vLex European Union

  • A Move Towards a New STS Framework for Synthetic Securitisations

    The EBA’s Final Report on the feasibility of a framework for Simple, Transparent and Standardised (STS) Synthetic Securitisations is a cautious step forward. Key Points: ..The EBA has made a proposal to extend the STS framework to synthetic securitisations in balance sheet form subject to compliance with certain criteria. ..The STS criteria are based on those applicable to STS traditional securitisations, which have been adapted to the synthetic space, with the addition of further criteria reflecting specific features of synthetic securitisations. Certain concerns that market participants raised in response to last year’s EBA consultation have been addressed. ..The EBA has also pr (See Article)

    May 29, 2020 4:33 PM

  • DAC6 reporting delay proposed by EU Commission due to COVID-19

    DAC6 summary - Council Directive 2018/822 – known as DAC6 – is the sixth amendment to the EU Directive on Administrative Cooperation 2011/16/EU. DAC6 is aimed at providing the tax authorities with a “warning system” in respect of potentially aggressive tax planning schemes. It does so by imposing an obligation on intermediaries (and, in certain circumstances, on taxpayers) to file information on cross-border arrangements which fall within any one of the ‘hallmarks’ set out in the Directive (“reportable arrangements”) with the relevant EU tax authority. That authority will then share that information with other relevant EU tax authorities by way of automatic information exchange.  (See Article)

    May 29, 2020 2:32 PM

  • Short selling bans and market restrictions – Considerations for investors (Updated May 2020)

    A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including the UK) said that there was no evidence to suggest that short selling had been the driver of recent market falls and emphasised the important role short selling plays in liquidity provision and price discovery, but in some cases nonetheless imposed lower thresholds for reporting short positions to ensure that regulators were able to monitor positions closely. (See Article)

    May 29, 2020 6:33 AM

  • EU NanoSafety Cluster Publishes Final Report of (nano) TiO2 Safety Communication Task Force

    On May 26, 2020, the European Union (EU) NanoSafety Cluster announced the publication of the final report of the (nano) TiO2 safety communication Task Force. The goal of the task force was to provide scientific input to the ongoing classification of titanium dioxide (TiO2). (See Article)

    May 29, 2020 6:33 AM

  • COVID-19: EU State Aid Granted to the Hospitality Sector

    A guide to what public finance support (state aid) is available in the EU for the hospitality sector. Please see full Publication below for more information. (See Article)

    May 28, 2020 6:33 AM

  • A Few of my Favourite Things – Excessive Specifications of Goods and Services in EU Trade Marks

    The priority of any brand owner is to protect their marks in relation to the core activities of the business. Many companies however seek broader trade mark protection for a wide range of ancillary products and services including some that often relate to their business activities only tangentially. (See Article)

    May 28, 2020 6:33 AM

  • Study Analyzes Existing Research on Dermal Absorption of Nanomaterials Used in Consumer Products and at Workplaces

    The European Union (EU) Observatory for Nanomaterials (EUON) announced on May 20, 2020, that a recent study has analyzed existing research on whether nanomaterials used in consumer products and at workplaces are absorbed through the skin. The study was commissioned by EUON and carried out by the RPA consortium of Triskelion and the Dutch National Institute for Public Health and the Environment (RIVM). (See Article)

    May 27, 2020 6:33 AM

  • What types of “interests” are sufficient to justify processing based upon the legitimate interests of a controller?

    The GDPR prohibits a company from processing personal data unless one of six “lawful purposes” are present. One of those lawful purposes occurs when processing is necessary for a “legitimate interest pursued by the controller or by a third party.” (See Article)

    May 27, 2020 6:33 AM

  • Alert: ESMA Issues Public Statement on Implications of COVID-19 Pandemic on Half-Yearly Financials

    On May 20, 2020, the European Securities and Markets Authority issued a public statement on the impact of the COVID-19 pandemic on the half-yearly financials of listed issuers. In particular, ESMA addressed the preparation of interim financial statements according to International Financial Reporting Standards and interim management reports for 2020 half-yearly reporting periods. (See Article)

