News & Analysis as of September 22, 2024

European Commission

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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 Banking Authority Sets 2025 Priorities for Resolution Authorities and Reports on the Progress Achieved in 2023

A&O Shearman on 9/6/2024

The European Banking Authority published its 2025 European Resolution Examination Programme report. The report sets three priorities for resolution authorities and banks for 2025 and looks at the progress achieved in 2023,...more

Sustainability/ESG Policy and Regulatory Update

Akin Gump Strauss Hauer & Feld LLP on 8/2/2024

Key topics in Akin’s July 2024 Sustainability/ESG Policy and Regulatory Update include: Updated Assessment of SFDR by EU Regulators: The European Supervisory Authorities have proposed changes to the Sustainable Finance...more

Brussels Regulatory Brief: June 2024

K&L Gates LLP on 7/29/2024

Antitrust and Competition - The European Commission to Take Action to Address Territorial Supply Constraints - On 24 May 2024, the EU Commissioner for Competition, Margrethe Vestager, announced that the European Commission...more

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

A&O Shearman on 7/12/2024

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....more

European Commission Consults on Artificial Intelligence in the Financial Sector

A&O Shearman on 7/3/2024

The European Commission has published a consultation on the use of artificial intelligence in the financial sector. The consultation aims to aid the Commission in developing guidance for the financial sector across all market...more

Delegated Regulation Published on Sustainability Impact Disclosures for Simple, Transparent and Standardized Securitizations under...

A&O Shearman on 7/3/2024

Commission Delegated Regulation (EU) 2024/1700 has been published in the Official Journal of the European Union, supplementing the EU Securitization Regulation with regard to RTS specifying, for simple, transparent, and...more

Outline CRR III / CRD VI - Final Basel III Standards

Mayer Brown on 6/21/2024

I. IMPLEMENTING BASEL III THROUGH THE CRR III REGULATION - The Basel III standards comprise a package of reforms that were largely agreed by the Basel Committee on Banking Supervision ("BCBS") in December 2017 and set out...more

Third Time's a Charm: EU Moves to Approve the Sustainability Due Diligence Directive

Jones Day on 3/20/2024

The Council of the European Union ("EU") approved the Corporate Sustainability Due Diligence Directive ("CS3D") on March 15, 2024. The CS3D contains due diligence and governance obligations that will have an extensive impact...more

European Enforcement Guide

Alston & Bird on 2/5/2024

In the current economic climate, it is important that lenders understand how they can enforce security and debt claims, to help in assessing options in the event of default by their customers, and when structuring new...more

Removal of the Cayman Islands from the EU AML List and UK AML List

Walkers on 1/19/2024

Following the removal of the Cayman Islands from the Financial Action Task Force's list of "jurisdictions under increased monitoring" in October 2023, on 12 December 2023, the European Commission adopted the Commission...more

European Institutions Reach Deal on EU Corporate Sustainability Due Diligence Directive

Jones Day on 12/18/2023

The Council of Europe and the European Parliament announced on December 14, 2023, that they reached a political agreement on the text of the upcoming European Union ("EU") Corporate Sustainability Due Diligence Directive...more

EU Revamps Consumer Credit Rules

Latham & Watkins LLP on 11/21/2023

The changes will significantly modernise the regime and enhance consumer protections. The EU has adopted a new Consumer Credit Directive, known as CCD2, which repeals and replaces the existing EU consumer credit regime...more

EU Commission Issues Guidance for EU Companies on Enhanced Due Diligence To Prevent Sanctions Circumvention

Skadden, Arps, Slate, Meagher & Flom LLP on 9/29/2023

On 7 September 2023, the European Commission (Commission) published a guidance note (the Guidance) for EU businesses on the circumvention of sanctions. The Guidance outlines the essential components for a company’s compliance...more

European Commission Launches Consultation on Sustainable Finance Disclosure Regulation

Latham & Watkins LLP on 9/27/2023

The EU regulators are reviewing the Sustainable Finance Disclosure Regulation introduced in 2021, exploring the need for potential additional adjustments. On 14 September 2023, the European Commission initiated a...more

Key terms of the European Hydrogen Bank’s November 2023 Pilot Auction

King & Spalding on 9/26/2023

The European Commission recently released the heavily anticipated terms and conditions for its initial European Hydrogen Bank (EHB) auction. The structure of this subsidy scheme is of great interest to green hydrogen...more

Implementation of the Credit Servicers Directive in Germany: A game-changer in the NPL-market

White & Case LLP on 8/4/2023

The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit...more

Navigating the EU AI Act: Implications for Financial Institutions

Dechert LLP on 8/2/2023

EU institutions are aiming to reach an agreement on the final form AI Act through ongoing trilogue negotiations by the end of 2023. The AI Act takes a risk-based approach and categorises AI systems into four risk levels:...more

EMIR - Proposed Changes to EU Derivatives Rules

Akin Gump Strauss Hauer & Feld LLP on 7/28/2023

European Union (EU) proposals for changes to the over-the-counter (OTC) derivatives trading rules are underway. The final rules are not yet agreed, but we set out a summary of the proposals below....more

EU’s Proposed Revisions to the Payment Services Directive, and How They Compare to the UK’s Approach

Skadden, Arps, Slate, Meagher & Flom LLP on 7/10/2023

On 28 June 2023, the European Commission (EC) published its proposals for both a revised Payment Services Directive (PSD3) and a new accompanying Payment Services Regulation (EU PSR). This package of reforms addresses certain...more

Somewhat More Clarity on the Reach of the New Foreign Subsidies Regulation

K&L Gates LLP on 7/10/2023

European Commission Provides Guidance in Question and Answer - As of 12 October 2023, the Foreign Subsidies Regulation (FSR) will require businesses intending to undertake substantial mergers and acquisitions (M&A) or...more

Evolution not revolution: European Commission publishes financial data access and payments package

Hogan Lovells on 6/30/2023

As part of the European Commission’s 2020 Retail Payments Strategy and following its 2022 review of PSD2 and related consultations, it has published legislative proposals to improve the functioning of PSD2. The first is for a...more

Adoption of the European Commission's retail investment strategy

Walkers on 6/28/2023

On 24 May 2023, the European Commission (the "Commission") adopted and published its retail investment strategy ("RIS") a key tenet of its Capital Markets Union Action Plan (the "CMU Action Plan"). One of the core objectives...more

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

Walkers on 6/28/2023

Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 23 June 2023, the FATF has announced that it has made the initial determination that the Cayman Islands has substantively...more

[Event] European Forum on Global Economic Sanctions - June 1st - 2nd, Berlin, Germany

American Conference Institute (ACI) on 5/1/2023

Hosted by C5 Group, the European Forum on Global Economic Sanctions is recognized as Europe's Premier, longstanding gathering for financial institutions and global exporters. The industry across Europe is confronting an...more

ESAs publish consultation paper proposing amendments to the RTS supplementing EU SFDR

Hogan Lovells on 4/14/2023

On 12 April 2023, the three European Supervisory Authorities (EBA, EIOPA and ESMA, together the ESAs) published a joint consultation paper in response to their joint mandate to review and revise the RTS supplementing SFDR....more

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