Dentons (JD Supra European Union)
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European Commission seeks powers to scrutinise foreign subsidies
Businesses receiving subsidies from non-EU states face wide-ranging intervention by the European Commission and mandatory clearance procedures for a range of activities, including acquiring other businesses and bidding for major public contracts.
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EU publishes draft rules on control of subsidies provided by third countries
The long-awaited draft EU regulation on the control of subsidies granted by third (non-EU) countries was published last week. If the planned regulation is adopted, the European Commission will soon obtain additional important tools to scrutinize undertakings benefiting from third country subsidies...
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EU Banking and Finance Regulatory Newsletter - Spring Edition 2021
Spring has sprung and the EU-UK Trade and Cooperation Agreement has been done. Even with this deal ratified and applying in full from May 1, 2021, rifts are still rumbling on both sides of the divide amongst the now quite familiar topics. From differing views on vaccination shipments to fishing quotas, the outlook for a comprehensive building of new bridges on financial regulatory cooperation or...
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European, Chinese and US regulatory approaches to personal data transfer and monetization
GDPR, PIPL and CCPA - In October 2020, China unveiled its Personal Information Protection Law (“PIPL”), the draft of a set of rules aimed at regulating privacy law.
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AI regulations: “The starting package" - The October Framework on AI
The October Framework on AI - As also discussed in our latest bite, we are all eagerly waiting for the imminent official publication of the new draft regulation on AI, which is expected to further define the European Commission approach on the AI technologies.
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The Proposal for a Digital Green Certificate in the joint opinion of the EDPB and the EDPS
The Proposal for a Digital Green Certificate (Proposal) aims to facilitate the exercise of the right to free movement within the EU during the COVID-19 pandemic by establishing a common framework for the issuance, verification and acceptance of interoperable certificates on COVID-19 vaccination, testing and recovery.
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Investing in renewable energy projects in Europe - Dentons’ Guide 2021
Dentons Europe is delighted to present the 2021 edition of our Guide to investing in renewable energy projects in Europe. Our publication grows in stature every year, just as renewables become ever more central to Europe’s energy mix, contributing to the modernization and strengthening of the economies in our region. With the global drive to a green recovery, renewables have gained ...
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EU Court rules on deduction of interest that is at arm's length
On January 20, 2021, the Court of Justice of the European Union (CJEU) ruled that arm’s length interest paid by a Swedish company to an EU/EEA resident group company on a loan of which the terms and conditions are similar as between unrelated parties cannot be denied deductability if such interest would be deductible in a domestic situation.
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European Parliament sends the Commission and Council its checklist for a "WTO-compatible EU carbon border adjustment mechanism”
On March 10, 2021, the European Parliament (“EP”) adopted a resolution “Towards a WTO-compatible EU carbon border adjustment mechanism” (“CBAM”). This mechanism, which is a key component of the December 2019 European Green Deal, is planned by the European Commission to be the subject of a proposal for a regulation in June 2021.
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ECB issues opinion on Markets in Crypto Assets Regulation (MiCA) and European Parliament Rapporteur tables own changes
On February 19, 2021, the European Central Bank (ECB) published a 42-page Opinion (30 pages of which are suggested drafting changes) on the current proposed form of MiCA.
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Changing times: Brexit’s impact on the EU’s financial services market
Following the end of the transition period nearly two months ago, with an EU-UK Trade and Cooperation Agreement (TCA) that largely left out financial services, it is unsurprising that the UK is forging alliances elsewhere. Even less surprising, then, is that one such ally should be another European nation well known for its financial sector.
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EU Banking and Finance Regulatory Newsletter - February 2021
In an ideal world, we were supposed to be well beyond Brexit by now. On February 23rd the UK consented to the EU’s request for further time to ratify the EU-UK Trade and Cooperation Agreement (TCA). The TCA has been applied provisionally in the EU since January 1 and was supposed to be ratified by February 28th. This extension to April 30, 2021 should allow the EU decision-makers time to ratify...
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ESMA publishes supervisory warning following very high volatility in trading of certain stocks spurred by social media action
On February 17, 2020, the European Securities and Markets Authority (ESMA) published a short supervisory warning expressing its concerns following “…very high volatility in certain US stocks, linked to a significant accumulation of net short positions and concerted action by some retail investors, based on information shared on social media.
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Meet the ECCC – the EU’s new cybersecurity competence center
Cybersecurity and cyber-resilience has been an overarching priority of EU financial services policymakers and an area that the European Commission has been seeking to improve for all market participants in the EU’s Single Market.
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European Supervisory Authorities publish joint letter on the EU’s proposed regulation for a digital operational resilience act (DORA)
On February 9, 2021, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) (collectively the ESAs) published a joint letter on streamlining the governance and oversight concepts in DORA.