    May 27, 2020 6:33 AM

  • International Lawyers Network: Temporary Layoffs

    This guide offers an overview of legal aspects of temporary layoffs in the requisite jurisdictions. It is meant as an overview in these marketplaces... This guide describes the law in force in the requisite jurisdictions at the dates of preparation. Please see full Guide below for more information. (See Article)

    May 27, 2020 6:33 AM

  • EU Consultation on Requirements for Contractual Provisions for Recognition of Stay Powers

    The European Banking Authority has opened a consultation on proposed Regulatory Technical Standards on the contractual recognition of stay powers under the Bank Recovery and Resolution Directive. Revisions to the BRRD were published in June 2019. EU Member States are required to transpose the amending Directive into their national laws and to apply the provisions by no later than December 28, 2020, except for provisions relating to the minimum requirement for own funds and eligible liabilities (MREL), which apply from January 1, 2024. The consultation closes on August 15, 2020. (See Article)

    May 25, 2020 8:32 AM

  • European Banking Authority to Act on Dividend Arbitrage Trading Schemes

    In response to the November 2018 request of the European Parliament to conduct an enquiry into dividend arbitrage trading schemes, the European Banking Authority has published a report (dated April 28, 2020) on the approach of national regulators across the EU to tackle market integrity risks associated with dividend arbitrage trading schemes. The EBA has also published a ten-point Action Plan to address the risks arising from such schemes. Both the report and Action Plan accompanied the EBA's letter to the European Parliament that describes its actions and the steps it intends to take in the future on this issue. (See Article)

    May 25, 2020 6:33 AM

  • COVID-19: When EU Tracking Apps Meet the Pandemic, Trust and Privacy by Design Are the Hosts

    As the COVID-19 pandemic continues to spread around the world and cause unprecedented health and economic challenges, technological measures, once thought extreme, are now being deployed for the purposes of contact tracing, infection tracking, and quarantine compliance. (See Article)

    May 22, 2020 6:32 AM

  • EU Short-selling Bans Lifted

    While regulators in the EU have lifted the temporary COVID-19-related short-selling bans, they will monitor the markets and impose further restrictions if required. Regulators in Austria, Belgium, France, Greece, Italy, and Spain announced that the temporary short-selling bans imposed in those jurisdictions expired on 18 May 2020 at 11.59pm. (See Article)

    May 21, 2020 6:32 AM

  • Foreign Investment Review in Europe: Key Considerations for Investors and Latest Developments Prompted by COVID-19

    Global foreign direct investment (FDI) amounted to 1,426 billion USD in 2019. In recent years, a number of countries around the world have implemented measures to strengthen their FDI review mechanisms. Undoubtedly, this worldwide trend is having an impact on international mergers and acquisitions transactions as illustrated by a number of cases highlighted in the media. Recently, there have been a number of important legal developments at European and international levels, including the broadening and enhancement of existing foreign investment review mechanisms in the United Kingdom, France, Germany, Italy and the United States, to name but a few. Please see full Memo below for more information. (See Article)

    May 20, 2020 6:32 PM

  • COVID-19 Update: An End to Temporary Restrictions on Short Selling in the European Union

    Further to our Clients and Friends Memorandum of 22 April 2020, on 18 May 2020 the European Securities and Markets Authority (“ESMA”) issued a press release on the non-renewal of and termination of short selling bans by the following national competent authorities (“NCAs”)... (See Article)

    May 20, 2020 4:33 PM

  • Sustainable Finance – praktische Hilfe für EU Green Bonds und Co.

