vLex European Union

  • Basel Committee on Banking Supervision Publishes Statement on Proportionate Implementation of Basel Framework

    The Basel Committee on Banking Supervision has published a joint statement with the Basel Consultative Group on the proportionality of the implementation of the Basel Framework by the banks and jurisdictions to which it applies. The Basel Consultative Group is the Basel Committee's sub-group responsible for enhancing the Basel Committee's engagement with global supervisors, including those from non-member countries. The Basel Framework is the set of bank prudential standards established by the Basel Committee that Basel members have agreed to implement. The joint statement confirms the role of proportionality that is established in the Basel Committee's "Core principles for effective banking supervision". (See Article)

    Dec 12, 2019 9:32 AM

  • PSD2 Open Banking update and operational issues with regulators’ registers

    The open banking requirements under the Payment Services Directive (EU) 2015/2366 (“PSD2”) are now in force, under which an account servicing payment service provider (“ASPSP”) must grant an authorised third party service provider (“TPP”) access to certain payment accounts on the basis of the relevant customer consent. PSD2 also sets out the strong customer authentication (“SCA”) requirements for electronic payments which, albeit much wider in scope, have an important bearing within the open banking framework. (See Article)

    Dec 12, 2019 7:32 AM

  • The EU’s Whistleblowing Directive

    On November 26, Directive (EU) 2019/1937 of the European Parliament (EP) and of the Council of October 23 (the “Directive“) on the protection of persons who report breaches of Union law was published in the Official Journal. (See Article)

    Dec 12, 2019 7:32 AM

  • New EU Directive on Protection of Persons Reporting Breaches of Union Law

    A new EU Directive, known as the "EU Whistleblowing Directive", that aims to enhance the enforcement of EU law and policies by providing protection for individuals that report breaches has been published in the Official Journal of the European Union... (See Article)

    Dec 12, 2019 7:32 AM

  • Whistleblowing Insights - December 2019

    Designing an internal whistleblowing system - The issue of whistleblowing is drawing more and more attention. The media regularly reports on investigations and proceedings triggered by whistleblowers who have reported legal violations in politics and business, and companies are realizing the importance of having an effective whistleblowing system in place to detect Compliance breaches and be able to promptly deal with these. Among other relevant recent legal developments, in October 2019, the European Union published the EU Whistleblowing Directive to protect people reporting on breaches of EU law. This Directive comes into effect on 17 December 2021 and aims to set minimum standards for (See Article)

    Dec 12, 2019 7:32 AM

  • New European Data Protection Board Guidance on Data Protection by Design and by Default

    The European Data Protection Board recently requested comments on its data protection “by design and default” guidelines. Comments are due by mid-January of next year. The Guidelines provide clarity about how to address GDPR’s requirement that companies take “appropriate” technical and organizational steps to protect personal information and individuals. Part of the law’s requirements, according to the guidelines, is that companies can show that the measures they took are effective. (See Article)

    Dec 12, 2019 7:32 AM

  • European Commission publishes new documents regarding the Clinical Trials Regulation

    Shortly after updating the related draft Questions and Answers document, the European Commission has published two new documents concerning the Clinical Trials Regulation (EU) 536/2014. The first document is an informed consent and patient recruitment procedure template. The second document is an updated clinical trial Application Form. (See Article)

    Dec 10, 2019 7:32 PM

  • Class Actions in Spain—An EU Proposal That Could Imply Relevant Changes

    The Situation: Spain currently has a system that allows the filing of collective actions but it has not been employed frequently to date, and most consumer-related issues are still litigated on an individual basis. Developments: If adopted, the proposed EU Directive on representative actions for the protection of the collective interests of consumers would necessitate certain changes in the Spanish legislation. (See Article)

    Dec 10, 2019 7:32 AM

  • Legal Update: regulatory technical standards on homogeneity for STS transactions published in official journal

    The EU has, on 6 November 2019, published in the Official Journal a delegated regulation (the “Delegated Regulation”) supplementing the EU Securitisation Regulation (the “Securitisation Regulation”) with regard to regulatory technical standards (“RTS”) on the homogeneity of the underlying exposures in securitisation. The Delegated Regulation will enter into force 20 days after publication. Please see full Publication below for more information. (See Article)

    Dec 10, 2019 7:32 AM

  • Financial Stability Board Publishes 2019 List of Global Systemically Important Banks

    The Financial Stability Board has published the 2019 list of global systemically important banks. Alongside the 2019 G-SIB list, the Basel Committee on Banking Supervision has published further information relating to its 2019 assessment of G-SIBs, including... (See Article)

