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Latest documents

• COVID-19 Coronavirus: Global Tax Update

  Below please find a list of global tax measures in response to COVID-19.
 
 United States -
 
 On March 25 and March 27 the U.S. Senate and House of Representatives, respectively, passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The President signed the CARES Act into law shortly after and without hesitation....

• Impact of COVID-19 Coronavirus Pandemic on European Antitrust Enforcement

  Relaxation of antitrust rules to avoid shortages of supply. On 23 March 2020, the European Competition Network (ECN) issued a statement acknowledging that the current situation “may trigger the need for companies to cooperate in order to ensure the supply and fair distribution of scarce products to all consumers.”  The ECN members, including the European Commission and the National Competition Authorities (NCAs) of the 27 EU Member States, will therefore refrain from actively intervening against “necessary and temporary measures put in place in order to avoid a shortage of supply.”

• EU Commission Issues Guidance on Use of Faster Procurement Processes in Light of COVID-19

  On 1st April 2020 the Commission issued practical guidance in relation to how public bodies can use the provisions of the EU public procurement rules to source goods, services and works rapidly in response to the emergency situation caused by the Coronavirus outbreak.
 
 The guidance emphasises that “ the EU public procurement legislation already provides public buyers in the EU with the ability to purchase protective equipment, medicines and ventilators quickly if needed in urgent situations.

• Law implementing EU mandatory tax disclosure rules for intermediaries (DAC6)

  Whilst all our attention and energy are focused on Covid-19, other important developments continue that require your early attention. Bill n° 7465 implementing Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (commonly referred to as DAC6) was adopted by the Luxembourg Parliament on 21 March 2020 (the Law).

• Covid-19 coronavirus and the EU State aid response

  The Covid-19 outbreak is both a serious health emergency and a threat to the global economy. Both the EU and EU Member States are seeking to avert this threat with ambitious aid packages. This creates an unprecedented challenge for the application of EU State aid rules.
 
 Please see full article below for more information.

• How Will COVID-19 Measures Impact Substantive EU Merger Control Review?

  The first wave of discussion about the impact of COVID-19 on EU merger control was very much on the practical and procedural. What, impact if any, will the response to this crisis have on the substantive assessment of mergers going forward?

• COVID-19: Dividend Distribution Policies During the Covid-19 Pandemic

  BACKGROUND -
 The Covid-19 pandemic will likely affect the business of Italian companies in the short and medium term. Accordingly, Board of Directors are currently reviewing their dividend distribution policies.

• COVID-19: Summary of National Forbearance Measures in Europe - April 2020

  INTRODUCTION -
 
 The current situation is fast-moving. The information below reflects our understanding of forbearance measures and other reliefs related to the COVID-19 pandemic as at 2 April 2020.
 
 In many cases the legislation, guidance or other materials relating to these measures is limited in detail. This means that in some instances questions remain about the scope of some of these measures.
 
 Please see full Publication below for more information.

• New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation

  The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
 
 Key Points:
 
 ..The draft RTS contain new guidance that makes clear who is responsible for which decisions in relation to benchmark administration, including extending these responsibilities to general management.
 
 ..The draft RTS also include further explanation on the requirement for back-testing, to ensure that benchmarks are traceable and verifiable.
 
 ..Additional direction is provided on the continuous monitoring and surveillance obligations which have to date been subject to market divergence.
 
 ..The draft RTS reiterate that less onerous obligations apply for administrators of non-significant benchmarks; however, they do not appear to provide any further guidance on how this applies.
 
 Please see full Alert below for more information.

• European Competition Law Newsletter – April 2020

  EU, UK Competition Law and State Aid During the COVID-19 Pandemic-
 
 While not the most important concern, it should be appreciated that EU and national antitrust/competition law, plus the State aid rules, continue to apply in the EU and UK during the coronavirus (COVID-19) crisis. So far as the UK is concerned, it is subject to EU law until at least 31 December 2020 while the post-Brexit transition period is running. In any event, the UK has its own national competition law which remains in force...

Featured documents

• Financial Sector Remuneration in the UK and the EU

  Banks’ business models involve taking on risk in return for reward, and they rely on the judgment of their officers and employees as to the appropriate types and levels of risk to take on. During the financial crisis, many institutions were shown to have taken on too much risk in certain areas and...

• EU ECON Committee Votes for CDS Naked Shorting Ban

  On March 7, the European Parliament's economic and monetary affairs committee ECON approved a measure which could lead to an EU-wide ban on uncovered shorting of credit default swaps (CDS) on sovereign debt of EU member states. Under the measure as currently drafted, investors would be permitted to ...

• Who Owns the Information in INTERPOL's Files?

  It is a given that a certain level of trust, even if for limited purposes, must exist between INTERPOL and its member countries. Member countries send requests for Red Notices to INTERPOL in hopes of obtaining Red Notices against wanted persons. The requests then become part of INTERPOL's files.&#13...

• The Alternative Investment Fund Managers Directive: A Brief Guide for Real Estate Investment Businesses

  The Alternative Investment Fund Managers Directive will establish an EU-wide regulatory and supervisory framework for alternative investment funds. Although primarily aimed at hedge funds, the broad scope and “one size fits all” approach of the Directive mean that it will also impose onerous...

• Financial Services Europe and International Update: Regulatory Developments - August 2011 - Issue 10

  In This Issue:

 

 EU Regulatory Developments: p1 European Parliament Votes on EMIR, Short Selling and Investor Compensation Proposals; p1 ESMA Consults on AIFM Directive Implementing Measures; p2 European Commission Public Consultation on Social Investment Funds; p2 European...

• Recent Developments in EU Competition Law

  The following is a summary of key developments in EU Competition Law from the last year.

 

 Exploitative Abuses of a Dominant Position

 

 Although the application of Article 102 the Treaty on the Functioning of the European Union (TFEU), which prohibits the abuse ...

• The European Commission’s New Best Practice Guidelines on Antitrust Proceedings

  The European Commission’s new guidelines for best practices during antitrust procedures introduce some new elements that could be beneficial for companies under investigation, complainants and interested third parties if handled in the right way.

 

 The European Commission...

• Higher, Wider, Deeper: EU Commission Publishes MiFID II and MiFIR Proposals

  Background

 

 On 20 October 2011, the EU Commission (the “Commission”) published its long awaited legislative proposals1 for the recasting of the Markets and Financial Instruments Directive (“MiFID”).2 The Commission had previously published a consultation paper in relation to its ...

• Waking up a Sleeping Giant

  The European Commission Invites Comments as it Reviews the Current Regime for Technology Transfer Agreements

 

 There hasn’t been much comment or debate around the Transfer of Technology Block Exemption Regulation (TTBER) since it came into force in 2004. But this is now about to ...

• A Blueprint for Contingent Convertible Securities?

  It has probably not escaped the attention of the reader that European banks, and their ability to meet their continuing funding needs, have been some of the principal victims of the continuing uncertainty surrounding the future of the Eurozone, due to their exposures to Eurozone sovereign debt. As...