    Trotz der derzeitigen Situation rund um COVID möchten wir uns auch positiven Themen widmen und Sie weiterhin über die aktuellen Entwicklungen im Bereich Sustainable Finance am Laufenden halten: Anfang März hat die Technical Expert Group on Sustainable Finance (kurz: TEG) ihren Abschlussbericht zur EU Taxonomie ökologisch nachhaltiger Tätigkeiten gemeinsam mit einem Usability Guide zum Europäischen Green Bond Standard veröffentlicht. Neben weiteren inhaltlichen Updates, die u.a. den politischen Consensus zur Taxonomie Verordnung vom Dezember 2019 widerspiegeln, beinhaltet insbesondere der EU Green Bond Usability Guide viele praktische Leitlinien für Marktteilnehmer im Sustainable Finance Sektor. (See Article)

    May 20, 2020 8:32 AM

  • What types of contractual provisions are required for different types of service providers under the GDPR?

    The type of contractual provisions that a company is required by the GDPR to impose upon a service provider differ based upon two primary factors: (1) whether the service provider is a “processor,” a “controller,” or a “joint controller,” and (2) whether the service provider is located outside of the European Union and the parties intend to rely upon the Standard Contractual Clauses as an adequacy measure for effectuating the cross-border transfer of information.  The following provides a matrix that indicates the type of documents that are typically implemented depending upon these two factors. (See Article)

    May 20, 2020 6:32 AM

  • Termination of EU Short Selling Bans but 0.1% Net Short Reporting Continues

    On 18 May 2020, the European Securities and Markets Authority (ESMA) announced the non-renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht (FMA) of Austria, the Financial Securities and Markets Authority (FSMA) of Belgium, the Autorité des Marchés Financiers (AMF) of France, the Hellenic Capital Market Commission (HCMC) of Greece and the Comisión Nacional del Mercado de Valores (CNMV) of Spain. In its announcement, ESMA further confirmed the early termination of the emergency restrictions by the Commissione Nazionale per le Società e la Borsa (CONSOB) of Italy, which were due to expire on 18 June 2020. In addition, ESMA’s announcement clarified that the net short position reporting threshold imposed in March 2020 remains in force until 16 June 2020, at which point it may be renewed. (See Article)

    May 20, 2020 6:32 AM

  • COVID-19 - What Public Finance Support (State Aid) is Available in the EU, EEA, and UK?

    While the COVID-19 outbreak is a severe public health emergency for citizens and societies, it also poses the risk of a serious downturn in the economy, affecting businesses, jobs, and households. In these exceptional circumstances, undertakings of all kinds may face a sudden shortage or even unavailability of liquidity, may suffer damages directly caused by the measures taken to tame the spread of the virus, or may struggle to preserve the continuity of economic activity during and after the outbreak. Given the limited size of the EU budget, the main financial support comes from Member States’ national budgets Therefore, undertakings seeking to benefit from financial support offered by (See Article)

    May 20, 2020 6:32 AM

  • Europäische Kommission veröffentlicht zweite Anpassung des Befristeten Rahmens für staatliche Beihilfen betreffend COVID-19

    von Rainer Wilke, Dr, Harald Selzner, Frank Grell, Jörn Kowalewski, Joachim Grittmann, Dr. Ulrich Klockenbrink, Elisabetta Righini, Natalia Solarova Die zweite Änderung des Befristeten Rahmens erlaubt es den EU-Mitgliedstaaten, Unternehmen, die von COVID-19 betroffen sind, staatliche Beihilfen in Form von Rekapitalisierungen und nachrangigem Fremdkapital zu gewähren. Damit ist zu erwarten, dass die EU Kommission kurzfristig auch über die noch anhängige beihilferechtliche Notifizierung… (See Article)

    May 19, 2020 8:32 AM

  • Commission Proposes to Strengthen EU Money Laundering and Terrorist Financing Rules

    Following the European Union (EU) Member States’ transposition deadline of the Fifth Anti-Money Laundering Directive (5AMLD) into national law on 10 January 2020, the European Commission (Commission) issued an action plan (Action Plan) on anti-money laundering (AML) and counter-terrorist financing (CTF) on 7 May 2020, together with a public consultation. The Action Plan and its proposals will now be considered at political level, and interested stakeholders may submit their views on the consultation by 29 July 2020. (See Article)

