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Latest documents

• Regulatory Monitoring - December 2025

  BaFin announced that it has launched a new survey on cum/cum transactions, following surveys in 2017, 2020 and 2021. The survey is aimed at the majority of German credit institutions, selected investment institutions and institutions in the field of financial market infrastructures, all external capital management companies with a licence that manage open-ended securities funds, as well as insurance companies and pension funds under federal supervision.

• Regulatory Monitoring: EU Version - December 2025

  The EBA published its final report on Guidelines amending Guidelines EBA/GL/2022/04 on the equivalence of confidentiality and professional secrecy regimes in third countries, reinforcing the EU’s commitment to safeguarding confidential information and enabling effective cross‑border supervisory cooperation. The update expands the scope of the 2022 Guidelines to reflect new requirements under MiCAR and incorporate the latest EBA equivalence assessments.

• Third-country bank and non-bank lending into the EU post-CRD VI

  Lending by EU credit institutions is regulated under the EU capital requirements regime. Under Article 4(1)(1) of CRR (Regulation (EU) 575/2013), “credit institutions” include deposit-taking banks as well as large MiFID investment firms which conduct underwriting and dealing on own account in financial instruments. For an EU credit institution to conduct lending activities, it must have the appropriate authorisation under CRD (Directive (EU) 2013/36).

• Green Claims and Green Brands - Is your company EmpCo-ready?

  Do you advertise your company’s environmental commitment or the eco-friendliness of your products? If so, you now have less than a year to prepare for the upcoming changes to the legal framework for advertising with environmental claims and sustainability labels. By 27 September 2026, EU member states must transpose the Empowering Consumers Directive (“EmpCo” Directive (EU) 2024/825) into national law and enforce it. The German government presented a draft bill on 3 September 2025, so the implementation is already in full swing.

• EU Geopolitical Risk Update Key Policy & Regulatory Developments No. 124

  This regular alert covers key policy and regulatory developments related to EU geopolitical risks, including in particular, economic security, Russia’s war against Ukraine, health threats, and cyber threats. It does not purport to provide an exhaustive overview of developments.

• Sanctions in a Snap: Developments in Sanctions - EU Edition

  Hughes Hubbard’s “Sanctions in a Snap” provides a clear and concise summary of recent developments from the United States' Office of Foreign Assets Control (OFAC) and the European Union and its Member States. The U.S. edition is designed to help you quickly assess U.S. economic sanctions compliance risks in light of current government designation and enforcement priorities. While the EU edition covers European economic sanctions and export controls risks against the current EU regulatory framework and enforcement priorities.

• Diritto Intelligente - December 2025

  December is traditionally a time to pause, look back, and look ahead. This issue of Diritto Intelligente does all three, offering a snapshot of how European digital law is moving from rule-making to execution, just as we enter what will likely be the first fully operational year of AI governance.

• EU Sanctions in a Snap: Developments in Sanctions - November 2025

  Hughes Hubbard’s “Sanctions in a Snap” provides a clear and concise summary of recent developments from the United States' Office of Foreign Assets Control (OFAC) and the European Union and its Member States. The U.S. edition is designed to help you quickly assess U.S. economic sanctions compliance risks in light of current government designation and enforcement priorities. While the EU edition covers European economic sanctions and export controls risks against the current EU regulatory framework and enforcement priorities.

• Harmonising EU insolvency law: colegislators reach agreement on compromise text for a new directive — key changes and what is next

  The European Parliament and the Council (the co-legislators) reached political agreement on the proposed Directive harmonising certain aspects of insolvency law on 19 November 2025. The final compromise text was confirmed and circulated in early December 2025. The proposed Directive is a minimum-harmonisation instrument aimed at reducing internal-market frictions arising from divergent national rules by setting targeted common standards that improve efficiency, predictability and recoveries in cross-border cases.

• Produkthaftung im Hochsicherheitssektor: KI-bedingte Risiken nach deutschem und europäischem Recht sicher steuern

  Neue Technologien treffen auf neue Haftungsfragen: Der rasante technologische Wandel und die zunehmende Komplexität der Regulierung verändern die Risikolandschaft für Unternehmen im Hochsicherheitssektor. Da digitale Komponenten, vernetzte Systeme und KI bei Hochsicherheitsprodukten eine immer zentralere Rolle spielen, können Ausfälle erhebliche betriebliche, wirtschaftliche und nationale Sicherheitsauswirkungen haben. Diese Entwicklungen werfen neue Fragen zur Haftung auf, insbesondere wenn autonome Systeme menschliche Eingriffe weitgehend ersetzen oder einschränken. Der erste offizielle Entwurf eines neuen deutschen Produkthaftungsgesetzes (ProdHaftG), veröffentlicht im September 2025, zur Umsetzung der überarbeiteten Produkthaftungsrichtlinie (ProdHaftRL), und der EU AI Act3 werden die Art und Weise prägen, wie Unternehmen Produktsicherheit, digitale Innovation und Risikoverteilung entlang der Lieferkette steuern.

Featured documents

• Indirect Infringement and Contributory Infringement Under European and German Patent Law

  In Europe, patent law is governed by the European Patent Convention (EPC) of 1973, a multilateral treaty that led to the creation of the European Patent Organisation (EPOrg) in 1977. The EPOrg provides an autonomous legal system under which European patents are granted. However, each member...

• 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...

• European Commission Publishes proposals for CRD 4

  The European Commission published on 20 July 2011 proposals to radically overhaul the legislation governing the supervision of, and the prudential standards to be met by, banking organisations and investment firms. The new legislation takes the form of a revised Directive and an entirely new...

• Further EU Expansion of Syrian Sanctions Measures

  On 23 September 2011, the Council of the European Union (EU) again expanded EU sanctions measures against Syria – this time targeting financing and investment of the Syrian crude oil industry, supply of Syrian banknotes and coins and another eight persons and entities considered to benefit from or...

• Preserving The Stockholder Franchise: Johnston V. Pedersen (Del. Ch. Sept 23, 2011)

  In This Issue - Preserving the Stockholder Franchise: Johnston v. Pedersen (Del. Ch. Sept 23, 2011) - Recent Compensation Trends in Mergers and Acquisitions and Section 409A - Recent Reforms and Trends in the French Public M&A Market - Delaware Supreme Court Rules on Sale of “Sub...

• 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, ...

• EU Council of Ministers Updates Position on EMIR

  On January 24, the EU Council of Ministers (the Council) published a press release setting out its evolving position with respect to the proposed European Market Infrastructure Regulation (EMIR). The press release indicates that the Council has adjusted its position in negotiations on...

• Google's New Privacy Policy Being Scrutinized by the French Data Protection Authority

  Google launched a new privacy policy that took effect on March 1st, 2012. According to Google, the purpose of revising its privacy policy was to unify into one single privacy policy more than 60 different privacy policies across its wide array of products and services. The Article 29 Working...

• The European Bank De-Risking Continued: The Buy Side

  For the last few weeks, I’ve been writing about investing in distressed bank assets, with a particular focus on the European markets. As you know, we think there are huge opportunities as the European banks disintermediate to meet capital thresholds, while the economy in Europe grinds slower and...

• Regulating Europe’s Derivative Markets – Where Are We Now?

  After the publication of fifteen revised drafts of the long-awaited Regulation of the European Parliament and Council on OTC Derivatives, Central Counterparties and Trade Repositories (commonly known as “EMIR”), you would be forgiven for thinking that the Europeans were never likely to see a...