vLex European Union

  • Academic Journal of Business, Administration, Law and Social Sciences

    Issue number #6-2 (July 2020) of publication Academic Journal of Business, Administration, Law and Social Sciences is now available

    Sep 28, 2020 2:19 PM

  • Sustainable Finance and Climate Change Risk in Financial Services: For Insurers

    In a July 2020 speech on climate action in the financial industry, Sarah Breeden, executive director for UK Deposit Takers Supervision, said the industry is “at the start of a critical decade for climate action where the decisions we take today will shape the future of our planet for decades to come”. Accordingly, UK regulators now expect the industry to take action. This briefing provides an update on the key global, European, and UK regulatory developments in this area applicable to the insurance sector. Please see full Publication below for more information. (See Article)

    Sep 28, 2020 6:32 AM

  • Alert: Review of EU Competition Rules on Vertical Agreements

    European Commission publishes findings of its evaluation of EU competition rules on vertical agreements - On September 8, the European Commission (EC) published a Staff Working Document summarising the findings of its evaluation of the Vertical Block Exemption Regulation (VBER) and the accompanying Vertical Guidelines (Guidelines). (See Article)

    Sep 27, 2020 5:46 AM

  • Earnouts Are Rising Across Europe, But Can They Unlock COVID-19 Valuation Gaps?

    Despite practical challenges, earnouts are a tool that PE buyers should increasingly consider to reconcile differences and get deals done. The use of earnouts, though historically disliked by PE buyers, is increasing across Europe. Earnouts can provide a way to bridge valuation gaps, a common need given frothy valuations pre-COVID-19, and a more frequently encountered issue during H1 2020. (See Article)

    Sep 27, 2020 5:46 AM

  • Project Finance, human rights and climate change: Updated Equator Principles 4 in effect from October

    The Equator Principles have been one of the principal frameworks for managing sustainability and ESG risk in projects by financial institutions since 2003.  The latest update – known as EP4 – renews the focus on human rights and climate change with effect from October 1, 2020... (See Article)

    Sep 27, 2020 5:46 AM

  • EU Publishes Draft Delegated Regulation on Changes to CCP Colleges under EMIR 2.2

    The European Commission has published a draft Delegated Regulation designed to amend existing Delegated Regulation (EU) No 876/2013, which supplements the European Market Infrastructure Regulation with regards to changes to the composition, functioning and management of colleges for central counterparties. Under EMIR, "colleges" are supervisory bodies made up of the regulators responsible for supervision of a given CCP. From January 2020, revisions to EMIR (known as "EMIR 2.2") took effect, which introduced changes to the procedures and authorities involved in the authorization of central counterparties and the requirements for the recognition of third-country CCPs. EMIR 2.2 required ESMA to (See Article)

    Sep 27, 2020 5:46 AM

  • Draft EDPB Guidelines Clarify the Roles of Parties Processing Personal Data and Call for Detailed Data Processing Agreements

    On September 7, 2020, the European Data Protection Board (EDPB) published draft guidelines (Guidelines) intended to clarify the roles of the parties processing personal data and when they are operating as controllers, joint controllers, or processors under the EU General Data Protection Regulation (GDPR). (See Article)

    Sep 27, 2020 5:46 AM

  • The Internal Market Bill, the EU Withdrawal Agreement and the risk of no deal on the EU-UK future relationship

    The Government's proposed Internal Market Bill has prompted much debate regarding the UK's approach to international law, as well as the internal constitutional architecture of the UK. The EU has raised the prospect of a legal challenge against the UK under the EU-UK Withdrawal Agreement (the "Agreement"). The prospect of a challenge results from provisions in the UK's Internal Market Bill (the "Bill") that the EU considers to be in violation of the Agreement. The challenge would be under the dispute settlement provisions set out in the Agreement. (See Article)

    Sep 24, 2020 8:32 AM

  • European Secured Notes - Coming to a Bank Near You?

    The bank-funding instrument is designed to unlock liquidity for SME loans. Key Points - ..The impact of COVID-19 on European small and medium-sized enterprises (SMEs) is expected to be severe1 — further underscoring the business case for a diversity of instruments designed to stimulate access to financing for SMEs. ..European Secured Notes (ESNs) are a bank-funding instrument typically issued or guaranteed by a credit institution and further backed by a pool of on-balance-sheet SME loans. Several national jurisdictions and issuing banks have led “test cases” for ESNs that offer helpful insights that could inform the final product guidelines to be adopted by European regulators. ..A (See Article)

    Sep 24, 2020 8:32 AM

  • PE Can Pursue PIPE Dreams

    European PIPEs — which have experienced an uptick due to COVID-19-related market volatility — present unique structural, informational, and governance considerations for private equity investors. European private investments in public equity (PIPEs) have historically been rare, particularly compared with the US. However, since the onset of the COVID-19 pandemic, companies have sought to access additional sources of liquidity to repair their balance sheets. (See Article)

