Dechert LLP (JD Supra European Union)

306 results for Dechert LLP (JD Supra European Union)

  • European Commission Repurposes Powers to Capture Deals Not Meeting Filing Thresholds in the EU

    Key takeaways - The European Commission (EC) recently issued guidance encouraging Member States to make use of the option, foreseen in the EU Merger Regulation (EUMR), to request the EC to review transactions that do not meet either the EU or national merger control thresholds. 

  • Europe to Rein in Foreign Subsidies

    On May 5 the European Commission issued its proposal to create wide-ranging powers to tackle non-European subsidies which may distort competition in Europe. The proposal introduces three different regimes: An ex officio investigation up to 10 years after the subsidy was received. A mandatory notification regime for M&A if one of the parties is established in the EU.

  • European Commission Proposes Regulation on Artificial Intelligence

    This OnPoint summarizes key provisions of the European Commission's Proposed Regulation on Artificial Intelligence and offers some practical takeaways and strategic considerations for impacted organizations. Given the heightened interest in AI by EU and U.S. authorities, and the success European lawmakers have had in exporting the European privacy legal framework globally, companies will want to...

  • DAMITT Q1 2021: Vertical Merger Challenges and New EU Referral Process Signal Transitions in U.S. and EU Investigations

    DAMITT has observed an across-the-board increase in the average duration of significant EU Merger investigations: Phase I remedy cases resolved in Q1 2021 averaged 10.5 months; while Phase II investigations averaged 17.3 months.

  • Restructuring Plans in European Cross-border Restructurings – One Gate Closes but Another One Opens

    Key Takeaways - The use of the UK restructuring plan ("Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of arrangement ("Schemes").

  • Baked & Wired: Potential Break in Impasse Over e-Privacy Regulation

    On 10 February 2021, over two and a half years after the anticipated adoption of the e-Privacy Regulation, European Member States have agreed to a revised text. Portending a potential break in the three-year impasse, the Member States directed the Council of the European Union (Council) to start talks with the European Parliament on a final text of new proposed Regulation.

  • ESAs publish final report on draft Regulatory Technical Standards for SFDR

    On 4 February 2021, less than six weeks before the 10 March 2021 date on which the main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) start to apply, the European Supervisory Authorities (ESAs) published their final report on the draft level 2 regulatory technical standards (the Revised RTS) for the SFDR.

  • EU Court of Justice: Financial Investors Liable for Anticompetitive Conduct of Portfolio Companies

    The European Court of Justice has confirmed that financial investors can incur parental liability for the anticompetitive practices of portfolio companies, even after an IPO that left the investor holding only a minority stake in the company, provided that they still have sufficient representation at the board of directors. This judgment is of major interest…

  • UK Life Sciences and Healthcare Newsletter: Life Sciences: What's new in France? The Santen case and the notion of second medical use with regards to supplementary protection certificates (SPC): a strict interpretation of the EU regulation

    How to interpret the notion of second medical use with regards to SPCs? This is the question which was asked of the Court of Justice of the European Union (CJEU) by the court of appeal of Paris on behalf of the French industrial property office in the Santen case. On July 9, 2020 the CJEU put an end to ten years of legal uncertainty.

  • 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…

  • A New European Financial Services Landscape for a New Year?

    Readers scanning the UK/EU trade deal on Christmas Eve will have looked in vain for a meaningful section on financial services. Instead, the UK asset management industry has been presented with something that looks very much like a hard Brexit, albeit with the promise of more work to come.

  • EBA Proposes Limits on Capital Relief for Securitisations

    Overview - The EU Capital Requirements Regulation, which came into effect in January 2014, mandated the European Banking Authority to report by 2 January 20212 on the regulatory approach to granting capital relief for transactions involving the transfer of significant credit risk to third parties in traditional and synthetic securitisations. In the CRR, transactions that qualify for capital...

  • A Change is Coming: European Commission Releases Draft SCCS For Data Transfers

    On November 12, 2020, the European Commission (EC) published a long anticipated draft of new Standard Contractual Clauses (SCCs) for the transfer of personal data from the European Economic Area (EEA) to third countries whose privacy regimes are not deemed “adequate” by the EC.

  • Overview of the EU Shareholder Rights Directive II

    What is the law? Directive (EU) 2017/828 (“SRD II”), amending the Shareholder Rights Directive (2007/36/EC), came into force on 9 June 2017 [link]. SRD II introduced new transparency obligations on “institutional investors” (life assurance undertakings and occupational pension schemes) and “asset managers” (alternative investment fund managers (“AIFMs”) (excluding sub-threshold AIFMs), MiFID...