    Dec 10, 2019 7:32 AM

  • The eData Guide to GDPR: Anonymization and Pseudonymization Under the GDPR

    The EU General Data Protection Regulation (GDPR) regulates the use of personal data collected from European data subjects, including activities of non-European companies that target or process European data subject personal data. Compliance with the regulation’s requirements can be challenging for many organizations and its potential fines daunting. This installment of The eData Guide to GDPR examines two methods for compliance. (See Article)

    Dec 10, 2019 7:32 AM

  • What a Climate-Focused Policy Shift Means for the EU’s Long-Term Budget Planning

    The budget planning of the European Union (EU) has been a central topic of the organization’s internal discussions in recent months. After concluding talks on the budget and expenditures for 2020, EU policymakers are now continuing negotiations regarding the Multiannual Financial Framework (MFF) for 2021-2027... (See Article)

    Dec 9, 2019 7:32 PM

  • Eurozone Single Resolution Board Publishes Opinions on Internal Rules for its use of Personal Data

    The Eurozone Single Resolution Board has published a series of three opinions setting out its own internal rules for the circumstances in which it may restrict the rights of data subjects under Regulation (EU) 2018/1725, data protection legislation that is commonly understood as the public sector equivalent of the General Data Protection Regulation... (See Article)

    Dec 9, 2019 9:32 AM

  • European Banking Authority Publishes Consultation on Draft MREL and TLAC Disclosure and Reporting Standards

    The European Banking Authority has published a consultation paper on its draft Implementing Technical Standards for supervisory reporting and public disclosure of minimum requirements for own funds and eligible liabilities (or “MREL”) and total loss-absorbing capacity (or “TLAC”). Responses to the consultation should be submitted by February 22, 2020. The EBA expects to submit the final draft ITS to the European Commission in June 2020. (See Article)

    Dec 9, 2019 7:32 AM

  • EU-Turkey Relations in the Context of Recent EU Sanctions

    Diplomatic relations between the European Union (EU) and Turkey are once again being tested as the EU imposes sanctions on Turkey over a natural gas and oil drilling dispute in the Eastern Mediterranean Sea. Turkey has been exploring oil and gas fields near the coast of Cyprus, testing the sovereign territory claims of Cyprus in the waters surrounding the island, also known as the Exclusive Economic Zone (EEZ). Estimations suggest that the waters south of Cyprus’ coast harbor up to 227 billion cubic meters of natural gas. This could amount to revenues of more than €40 billion.... (See Article)

    Dec 6, 2019 7:32 PM

  • Money Laundering and Terrorist Financing in Europe: EU Law and Brexit

    Money laundering and terrorist financing have gained increased attention by the media and legislators in Europe in recent years. The EU is making an effort to prevent and combat money laundering and associated risks through the revision of EU law. Meanwhile, Brexit has become a risk to the policing of money laundering in Europe and the UK. Post-Brexit, the UK must ensure that legal frameworks policing money laundering are firm and law enforcement is guaranteed. This Risk Report places focus on recent developments in EU laws on money laundering and terrorist financing and examines how Brexit will influence money laundering risks in the UK... Please see full Publication below for more information. (See Article)

    Dec 6, 2019 7:32 AM

  • European Banking Authority Launches Consultation on Specific Supervisory Reporting Requirements for Market Risk

    The European Banking Authority has launched a consultation on its proposed draft Implementing Technical Standards on specific supervisory reporting requirements for market risk. “Market risk” relates to the risk of losses that banks face to their on- and off-balance sheet positions from adverse movements in market prices... (See Article)

    Dec 6, 2019 7:32 AM

  • Researchers Find Nanotoxicity Studies May Be Affected by Nanoparticles Staying Behind in Syringes

    On November 25, 2019, the European Union (EU) Observatory for Nanomaterials (EUON) announced the publication of a study published in Frontiers in Pharmacology entitled “Unpredictable Nanoparticle Retention in Commonly Used Plastic Syringes Introduces Dosage Uncertainties That May Compromise the Accuracy of Nanomedicine and Nanotoxicology Studies.” (See Article)

    Dec 5, 2019 7:32 PM

  • Update on Benchmarks Reform in Derivatives

    On 27 July 2017, the chief executive of the Financial Conduct Authority, Andrew Bailey, announced that the London Interbank Offered Rate (LIBOR) may not continue to be available after 2021. Since this announcement, a number of national working groups have been set up, and consultations carried out, to develop and select alternative risk-free rates (RFRs) to replace LIBOR. (See Article)

    Dec 5, 2019 7:32 PM

  • Launch of .EU?