    May 19, 2020 6:32 AM

  • The European FDI Regulation: What You Need to Know

    The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company that is the subject of an investment from outside the EU, in any sector of the economy, should prepare for the Regulation. This report from our antitrust/competition and international trade practices details what the new regulation does, and what you need to know, including: - How the dynamics of foreign investment reviews will change in Europe; - How companies can adapt to the new system; - Potential flashpoints between the European Commission’s role and the role of national authorities; - Tensions with existing principles of EU law; - Protections for strategic European companies during the COVID-19 economic turmoil. Please see full Report below for more information. (See Article)

    May 19, 2020 6:32 AM

  • EDPB Publishes Guidelines on COVID-19 Related Data Usage

    On April 21, 2020, the European Data Protection Board (EDPB) published two sets of guidelines addressing data processing in the context of the COVID-19 pandemic. These guidelines address the use of location data and contact tracing tools to combat the spread of COVID-19 and the use of health data for the purposes of scientific research into COVID-19 (together, the guidelines). (See Article)

    May 19, 2020 6:32 AM

  • Reporting of OTC Derivatives Between FC and NFC- Entities After 18 June 2020

    EMIR REFIT Mandatory Reporting provisions require market participants to consider their existing Delegated Reporting arrangements. Key Points: ..From 18 June 2020, financial counterparties (FCs) will be liable for the timely and accurate reporting of over-the-counter (OTC) derivative contracts on behalf of both themselves and their non-financial counterparties (NFCs) that are not subject to the clearing obligation (NFC-s) (Mandatory Reporting). To enable an FC to report, an NFC- will need to provide to such FC the data that the FC cannot reasonably be expected to possess. Currently the obligation to report applies to both parties, with NFC-s often delegating their reporting obligations (See Article)

    May 19, 2020 6:32 AM

  • European Commission releases report calling for 'right to repair'

    CEP Magazine (May 2002) The European Commission released a plan on March 11, the Circular Economy Action Plan,  that builds on the Ecodesign Directive that will help guide European Union-wide economic policy toward 2050. The plan specifically mentions the “right to repair,” but not just for machine tools and washing machines, but for cell phones and cell phone–related products as well. This is a big step for the commission, as cell phone manufacturers have resisted this policy for years. (See Article)

    May 19, 2020 6:32 AM

  • How EU and UK Trademark Owners Can Prevent Unauthorised Price Gouging

    The Background: Manufacturers and brand owners of personal protective equipment ("PPE") and other "essential" items have discovered unauthorised third parties reselling their products at vastly inflated prices, including on websites such as Amazon. Such price gouging can cause damage to the manufacturers' goodwill and reputation. The Issue: Can manufacturers and brand owners can prevent price gouging by unauthorised third-party distributors? (See Article)

    May 18, 2020 6:33 AM

  • COVID-19: DAC 6 reporting delayed

    In light of COVID-19, and in response to requests from European trade associations, the European Commission has published its proposal to amend Directive 2011/16/EU which deals with various strands of administrative co-operation in the field of taxation. Significantly, the proposal includes an extension to the time limit for reporting information under the new rules on cross-border tax arrangements know as DAC 6 (implemented by Council Directive 2018/822/EU). (See Article)

    May 18, 2020 6:33 AM

  • Combating COVID-19: Government powers for safeguarding supply of critical products and potential conversion of production – Italy, Germany, Spain, and France – 15 May 2020 update

    The spread of COVID-19 is causing Europe to experience one of the greatest health crises in decades, the consequences of which are still unpredictable. Faced with this unprecedented situation, the governments of different European countries have been forced to issue a series of legislative measures to alleviate the social, economic, administrative, and health effects of the COVID-19 crisis. This piece is an update to our earlier article published 27 March 2020. Please see full Publication below for more information. (See Article)

    May 18, 2020 6:33 AM

  • EU Commission proposes extension of the DAC6 reporting deadlines

    On Friday 8 May 2020, the European Commission announced a proposal to postpone by three months the initial reporting deadlines for “DAC6”, the incoming mandatory disclosure regime for potentially aggressive tax arrangements. (See Article)

    May 18, 2020 6:33 AM