  • Schrems II: European Data Protection Board Data Transfers Guidance

    More than three months after the landmark Schrems II decision of the Court of Justice of the European Union (“CJEU”), the European Data Protection Board (“EDPB”) has issued its recommendations on “supplemental measures” to help protect personal data transferred from the European Economic Area (“EEA”) to third countries and ensure compliance with the General Data Protection Regulation (“GDPR”) (the

  • Dawn raids at French supermarkets partially annulled by EU court

    In three recent judgments issued on 5 October 2020, the General Court of the European Union ("GCEU") partially annulled the European Commission’s ("Commission") decisions of February 2017 which had authorized onsite unannounced inspections ("dawn raid”) to be carried out at the headquarters of two French food retail chains, Casino and Intermarché ("ITM"). With these judgments, the GCEU further...

  • ESG Snapshot: Rules and Practice: SFDR: Regulatory Technical Standards: disharmonious delay?

    Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the Commission states that the Level 2 regulatory technical standards (RTS) for the Sustainable Finance Disclosure Regulation (SFDR) will no longer apply from March 10, 2021 and, instead,

  • Updated ILPA Model LPAs Continue to Miss the Mark(et)

    The Institutional Limited Partners Association (“ILPA”) has recently released an update to its model limited partnership agreement (the “Model LPA”) for private equity funds and other closed-ended funds. One of the stated benefits of the Model LPA and the recent updates is to create a “baseline” to determine which terms are important and reasonable in negotiations between managers and investors....

  • ESG Snapshot: Overview of the ESG Driven Amendments to AIFMD and the UCITS Directive

    What is the law/regulation? As part of a number of regulatory initiatives being implemented in the European Union, under its action plan for financing sustainable growth, proposed amendments to AIFMD  and the UCITS Directive are being considered by the European Commission. Following the technical advice published by ESMA in April 2019, the European Commission issued its proposed drafts in June 20

  • EU Seeks New Powers to Address Effects of Foreign Subsidies

    Key Takeaways - The European Commission has adopted a White Paper with proposals for sweeping enforcement powers to address potential distortive effects of foreign subsidies in the EU. The White Paper suggests that the tools that are currently at the EU’s disposal are insufficient to address potential distortions of competition that are specifically caused by foreign subsidies. The White Paper...

  • Increased regulatory scrutiny of foreign direct investments in the healthcare sector

    Key Takeaways - - Foreign Direct Investment (FDI) controls are proliferating around the globe. Since the pandemic, “health” has become a particular focus.  - Several countries have adapted their existing FDI rules, or introduced new ones, to address concerns about national autonomy and supply chain disruption. Some of these changes are general, but some are specific to healthcare.  -...

  • Schrems II: SCCs Valid (in Principle), Privacy Shield Struck Down – Time for Action

    Key Takeaways - The EU-U.S. Privacy Shield does not ensure an adequate level of protection of personal data and is therefore not a lawful basis for data transfers to the U.S....

  • Growing Importance of Environmental, Social and Governance Provisions in Trade Agreements

    Environmental, social, and governance (“ESG”) issues have always played a role in trade agreement negotiations. Now, climate change initiatives as well as racial and ethnic diversity movements such as the Black Lives Matter movement are pushing ESG issues into new prominence. ESG issues could change the landscape for businesses through new free trade agreements stemming from Brexit. Companies and

  • DAC6: Approval of six month extension to the reporting timetable

    On 24 June, the Council of the European Union formally adopted a directive giving EU Member States the option to defer by six months the timetable for reporting under DAC6.

  • ESMA Increases Focus On European Fund Fees

    In this OnPoint, we report on the recent Supervisory Briefing issued by the European Securities and Markets Authority (“ESMA”) on the supervision of costs in UCITS and AIFs published 4 June 2020.

  • Proposed six month extension of the DAC6 reporting deadlines

    Political Agreement - Following the recent European Commission proposal to postpone the initial reporting deadlines for “DAC6” by three months, EU Commission proposes extension of the DAC6 reporting deadlines, a political agreement has now been reached by the COREPER of the Council of the European Union (the “Council”) to postpone the initial reporting deadlines by six months.

  • EMIR Alert: Refit Reporting Changes Go Live

    18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force. On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect.

  • ESA’s consultation on the draft regulatory technical standards of the Sustainable Finance Disclosure Regulation

    The draft regulatory technical standards (RTS) set out detailed information relating to the content, methodology and presentation of certain environmental, social, and governance (ESG) disclosures required under the EU Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the Sustainable Finance Disclosure Regulation or SFDR1). These disclosure...

  • The European FDI Regulation: What You Need to Know

    The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company that is the subject of an investment from outside the EU, in any sector of the economy, should prepare for the Regulation. This report from our antitrust/competition and...

  • EU Commission proposes extension of the DAC6 reporting deadlines

    On Friday 8 May 2020, the European Commission announced a proposal to postpone by three months the initial reporting deadlines for “DAC6”, the incoming mandatory disclosure regime for potentially aggressive tax arrangements.

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