITS Regulation. The circular...more

Structured Thoughts: News for the financial services community - Special Issue

Morrison & Foerster LLP - Structured Products on 12/27/2016

Final TLAC Rules and Structured Products - On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding long-term debt and total loss absorbing...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 4/15/2016

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

What's Happening on UCITS V?

Dechert LLP on 2/29/2016

Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more

Corporate and Financial Weekly Digest - Volume XI, Issue 8

Katten Muchin Rosenman LLP on 2/29/2016

BROKER-DEALER - FINRA Requests Information Regarding Firm Culture and Values - The Financial Industry Regulatory Authority is requesting firms to submit information regarding their organizational culture and how...more

European Commission Adopts Delegated Regulation on Obligations of Depositaries Required by UCITS V

Orrick - Finance 20/20 on 12/23/2015

The European Commission has adopted a Delegated Regulation (C(2015) 9160) supplementing the UCITS IV Directive (2009/65/EC) on the obligations of depositaries. The Delegated Regulation sets out provisions relating to issues...more

EBA Issues Guidelines Under Recast Deposit Guarantee Schemes Directive (DGSD)

Orrick - Finance 20/20 on 6/2/2015

On May 28, 2015, the EBA published its final guidelines (EBA/GL/2015/10) on methods for calculating contributions under the recast DGSD. Article 13 of the recast DGSD requires contributions to deposit guarantee schemes (DGSs)...more

EU Regulation on Improving Securities Settlement and Regulating Central Securities Depositories Published in the EU Official...

Orrick - Finance 20/20 on 9/10/2014

On August 28, the text of the Regulation on improving securities settlement and regulating central securities depositories (Regulation 909/2014) was published in the Official Journal of the EU. EU Regulation 909/2014....more

Central Securities Depositories Regulation (CSDR) Update

Orrick - Finance 20/20 on 7/31/2014

On July 23, the Council of the EU published a press release announcing that it had adopted the CSDR on improving securities settlement and regulating central securities depositories. ...more

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European Union › Depository Institutions

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