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EU Banking and Finance Regulatory Newsletter - January 2021
We hope you’re settling in well in to what is already quite an eventful 2021. While the European Commission continues to focus on combatting COVID-19 including clarifying confusion in contractual arrangements with vaccine providers, it is also pressing ahead with its longer-term plans to future-proof against further pandemics, drive the economic recovery as well as add a Health Union, some of...
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ESMA publishes final cloud outsourcing guidelines what do firms need to do to prepare?
Before digital operational resilience was in full focus in of the European Supervisory Authorities (including the European Securities and Markets Authority – ESMA) and national competent authorities (NCAs) cloud outsourcing was a primary area of rulemaking and supervisory guidance.
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Regulation of hydrogen networks: Upcoming draft bill of the Federal Ministry of Economics and Energy on regulating hydrogen networks
Status and next steps in the legislative procedure The Federal Ministry of Economics and Energy has made available to associations and the professional public an outline of a draft bill on the implementation of relevant EU requirements and the regulation on pure hydrogen networks.
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Are you ready for new ESG-related obligations?
What is going on? The EU has adopted a new set of rules that will change the way in which asset managers and financial advisors address environmental, social and governance (“ESG”) when conducting business. Two of the cornerstones of the new legislation are...
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Dentons Asset Management & Investment Funds Group: AIFMD consultation – what do asset management firms and stakeholders need to know now?
On 22 October 2020, the European Commission (EC) published a consultation: Review of EU rules on alternative investment fund managers.1 The consultation is open until 29 January 2021 and marks the next step in the EC's formal review of the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD).
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Retail: country-by-country summary of the impact of COVID-19
The retail sector has been suffering greatly during the COVID-19 pandemic. The legislation is changing almost on an everyday basis. Please see full summary below for more information.
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Retail: country-by-country summary of the impact of COVID-19
The retail sector has been suffering greatly during the COVID-19 pandemic. The legislation is changing almost on an everyday basis and Dentons is here to help you stay in the loop about these changes. Please see full Matrix below for more information.
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COVID-19: EU introduces controls on the export of Personal Protective Equipment
As COVID-19 has taken hold in Europe, several EU member states have experienced, or are at risk of experiencing, a shortage of essential protective equipment. In order to keep this shortage to a minimum, the EU has used its safeguarding powers under the Export Regulation to introduce a requirement that certain personal protective equipment may be not exported from the EU unless the exporter has...
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State Aid Rules and COVID-19 (Coronavirus) in the EU
To mitigate the economic repercussions of the COVID-19 outbreak in the Member States, authorities are considering support measures for citizens and/or companies. The European Commission has already recognized the outbreak as a new downside risk in its Winter 2020 Economic Forecast and is currently in the process of working on measures to support Member States in their efforts to minimize the...
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EU-27 and the UK: Key European supervisory authorities publish statements on compliance expectations during COVID-19 (Coronavirus) times
Financial services firms have recently become more attuned to the challenges of adopting business continuity plans (BCPs) in light of the spread of the coronavirus. The ECB-SSM has published a letter to all Significant Credit Institutions advising them to (1) revise their contingency and BCP assessments; (2) assess how quickly such measures could be implemented and sustained; (3) establish...
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EBA acknowledges Commission’s decision on equivalence for Serbia – an outlook on the opportunities ahead
On January 23, 2020, the European Banking Authority (EBA) acknowledged in an Opinion (the Opinion) the European Commission’s (EC) decision to consider the supervisory and regulatory framework applicable to credit institutions in Serbia, as well as South Korea, as equivalent to the rules applied in the European Union (EU). This means that certain categories of exposures to entities located in...
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The EU’s new Credit Servicers Directive – where are we now?
After a relatively quiet period, the last few months have been very eventful as far as progress on the Credit Servicers Directive is concerned. For an update of what happened up to this point, one should read this Client Alert, and any updates to it, in conjunction with our coverage from April 16, 20191. In this Client Alert, we look at the way forward to what is a far-reaching set of changes to...
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PRA issues timely letter to chairs on board diversity
With International Women’s Day being celebrated on 8 March, it can surely be no coincidence that last week the PRA issued all dual-regulated firms with a letter reminding them of its rules on board diversity. However, the regulator has more than just the advancement of women in its sights.
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ECB-SSM publishes 2019 SREP findings – what next for Banking Union Supervised Institutions?
Usually every January the European Central Bank (ECB), acting at the helm of the Banking Union’s Single Supervisory Mechanism (SSM), publishes its overall compliance assessment along with Banking Union Supervised Institution (BUSI) specific findings from the previous year’s Supervisory Review and Evaluation Procedure (SREP) . In many ways this supervisory scorecard not only drives BUSIs to set...
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EU Banking and Finance Regulatory Newsletter - February 2020 - Key regulatory developments in the EU
We present you with a selection of key regulatory developments in the EU.