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Latest documents

• 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...

• 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).

• 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).

• 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 develop draft Regulatory Technical Standards on: (i) which currencies were "most relevant" for the purposes of determining which central banks should be included in a CCP's college; and (ii) details of the practical arrangements for the functioning of the college that should be agreed in writing between the members of the college.

• 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.

• 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...

• 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.

• 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...

• 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.

• 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.

Featured documents

• ESMA Publishes Responses to CESR's Call for Evidence on AIFMD Implementing Measures

  On January 18, the European Securities and Markets Authority (ESMA) published the responses to the Committee of Securities and Regulators’ (CESR) December 2010 call for evidence on the Alternative Investment Fund Managers Directive (AIFMD) implementing measures. (ESMA replaced CESR on January 1,...

• European Commission Publishes Max Planck Institute Study on European Trade Mark System

  The study suggests that the European Commission’s next review of the Community Trade Mark Regulation and Trade Mark Directive will result in an even closer cohesion between national marks, and between national marks and the Community Trade Mark.
 
 On 8 March 2011, the European Commission...

• LMA Releases Guidelines for Use of Nonpublic/Confidential Information in Secondary Loan Trading

  On June 6, 2011, the Loan Market Association (the “LMA”) issued guidelines (the “LMA Guidelines”) for the use of nonpublic information in the context of secondary loan trading in the European market (or other markets where LMA documents are used or LMA protocols followed). In general, the LMA...

• Parents Are Liable for Their Children: Presumption of Parental Liability Under EU Antitrust Law

  Under EU antitrust law, parent companies are presumed liable for antitrust infringement of their wholly owned subsidiaries. While this presumption is rebuttable, it is unclear what a company must do to rebut it successfully. The recent Air Liquide judgment of the General Court of the European...

• What's new in Europe?

  While the European Commission is seeking to update its 15-year-old Directive regarding the protection of personal data, several regulations have been passed to strengthen privacy rights in Europe.

 

 First, the European Union’s Article 29 Working Party has decided to define more...

• Financial Services Europe and International Update - September 2011 / Issue 11

  Regulatory Developments

 

 This update summarises current regulatory developments in the European Union and the UK, focussing on the investment funds and asset management and related sectors, in the last three weeks.

 

 In This Issue: 

 

 EU...

• ECJ Gets Tough with The Commission on Parental Liability

  A number of recent judgments suggest that European courts are getting tougher with the Commission on parental liability.

 

 In Elf Aquitaine SA v Commission (Case C-521/09 P), the European Court of Justice (ECJ) ruled on 29 September that Elf Aquitaine was not jointly and...

• MiFID II — How It Affects Proprietary Traders and Algorithmic Traders

  The European Commission’s final draft proposals for the revised Markets in Financial Instruments Directive (MiFID II) along with a related regulation (MiFIR) were published 20 October 2011. The objective of the original MiFID, which was passed in 2004 and came into force in 2007, was to improve...

• Eurozone Crisis: Will Europe Win the Battle? – Practical Advice to Address Your Redenomination Risks

  An eventful week in Europe last week, which began with a joint call by German Chancellor Angela Merkel and French President Nicholas Sarkozy for a "forced march towards reestablishing confidence in the Eurozone", has seen the emergence of a new fiscal union in Europe. At the end of the EU ...

• European Financial Transaction Tax Developments

  On January 3 2012, Denmark, who assumed the rotating EU presidency on January 1 2012, initiated a technical review of the European Commission’s proposal for a European financial transaction tax (FTT). Meanwhile, on 23 January France and Germany are expected to present a joint FTT proposal with a...