    Sep 24, 2020 6:32 AM

  • EU unveils action plan to secure access to critical raw materials

    On 3 September 2020, the European Commission presented its Action Plan on Critical Raw Materials to secure the European Union's access to critical raw materials and reduce its dependency on third countries. The proposed measures include the development of sustainable finance criteria and new rules on responsible mining practices. Needless to say, companies that are active in the mining and extractive sectors will need to closely follow these developments to assess the impact on their global supply chain and act accordingly... (See Article)

    Sep 24, 2020 6:32 AM

  • GDPR Hot Issues: Cookies, Data Transfers, and Enforcement Trends

    The myriad of data privacy laws across Europe can make it challenging for companies engaged in cross-border business. Between the GDPR, the landmark Schrems II decision, local data privacy laws and Brexit complications... (See Article)

    Sep 23, 2020 6:31 PM

  • European Commission Releases Autonomous Vehicle Privacy Recommendations

    In a detailed report titled "Ethics of Connected and Automated Vehicles," the European Commission sets out key data protection recommendations Definition: Connected and Automated Vehicles (CAVs) are vehicles that are both connected and automated and display one of the five levels of automation according to SAE International’s standard J3016, combined with the capacity to receive and/or send wireless information to improve the vehicle’s automated capabilities and enhance its contextual awareness... (See Article)

    Sep 23, 2020 4:32 PM

  • Paid Leave - EMEA

    This guide offers an overview of legal aspects of paid leave in the requisite jurisdictions.... ...This guide describes the law in force in the requisite jurisdictions at the dates of preparation. This may be some time ago and the reader should bear in mind that statutes, regulations and rules are subject to change... Please see full Publication below for more information. (See Article)

    Sep 23, 2020 2:32 PM

  • Taiwan in the changing global landscape - Europe again has the technology sector in its target zone (Guidance for Taiwanese companies)

    For many years, the European Commission (the Commission) has been the global leader in applying antitrust law to the technology sector. This year is no exception. Indeed, there have been a number of new European enforcement initiatives in 2020, with the technology sector a primary focus of the Commission's enforcement activity right now. (See Article)

    Sep 23, 2020 2:32 PM

  • Article 22 EU Merger Referrals

    The European Commission (EC) has announced that - from mid-2021 - it will start accepting referrals of transactions from EU national competition authorities (NCAs) that fall below the national merger control thresholds. To be referred to the EC, transactions must threaten to significantly affect competition within the territory of the Member State or States making the request. Please see full Publication below for more information. (See Article)

    Sep 23, 2020 6:32 AM

  • Reputation and Likelihood of Confusion – It's All a Bit of a Messi…

    CJEU determines no likelihood of confusion between footballer’s “Messi” figurative mark and earlier MASSI mark. Whilst debate will continue to rage as to whether Messi or Ronaldo is the world’s best male football player, the Court of Justice of the European Union (the “CJEU”) has ruled that Argentine superstar can register his name as a trade mark after an almost decade long legal battle. (See Article)

    Sep 23, 2020 6:32 AM

  • Competitor collaboration: From combatting COVID-19 to the climate crisis

    Competition regulators have shown their ability to act quickly and decisively in order to help allay the worst impacts of the coronavirus outbreak. Could these responses provide a template for achieving environmental and sustainability goals in the future? (See Article)

    Sep 22, 2020 4:32 PM

  • European Commission Launches Roadmap for Sustainable Products Initiative to Usher in New Era of Product Regulatory Requirements

    On September 14, the European Commission (Commission) released the roadmap for its Sustainable Products Initiative (Initiative) – an ambitious new vision for legislative reform that will establish minimum sustainability and information requirements for products sold in the European Union (EU). Stakeholders can provide feedback on the roadmap until November 2, 2020, which the Commission will consider as it refines the Initiative’s content. (See Article)

    Sep 22, 2020 6:32 AM

  • Updated ILPA Model LPAs Continue to Miss the Mark(et)

    The Institutional Limited Partners Association (“ILPA”) has recently released an update to its model limited partnership agreement (the “Model LPA”) for private equity funds and other closed-ended funds. One of the stated benefits of the Model LPA and the recent updates is to create a “baseline” to determine which terms are important and reasonable in negotiations between managers and investors. However, instead of reflecting “market” fund terms, ILPA appears to be continuing a campaign to “move” the private equity market by suggesting uncommon terms which it considers to be investor friendly. (See Article)

