• JD Supra European Union

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  • EU Publishes NanoDefine Methods Manual

    On January 28, 2020, the European Union (EU) published The NanoDefine Methods Manual, a collection of three Joint Research Center (JRC) reports developed within the NanoDefine project “Development of an integrated approach based on validated and standardized methods to support the implementation of the EC recommendation for a definition of nanomaterial.”

  • European leveraged finance: A bifurcated balancing act: Data dive: European leveraged finance 2020

    - The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent
 - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion
 - High yield bond issuance jumped more than 20 per cent to €95.5 billion

  • Court of Justice ruling in Paroxetine

    The European Court of Justice's ruling in Paroxetine, handed down in record time just before Brexit, confirms the narrow interpretation of restrictions by object given in other recent cases. It also clarified certain issues relating to patent settlement agreements, whilst leaving a number of questions open to be decided in other cases. The Court of Justice's ruling confirms that the analysis of each patent settlement is highly fact-specific, depending notably on the individual context of the agreement.

  • EU Blacklist – Cayman Islands: Impact for Asset Managers

    The Cayman Islands has been placed on the EU list of non-cooperative tax jurisdictions as a result of a failure to introduce new laws relating to private funds within the necessary timescale. The Cayman Islands government has, however, already contacted EU officials to begin the process of being removed from the EU list, which is expected to be October 2020.

  • European Securities and Markets Authority Confirms Brexit Implementation Period Requirements

    The European Securities and Markets Authority has released a statement confirming that, during the Brexit implementation or transitional period, the reporting and notification requirements for U.K. firms under EU legislation, such as the Markets in Financial Instruments package and the European Market Infrastructure Regulation, will continue to apply...

  • EU Debate on Usefulness of Equivalence Regime Under the Prospectus Regulation

    The European Securities and Markets Authority has published a letter it addressed to the European Commission about the technical advice that the Commission requested from ESMA on the general equivalence criteria to guide future equivalence assessments for prospectuses prepared under the laws of third countries. The Prospectus Regulation allows national regulators of EU member states to approve a prospectus for an offer of securities to the EU public or for admission to trading on an EU exchange, prepared in accordance with the laws of a third country, provided the disclosure laws of the third country are equivalent to those of the Prospectus Regulation. The Commission is empowered to adopt legislation setting out general equivalence criteria and may also adopt a decision determining that the laws of a specific third country are equivalent.

  • "The Net Short": U.S. and European High-Yield Covenant Trends in Response to Net Short Activism

    On February 15, 2019, the U.S. District Court for the Southern District of New York issued its ruling in the case of Aurelius Capital Master, Ltd. (“Aurelius”) against Windstream Services, LLC (“Windstream”). The origins of the case date back to April 2015, when one of Windstream’s affiliates spun off and, subsequently, leased back some of its real estate and other assets. Two years after that transaction, Aurelius, a fund that purchased a controlling position in Windstream’s 6.375% Senior Notes due 2023 (the “2023 Notes”), challenged the transaction, alleging that the sale and leaseback was not permitted under the 2023 Notes indenture, and issued a notice of acceleration related to the 2023 Notes. The district court ruled in favor of Aurelius, stating that the transaction resulted in an event of default under the 2023 Notes indenture and that Aurelius’ notice of acceleration was valid. This meant that Windstream was consequently in default under a number of its other debt instruments, by virtue of cross-default or cross-acceleration provisions in those instruments, and faced an immediate liquidity crisis with no access to financing to fund its business operations. As a result, on February 25, 2019, Windstream filed for Chapter 11 bankruptcy, despite the fact that at the time it had no operational failures.
 Please see full Publication below for more information.

  • Key Regulatory Topics: Weekly Update

 APAC Financial Regulatory Focus: Expected Developments in the Year of the Rat -
 As we move into the year of the rat, our team across Asia Pacific consider some of the key areas of financial regulatory development that are expected this year in the region. This bulletin considers developments regarding (i) virtual banks, virtual assets and fintech; (ii) the asset management and funds industry; (iii) private banking; (iv) data/outsourcing/cloud storage; (v) corporate governance; and (vi) enforcement.

  • EU Consultation on Draft Technical Standards For Third-Country Firm Registration and Disclosure Under MiFID II

    The European Securities and Markets Authority has launched a consultation on proposed draft Technical Standards on the provision of investment services and activities in the EU by third-country firms under the Markets in Financial Instruments package. The consultation closes on March 31, 2020 and ESMA intends to submit the final draft Technical Standards to the European Commission in Q3 2020.

  • Key Takeaways from ESMA’s recent MiFID Transparency Consultation Papers

    ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes.
 Key Points:
 ..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make observations in respect of a number of issues that firms grappled with in the run up to implementation.
 ..The proposals would simplify the regimes with the consequence of - primarily for equities - increasing the levels of pre-trade transparency provided by firms and trading venues across instrument classes.
 Please see full Alert below for more information.

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