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- Key Regulatory Topics: Weekly Update 23 Dec - 7 Jan 2020
FCA and PRA on passporting in and out of Gibraltar after the transition period - On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics for certain passporting arrangements.
- Public Procurement - The European Court of Justice provides guidance on “self-cleaning” measures in its judgment
In its judgment of 14 January 2021 the European Court of Justice provides guidance on “self-cleaning measures”. The “self-cleaning” measures were introduced in the 2014 Directives on public procurement and allow economic operators to demonstrate their trustworthiness to contracting authorities even though an exclusion ground applies to them.
- Remuneration Code changes now in force - What do you need to know?
Amendments have been made to the FCA’s Dual-Regulated firms Remuneration Code under SYSC 19D and the Remuneration Part of the PRA Rulebook (together the “Remuneration Codes”) to implement the remuneration aspects of the EU Capital Requirements Directive V (“CRD V”). CRD V builds on CRD IV and introduces additional measures to reduce risks in the banking sector, including amending the requirements which apply to remuneration policies.
- ICC Launches Revised Arbitration Rules for 2021
The amendments aim to increase transparency and efficiency in the arbitral proceedings. Key Points: ..To increase transparency, parties must disclose “the existence and identity” of third-party funders. ..To increase efficiency, arbitral tribunals may decide to conduct hearings remotely, irrespective of any objections from the parties. ..New provisions allow the joinder of additional parties and the consolidation of multi-party or multi-contract arbitrations. On 1 December 2020, the International Chamber of Commerce (ICC) published the ninth iteration of its arbitration rules (the 2021 Rules). The 2021 Rules — which came into effect on 1 January 2021 and will apply to all disputes submitted to the ICC thereafter — introduce a number of amendments to increase transparency and minimise the effects of the COVID-19 pandemic on proceedings, as well as new specific provisions for complex arbitrations and investment treaty disputes. This Client Alert provides a summary of these amendments. Please see full Alert below for more information.
- The Practical Implications of the EU-China Investment Deal
On December 30, 2020, the EU and China announced the conclusion of the negotiations of the investment treaty, the EU-China Comprehensive Agreement in Investments (CAI). The CAI represents a strategic opportunity for EU companies, financial institutions and funds to invest in China. This treaty contains two significant overarching commitments by China: market access and fair…
- The EC publishes an inception impact assessment for the proposal of a European Health Data Space
The European Commission has published an inception impact assessment for a potential legislative proposal establishing a European Health Data Space. In its document, the European Commission identifies the problems currently faced by the current framework for cross-border exchanges of health data.
- EU-China Investment Agreement expected to give EU companies unprecedented market access
On 30 December 2020, the EU and China agreed in principle on a Comprehensive Agreement on Investment ("CAI"). The text of the agreement is not yet available,1 but the European Commission called it "the most ambitious agreement that China has ever concluded with a third country." The EU expects this to create a better balance in the EU-China trade relationship considering China has committed to a greater level of market access (including the elimination of quantitative restrictions and joint venture-related requirements requirements) and fair treatment for EU investors than ever before and that China is bound by unprecedented investment discipline commitments, including in relation to state owned enterprises ("SOEs"), subsidy transparency, and compulsory technology transfers. In addition, the CAI covers sustainable development provisions. Work continues on finalizing the text of the CAI, before it can be signed and ratified, and on connected bilateral negotiations on investment protection.
- EDPB recommendations on third country law assessment and data transfer practices post-Schrems II
The European Data Protection Board (EDPB) issued its Supplementary Measures Recommendations and EEG Recommendations on 10 November 2020 following the Schrems II judgment by the European Court of Justice (CJEU). The recommendations describe how to assess third country data protection regimes and how organisations can transfer personal data outside the EEA in compliance with the GDPR and Schrems II. The EDPB offers a clear six-step procedure to enable international data transfers and provides a number of use case scenarios, which describe how to apply this procedure. Please see full Publication below for more information.
- Are you ready for new ESG-related obligations?
What is going on? The EU has adopted a new set of rules that will change the way in which asset managers and financial advisors address environmental, social and governance (“ESG”) when conducting business. Two of the cornerstones of the new legislation are...
- Preparing for SFDR
A brief recap - The main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) will apply from 10 March 2021. The SFDR included provisions requiring the European Supervisory Authorities (ESAs) to prepare level 2 regulatory technical standards (RTS) to provide further detail and to assist in the application of the SFDR provisions. The SFDR states that…
- EC Publishes Financial Services Legislative Agenda
On February 25, the European Commission published an updated agenda and timetable for financial services legislative proposals including the following: Securities Law Directive, expected to be adopted in May 2011; Recast Market Abuse Directive (2003/6/EC) and its three implementing...
- European Parliament's Economic and Monetary Affairs Committee Votes on EMIR
On May 24, the European Parliament announced the result of the vote of the Parliament's Economic and Monetary Affairs Committee (ECON) on the proposed European Market Infrastructure Regulation (EMIR). The draft regulation (which covers over-the-counter (OTC) derivatives, central clearing ...
- Financial Services Quarterly Report - Second Quarter 2011
In This Issue: - UK Bribery Act 2010 – What It Means for the Financial Services Industry p. 1 - New U.S. Reporting Requirement Regarding Cross-Border Holdings p. 4 - Banking Regulatory Consequences for German Banks Holding Investment Funds p. 6 - Recent French Tax...
- CPI Antitrust Chronicle: Recent EU Antitrust Investigations into Financial Services – What Is the Scope for Antitrust Intervention?
When the financial crisis hit in 2008, the European Commission (“the Commission“) swiftly joined the global efforts to save the financial industry. The state aid powers granted to the Commission have allowed it to be a key player in crisis management. The Commission reviewed and approved vast...
- BIS/IOSCO Publish Consultative Report on OTC Derivatives Data Reporting and Aggregation Requirements
The Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) have published a consultative report on the gathering, storing, and dissemination of over-the-counter (OTC) derivatives data by trade ...
- European Court of Justice Rules in Premier League TV Dispute – Decoding the Judgment
On October 4, 2011, the European Court of Justice (Court) gave its ruling in a long running legal case concerning the use of foreign satellite decoder cards for broadcasts of Football Association Premier League (FAPL) matches. The case raises difficult issues of broadcasting rights, copyrights in...
- EU Offers Standard Definition of Nanotechnology
One of the challenging aspects of attempts to regulate emerging nanotechnology is the definition. Proposing a "definition" for nanotechnology is not as straightforward a process as it may seem; applying a strict, universal definition of nanotechnology to all applicable fields and...
- Jumping The Train: The General Courts Sets a High Bar for Private Damages Claimants to Join Cartel Decision Appeals
EU court rejects intervention of damages claimants in appeal before the European courts by taking a narrow and rather formalistic view of legal interest in the appeals. While it is true that damages actions are legally possible as stand-alone actions, the reality in Europe is that third parties’...
- European Union Court Stays Course on Airline Emissions Rules
The Court of Justice for the European Union has ruled that airlines operating in and out of EU countries must comply with the union’s rules for greenhouse gas emissions starting January 1, 2012. In a decision that was presaged last October by a preliminary opinion from the Court’s advocate general, ...
- Comprehensive Data Protection Reform Proposal Released by European Commission
International Data Protection and Privacy Day is Monday, January 28th. The European Commission certainly found a way to mark the day. After weeks of intense speculation, the European Commission has released its sweeping package of legislation to reform the Data Protection...