News & Analysis as of September 21, 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 -

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 2/17/2017

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

Implications for Non-EU Banking Groups of the EU’s New Intermediate Holding Company Proposals

A&O Shearman on 12/14/2016

The European Commission has published draft legislative proposals which would require large non-EU banking firms with EU operations to establish an intermediate holding company in the EU. The proposed rules are similar to US...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 6/11/2015

SEC Provides Additional Analysis Related to Proposed Pay Ratio Disclosure Rules - On June 4, the Securities and Exchange Commission provided additional analysis related to its proposed rules for pay ratio disclosure. The...more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

Katten Muchin Rosenman LLP on 11/3/2014

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 5/27/2014

EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation - On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 5/12/2014

Council of the EU Adopts Bank Recovery and Resolution Directive - On May 6, the Council of the EU adopted at first reading the text of the Bank Recovery and Resolution Directive (BRRD). The BRRD seeks to harmonize...more

EU Risk Retention Requirement: A Workable Solution For US CLO Collateral Managers?

Cadwalader, Wickersham & Taft LLP on 1/27/2014

Background - Article 405 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU)...more

European Commission Proposes SRM for Banking Union

Orrick - Finance 20/20 on 7/18/2013

On July 10, the European Commission published a press release confirming its proposal for a single resolution mechanism (SRM) for the banking union....more

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

Pillsbury Winthrop Shaw Pittman LLP on 2/13/2013

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

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