    Sep 22, 2020 6:32 AM

  • The Approach of the Eu and Selected Member States to 5G Network Cybersecurity

    This White Paper presents a high-level overview of the current cybersecurity legislation in force or proposed at the European Union (EU) level as well as in a selection of EU member states. - This White Paper is not an exhaustive overview of cybersecurity legislation in the EU. Rather, it focuses on cybersecurity legislation to the extent it affects 5G networks as well as associated hardware, software, and technology in Europe. This White Paper is also limited to a selected sample of EU member states, representative of the very different approaches to cybersecurity of 5G networks of the EU and certain member states, on the one hand, and a group of other member states, on the other. Please see full Publication below for more information. (See Article)

    Sep 22, 2020 6:32 AM

  • EFSA Calls for Grant Proposals on the Use of NAMs for the Hazard Assessment of Cellulose Nanofibers

    On September 15, 2020, the European Food Safety Authority (EFSA) called for grant proposals on the use of new approach methodologies (NAM) for the hazard assessment of cellulose nanofibers. (See Article)

    Sep 21, 2020 4:32 PM

  • EU Will Propose Merger Control Legislation for Foreign-Subsidized Companies’ Acquisitions in 2021

    The European Commission’s (EC) June 2020 white paper proposing wide-ranging controls over foreign-subsidized companies’ access to Europe’s internal market has received fresh impetus. In a report issued earlier this month, the European Union’s (EU) audit body faulted the EC for a hitherto balkanized approach to foreign state-backed acquisitions. Senior administration officials have committed to maximum legislative priority for the proposals. (See Article)

    Sep 21, 2020 6:32 AM

  • Catch-22: The European Commission Keeps Broadening Merger Control Intervention Powers and Gives a Glimpse of The Future

    A recent speech1 by the European Commission's (the Commission) Commissioner for Competition Margrethe Vestager (the Commissioner), on the 30th anniversary of the EU Merger Regulation (EUMR), praised it as having created "a better life for everyone", "saved customers billions of euros each year" and, in "a matter of life and death", ensured the continuation of promising new drugs. Importantly, this speech also provided a glimpse into the future of EU merger control. Based on her statements, here is what to expect in the months and years to come... (See Article)

    Sep 21, 2020 6:32 AM

  • Strategies and Considerations for Reducing Labor Costs in the EU

    The Situation: Targeted legislative and regulatory measures implemented by many EU Member States during the pandemic may ultimately prove insufficient to ease employers' burdens and prevent employment losses. The Result: Companies may need to consider various strategies to reduce labor costs. The current uncertain economic situation may facilitate negotiation and implementation of alternative measures for reducing labor costs while avoiding large-scale employment losses. (See Article)

    Sep 21, 2020 6:32 AM

  • European ESG Disclosure Requirements for Asset Managers

    A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable Finance. (See Article)

    Sep 21, 2020 6:32 AM

  • European Commission Announces New Approach to Merger Review Referrals Falling Below Thresholds

    Under current EU merger control rules, whether a concentration has to be notified to the European Commission (“Commission”) depends, among other things, on the level of revenue generated by the parties worldwide and in the European Union. A key question that has sparked considerable debate in recent years is whether the current merger control thresholds cover all transactions that have the potential to harm competition, or whether there is a so-called “enforcement gap”... (See Article)

    Sep 18, 2020 8:32 AM

  • EU Whistleblower Directive: 2021 Deadline Looms For Large-Sized Companies

    Almost one year after its adoption by the European Parliament, more than half of the EU’s 27 Member States have started transposing the EU Whistleblower Protection Directive into national law. Now, little over 14 months remain until the transposition deadline leaving the clock ticking loudly not just for lawmakers, but also for the organisations that will be required to follow the new rules. (See Article)

    Sep 18, 2020 6:32 AM

  • The European Commission Re-Evaluates the Rules Governing Vertical Agreements: The Impact of Growth in Online Sales and Online Platforms

    The Vertical Block Exemption Regulation (VBER)—the antitrust legislation governing most vertical arrangements in Europe—entered into force on June 1, 2010. Among other things, it creates a safe harbor for vertical agreements which meet certain conditions, shielding them practically from the application of Article 101 of the Treaty on the Functioning of the European Union (TFEU). Guided by the VBER and the Vertical Guidelines published by the European Commission (EC), the onus is on companies to self-assess their vertical agreements. (See Article)

    Sep 16, 2020 6:32 PM

  • EU Distribution Rules Under Review

    The Development - ..The European Commission (EC) has published a 232-page Staff Working Document that summarises the findings of its evaluation of the EU Vertical Block Exemption Regulation (VBER) and accompanying Vertical Guidelines to confirm whether they are still fit for purpose. ..This Staff Working Document is an important milestone in the EC’s current review, closing the evaluation phase and launching a new phase in which concrete proposals for revision will be put forward. Whilst not radical, the changes are likely to be important and focus mainly on reflecting the digital economy. ..Within the next weeks, the EC will launch an impact assessment to look into the policy optio (See Article)

    Sep 16, 2020 6:32 PM