    EURid, the Registry operating the .EU Top Level Domain (TLD) for Europe, launched the .e? TLD (".EU" in Greek) on 14 November 2019.  EURid had already launched the Cyrillic equivalent . (See Article)

    Dec 5, 2019 7:32 AM

  • European Real Estate Finance: Recent developments - December 2019

    As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe. (See Article)

    Dec 5, 2019 7:32 AM

  • ECHA Releases New, Updated Guidance Documents for Registering Nanoform Substances

    The European Chemicals Agency (ECHA) announced on December 3, 2019, that it has developed a new Appendix for nanoforms applicable to the Guidance on Registration and Substance Identification. According to ECHA, it aligns ECHA’s guidance with the amended annexes of the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) regulation that will apply to nanomaterials and enter into force on January 1, 2020. (See Article)

    Dec 4, 2019 5:32 PM

  • Basel Committee on Banking Supervision Consults on Pillar 3 Disclosure Requirements for Market Risk and Sovereign Exposures

    The Basel Committee on Banking Supervision has opened two consultations on revisions to the Basel III Pillar 3 disclosure requirements, one related to market risk disclosures and one on sovereign exposures disclosures. Responses to both consultations should be submitted by February 14, 2020. No indication is given as to when the sovereign exposure disclosure requirements might be introduced. The Basel Committee intends to publish the revisions of the market risk disclosure requirements in time for implementation of the revisions by member jurisdictions by no later than January 1, 2022. (See Article)

    Dec 4, 2019 9:32 AM

  • Are we subject to GDPR? The territorial scope criteria under the new EDPB Guidelines

    We keep discussing about new technologies with our TMT Bites. From big data to blockchain, from IoT to artificial intelligence. All these technologies and developments raise a number of challenges, including the “jurisdiction creep”, i.e. the possibility to “attract” in a jurisdiction data protection, security requirements or other regulations that are applicable in foreign countries, without being fully aware of all the rules to take into account. This is a persistent issue (for instance this was one of the main concerns raised by the WP29 back in 2014 when addressing IoT technologies). Certain technologies may inevitably be “cross border” (for instance, when data are processed in other juri (See Article)

    Dec 4, 2019 9:32 AM

  • Final EMIR 2.2 Technical Advice Published

    Following its consultation earlier this year, the European Securities and Markets Authority has published final reports and the final technical advice on third-country CCP tiering, comparable compliance and fees under draft revisions to the European Market Infrastructure Regulation, known as EMIR 2.2. EMIR 2.2 will change the requirements for the supervision of both EU and third-country CCPs, and includes the controversial formal EU "location policy" for CCPs. The technical advice will assist the Commission in preparing the final delegated legislation that will supplement the EMIR 2.2. (See Article)

    Dec 4, 2019 7:32 AM

  • A further step towards an EU-wide collective action

    Recently, representatives of EU member states agreed on a mutual position regarding the Commission's Proposal for a Directive on representative actions for the protection of the collective interests of consumers, and repealing Directive 2009/22/EC. (See Article)

    Dec 4, 2019 7:32 AM

  • Sale and Triple Net Leasebacks: On the rise or doomed to the history books?

    On 1 January 2019, International Financial Reporting Standards 16 came into effect, which introduced a change in reporting requirements for operating leases (such as leaseback leases). But has this had the negative effect on the prevalence of sale and leaseback transactions that the real estate market initially predicted? Victoria Landsbert investigates… (See Article)

    Dec 4, 2019 7:32 AM

  • EU Banking and Finance Regulatory Newsletter - November 2019 - Key regulatory developments in the EU

    We present you with a selection of key regulatory developments in the EU. (See Article)

    Dec 4, 2019 7:32 AM

  • New content

    A source has been added El derecho de la Unión Europea y la vivienda. Análisis de experiencias nacionales e internacionales by Juli Ponce Solé (Editorial Instituto Nacional de Administración Pública (INAP), 2019)

    Dec 3, 2019 9:21 PM

  • European Competition Law Newsletter – December 2019

    Dangers of Cooperation or Coordination on Purchasing - Two recent cases demonstrate the competition law risks which can arise when competitors cooperate or coordinate in relation to purchasing. Competition law compliance programmes must deal with this issue and ensure that the boundary between acceptable and unacceptable behaviour is understood. (See Article)

    Dec 3, 2019 7:32 PM