European Parliament Committees Adopt Their Position on the Proposed EU Forced Labour Regulation
On October 16, 2023, the Committee on International Trade (INTA) and the Committee on Internal Market and Consumer Protection (IMCO) of the European Parliament adopted their position (the Committee Position; see here and here) on the Proposed Regulation on prohibiting products made with forced labour from circulating on the EU market (the Proposed Regulation or EU Forced Labour Regulation). Published by the European Commission (Commission) in September 2022, the Proposed Regulation seeks to effectively prohibit the placing and making available on the EU market of products made with forced labour, as well as the export of such products from the EU.
Directors' Liabilities in Europe: a multi-jurisdiction survey on current set of rules and best practices
Directors’ duties and liabilities have always been at the forefront of corporate governance. It has become a hot topic in the wake of new regulations in the field of sustainability, which directly impact directors’ responsibilities and exposure. How are directors’ liabilities implemented in practice in the various jurisdictions covered by Allen & Overy in Europe? What are the main differences and commonalities among the legal frameworks and the case-law? What are the best practices for directors to comply with their duties and to mitigate their risks, in particular in the context of sustainability?
Regulatory monitoring - November 2023
In addition, we prepare an overview of articles and court decisions published in German legal journals that are relevant to banking or banking supervisory law (in German language only). Furthermore, we produce detailed briefings to cover key developments in the field of financial regulatory law.
Regulatory monitoring: EU version - November 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 in September last year. The ESRB considers that the general warning has indeed proved impactful over the past year and that it has worked towards reducing policymakers’ “inaction bias” with regard to the implementation of macroprudential policy. The ESRB’s view remains that all relevant institutions will need to continue to take action to prevent the risks identified in its warning that have not yet materialised from doing so over the medium term. The ESRB expects that bank profitability will be adversely affected by the rise in funding costs, reflecting higher policy rates, and by much lower lending volumes...
AIFMD II – A Summary of the Key Changes
10 years after the Alternative Investment Fund Managers Directive (AIFMD) entered into force, the Council of the European Union (EU) has published the final text of the political agreement reached in relation to the changes to the AIFMD. This follows an announcement on July 20, 2023 that the Council of the EU and the EU Parliament had reached agreement on the targeted amendments to the AIFMD.
- The Future Of Sustainable Instruments
Double-Dip Financings: The Next Wave in European Liability Management?
A “double-dip” structure is considered a way to allow some creditors to have multiple claims against key obligors arising out of the same underlying transactions. These additional claims could improve their position relative to other creditors in a bankruptcy or liquidation.
- EU Council Adopts Regulation For Sustainable Finance
- What You Should Know About The EU Digital Operational Resilience Act
- Hydrogen Power: Technical Barriers