JD Supra (Blogs)

• JD Supra European Union

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in a new framework for loan origination funds.

• JD Supra European Union

The EU legislature has finally reached an agreement on the text of the Corporate Sustainability Due Diligence Directive (CS3D) (see here our previous client alert). The CS3D profoundly affects the ways companies active in Europe will manage their supply relationships and supply chains worldwide. The CS3D also establishes legal liability for companies regarding both environmental and human rights...

• JD Supra European Union

For the first time, the Court has confirmed that the adverse impacts of climate change fall within the ambit of human rights protection under the European Convention of Human Rights, obliging States to implement effective mitigation measures. On 9 April 2024, the European Court of Human Rights delivered three Grand Chamber rulings in climate change-related cases. These three separate...

• JD Supra European Union

M&A activity in the digital infrastructure sector has been growing year-on-year in Europe, with deal counts and cumulative deal values highlighting the resilience of this asset class. 2024 is likely set to hit a new peak of transaction activities in volume and value of transactions, since at the end of 2023, the deal activity in the region already looked similar to the full-year 2021.

• JD Supra European Union

1. Bank regulation- 1.1 Prudential regulation- (a) General- (i) International- BCBA: Basel III monitoring report- Status: Final- BCBS has published its latest monitoring report setting out the impact of the Basel III framework, based on data as of 30 June 2023. It shows that initial Basel III capital ratios for a sample of the largest global banks were largely stable and above prepandemic...

• JD Supra European Union

This regular alert covers key regulatory developments related to EU emergency responses, including in particular to Russia’s war of aggression against Ukraine, COVID-19, and cyber threats. It does not purport to provide an exhaustive overview of developments.

• JD Supra European Union

With Parliamentary elections and a series of national votes in 2024, the EU is entering a pivotal period in its history. In this study, ‘Global business in a changing Europe’, we speak to corporate leaders across the world to explore the bloc’s key risks and opportunities, their views on the EU’s regulatory structures – and how they are navigating this increasingly complex environment.

• JD Supra European Union

NETWORK AND INFORMATION SECURITY 2 DIRECTIVE (NIS2) - WHO WILL BE IN SCOPE? Operators of essential and important services across various sectors including energy, transport, banking, health, medical devices, chemicals and digital. In-scope entities in the digital sector include infrastructure providers (including cloud computing) as well as other digital providers such as online

• JD Supra European Union

The AIFMD contains numerous ongoing obligations that apply to sponsors and funds long after fundraising has completed. As part of our AIFMD refresher series, this article summarises one of the key AIFMD ongoing requirements that both EU and non-EU alternative investment fund managers must comply with for each fund marketed in the European Union and the United Kingdom. As most sponsors are aware,...

• JD Supra European Union

The AIFMD contains numerous ongoing obligations that apply to sponsors and funds long after fundraising has completed. As part of our AIFMD refresher series, this article summarizes one of the key AIFMD ongoing requirements that both EU and non-EU alternative investment fund managers must comply with for each fund marketed in the European Union and the United Kingdom. As most sponsors are aware,...

• JD Supra European Union

Venture capital investment in European startups reached over $60B last year, higher than pre-pandemic levels but lower than the highs of 2021 and 2022. To see how this changed deal terms, Orrick used in-house technologies, systems and processes to undertake a deep and unparalleled analysis of the deal terms of over 350 venture capital and growth equity investments our clients completed in Europe

• JD Supra European Union

The European Commission (EC) has revamped the 1997 Commission Notice on the definition of the relevant market for the purposes of Community competition law (the 1997 Notice), and published a new Notice (Notice) on 8 February 2024.

• JD Supra European Union

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 Cooperation (MoC) between the ECB and competent authorities (CAs) in relation to the supervision of third-country banking groups and branches. The MoC’s aims include to: (i) ensure

• JD Supra European Union

The AIFMD contains numerous ongoing obligations that apply to sponsors and funds long after fundraising has completed. As part of our AIFMD refresher series, this article summarizes one of the key AIFMD ongoing requirements that both EU and non-EU alternative investment fund managers must comply with for each fund marketed in the European Union and the United Kingdom. As most sponsors are aware,...

• JD Supra European Union

This regular alert covers key regulatory developments related to EU emergency responses, including in particular to Russia’s war of aggression against Ukraine, COVID-19, and cyber threats. It does not purport to provide an exhaustive overview of developments.

• JD Supra European Union

The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal. Key Points: ..The agreed text includes important clarifications on the scope of the regime and additional exemptions, amongst other changes. ..The amendments will have notable impacts on global ESG ratings providers, the companies using their services, and...

• JD Supra European Union

Who has to comply with the Regulation? The Regulation only applies to EU person exporters who are selling, supplying, transferring, or exporting the targeted goods (including aircraft) to third-country counterparts outside of the EU but who themselves are not in a partner country. Affected exporters will include airlines and operating lessors located in any EU Member State, and also any...

• JD Supra European Union

To avoid potential risks to investor protection, as well as to financial stability within the European single market, the Regulation on Markets in Crypto-assets (MiCAR) is about to introduce a harmonised and dedicated set of rules governing the activities carried out by crypto-asset service providers (the so-called CASPs), as well as a passporting procedure to facilitate the performance of these

• JD Supra European Union

Rising interest rates and stubbornly high inflation contributed to a subdued deals market in 2023. There was, however, no shortage of M&A highlights across the energy and infrastructure sectors, including the year’s two largest transactions. Originally published in IFLR, February 2024.

• JD Supra European Union

Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2024 impacting a range of UK and European firms within the financial services sector. The key dates have been distilled by the Proskauer team in an easy to read timeline with our commentary.

• JD Supra European Union

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 lending. It is also increasingly common that a bank lending to customers in their own country will lend ancillary facilities, or take guarantees and security, from foreign...

• JD Supra European Union

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 it will focus on throughout the year. It sets out the main risks that BaFin has identified for the financial stability or integrity of the financial markets in Germany and...

• JD Supra European Union

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 submission of comments: 16/04/2024 - The EBA has launched a consultation on amendments to the draft RTS on prudent valuation under Article 105(14) of the CRR. The EBA is...

• JD Supra European Union

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest rates have pushed up borrowing costs and constrained issuance activity. - Subdued M&A pipeline and cautious underwriting by banks limit buyout financing opportunities. -...

• JD Supra European Union

The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its much-awaited judgment on the appeal of Adler’s restructuring plan under Part 26A of the Companies Act 2006 that was sanctioned by the High Court last year after a contested hearing...

• JD Supra European Union

The EU’s Digital Markets Act (DMA) imposes far-reaching ex ante obligations on the largest digital platforms, so-called “gatekeepers.” It applies in parallel with antitrust rules, national regulation (which can go beyond the DMA), and other EU regulations such as the General Data Protection Regulation. It has significant implications not only for gatekeepers, but also any companies doing business

• JD Supra European Union

On 22 December 2023, the EU published Regulation (EU) 2023/2854, the Data Act, in the Official Journal of the EU. The Data Act is a new regulation providing harmonised rules on access to data, switching cloud providers and interoperability requirements across the EU. It is widely expected that the Data Act will have a significant impact on most companies doing business in the EU and will require...

• JD Supra European Union

2023 saw some very significant decisions, investigations, court judgments and legislative developments in European Union merger control.eu

• JD Supra European Union

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on their implications. Summaries feature below, and you can click where indicated to access more detailed analysis.

• JD Supra European Union

This briefing is the sixth in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks the development of certain matters identified in our previous briefings and outlines new matters of interest. The ESG regulatory landscape is fast-evolving. We summarise below...