News & Analysis as of September 19, 2024

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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 -

Regulatory monitoring: EU version - August 2024

A&O Shearman on 9/4/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

English High Court Enforces Asymmetric Jurisdiction Clause in a Syndicated Loan Facility Agreement

McDermott Will & Emery on 8/19/2024

On 24 May 2024, the English High Court granted final injunctive relief to Barclays Bank Plc (Barclays), both in the form of an anti-suit injunction and an anti-enforcement injunction, arising out of a syndicated loan...more

Cantor Fitzgerald & Co v Yes Bank Limited [2024] EWCA Civ 695

White & Case LLP on 8/16/2024

The Court of Appeal has confirmed the existence of a ‘natural assumption' that an adjective or determiner at the start of a list qualifies the entirety of it. In its recent decision, the Court of Appeal construed a letter of...more

House of Lords Committee Re-Opens FCA-Related Inquiries

A&O Shearman on 8/12/2024

The House of Lords Financial Services Regulation Committee announced that it has reopened the following inquiries into: The Financial Conduct Authority's enforcement guidance consultation (CP24/2). The deadline for...more

Digital Operational Resilience in the Financial Services Sector: EU and UK Update

K&L Gates LLP on 8/5/2024

With under six months to go until the European Union Digital Operational Resilience Act (DORA) becomes applicable on 17 January 2025, DORA implementation projects are running full steam ahead. DORA lays down uniform...more

UK Financial Insights from Katten | Issue 12

Katten Muchin Rosenman LLP on 7/24/2024

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Insolvency vs Arbitration – Privy Council’s revival of the “Established Approach”

A&O Shearman on 7/23/2024

How does an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, affect insolvency proceedings? The effect of an arbitration clause, or an exclusive jurisdiction clause in favour of foreign...more

Cadwalader Climate - April 2024 #5

Cadwalader, Wickersham & Taft LLP on 5/1/2024

In this edition we discuss several updates aimed at the financial sector, including transition planning reports published by the Network for Greening the Financial System, prudential guidance from the Bank of England on how...more

UK Financial Insights from Katten | Issue 9

Katten Muchin Rosenman LLP on 3/20/2024

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

A&O Shearman on 3/20/2024

There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

Outsourcing and Its Risks Are a Top Priority for the European Central Bank’s Supervisory Agenda

Morgan Lewis - Tech & Sourcing on 3/8/2024

The European Central Bank (ECB) has published data showing that banks are increasingly using third-party providers to support their critical functions. However, more than 10% of outsourcing contracts covering critical...more

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on 3/6/2024

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Regulatory monitoring Newsletter - February 2024

A&O Shearman on 3/4/2024

1. Bank regulation - 1.1 Prudential regulation - (a) General - (i) EU - ECB: Memorandum of Cooperation between ECB and CAs on third-country bank supervision - Status: Final - The ECB has published a Memorandum of...more

ECB warns of the risks of increased reliance on outsourcing

Hogan Lovells on 3/1/2024

The European Central Bank (ECB) published its latest Supervision Newsletter on 21 February 2024 which highlighted, amongst other updates, that the number of outsourcing contracts for ECB supervised banks has increased...more

Erlaubnispflicht für Kreditdienstleister – Dienstleistungen für Non-Performing-Loans sind jetzt erlaubnispflichtig

McDermott Will & Emery on 2/28/2024

Mit dem Inkrafttreten des Kreditzweitmarktgesetzes am 30. Dezember 2023 sind Dienstleistungen in Bezug auf sogenannte Non-Performing-Loans, also Kredite, die nicht mehr bedient werden oder vom Ausfall bedroht sind,...more

Risk to Israeli Entities Posed by International Sanctions – What Is the Exposure and What Are the Dangers?

Barnea Jaffa Lande & Co. on 2/23/2024

The executive order signed by United States President Joseph Biden in February 2024 states that the violence being committed by Israeli settlers has reached intolerable levels; poses a serious threat to peace, security, and...more

Frankfurt to host the EU Anti-Money Laundering Authority

Hogan Lovells on 2/23/2024

After a much anticipated vote, Frankfurt will be the host of AMLA. Frankfurt came out as the winner with 28 votes. Madrid came in second with 16, Paris in third with 6 and Rome in fourth with 4 in a vote that required just...more

All Washed Up - What Are the Risks for Firms That Won’t Show Greenwashing the Red Card?

BCLP on 2/13/2024

In recent years, there has been a noticeable increase in green products and the promotion of sustainable objectives across the financial services industry. For example, we have seen much discussion of green loans, green...more

Regulatory monitoring: EU version Newsletter - January 2024

A&O Shearman on 2/1/2024

1. Bank regulation - 1/1 Prudential regulation - (a) General - (i) EU - EBA: Consultation on amendments to draft RTS on prudent valuation under Article 105(14) of the CRR - Status: Consultation - Deadline for the...more

Regulatory monitoring Newsletter - January 2024

A&O Shearman on 2/1/2024

1. Bank regulation - 1.1 Prudential regulation - (a) General - (i) Germany - BaFin: Report on risks in focus 2024 (Report über Risiken im Fokus 2024) Status: Final - BaFin has published its annual report on the risks...more

Regulatory monitoring: EU version - December 2023

A&O Shearman on 1/10/2024

1. Bank regulation - 1.1 Prudential regulation - (a) General - (i) EU - EBA: Roadmap on strengthening the Prudential framework - Status: Final - The EBA has published its roadmap on the Banking Package, which...more

UK Financial Insights from Katten | Issue 6

Katten Muchin Rosenman LLP on 12/20/2023

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Regulatory monitoring: EU version - November 2023

A&O Shearman on 12/4/2023

1. Bank regulation - 1.1 Prudential regulation - The ESRB has published a speech by Christine Lagarde, President of the ECB and Chair of the ESRB, on its first general warning about financial stability risks that it published...more

Bank’s inability to establish identity of vessel owner results in inability to rely on sanctions clause

A&O Shearman on 11/30/2023

The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more

Regulatory monitoring: EU version - October 2023

A&O Shearman on 11/2/2023

The EBA has published the European Supervisory Examination Programme (ESEP) for 2024, which identifies key topics for heightened supervisory attention across the EU. The EBA selected three key topics for supervisory attention...more

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