Katten Muchin Rosenman LLP (JD Supra European Union)

Key Points - - Environmental, social and governance (ESG), green finance, sustainable finance, ethical investing are all widely used terms in the financial services industry — though they are used with no common agreement, international understanding or standards. - The signing of the Paris Agreement on December 12, 2015 and the adoption of the UN 2030 Agenda for Sustainable Development on...

Key Points - Coming into force on 1 July 2020, EU DAC6 Regulations will require intermediaries in certain cross-border arrangements to disclose activity to tax authorities. - The DAC will apply retroactively to affected arrangements going back to 25 June 2018. - “Hallmarks” will be used to determine if a cross-border transaction carries a risk of tax avoidance, and each reportable arrangement...

The European Union's General Data Protection Regulation (GDPR)1 will become law in all European Union (EU) and European Economic Area (EEA) member states (including the United Kingdom, notwithstanding Brexit) one month from now—on May 25.

This issue of Privacy Matters examines the flow of personal data. Creating a data map is a quick way to identify, understand and record what happens to any personal data you have. Data maps should be kept on file and should be refreshed regularly. A great way to begin the recording process is by (1) figuring out what personal data you process; (2) whose data it is; (3) how, where and why you got...

With the vast majority of European Union (EU) regulatory focus recently having been on the Markets in Financial Instruments Directive (MiFID II), it is important not to overlook the impending implementation of the EU's Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The PRIIPs Regulation is part of the wider EU and EEA2 regulatory reform following the...

There was a new and potentially significant development this week in the Irish courts that could mark the start of a fundamental change in the field of privacy law and the transfer of personal data from the European Union to the United States. The "model clauses," which are a widely used European Commission-sanctioned method for lawfully transferring personal data outside the EU, may be on the...

Beginning October 1, several key changes to the EU trademark regime will come into effect. Removal of "Graphical Representation" Requirement - Arguably of most significance is the elimination of the graphical representation requirement for EU trademarks. From October 1, trademark applications will not have to be represented in a graphical format. This means that non-visual marks may be...

On 13 July, the Court of Justice of the European Union (CJEU) released its decision in the Brisal case (C-18/15). The Brisal case has potentially far reaching implications for European Union (EU) businesses that either currently suffer or have previously suffered withholding tax (WHT) within the EU. Please see full Advisory below for more information.

Brexit has presented increased opportunities for investment in the UK commercial real estate market, with property funds offering discounted real estate assets and with overseas investors looking to invest in what they see as a discounted market[1]. While there is some uncertainty regarding value, lenders are still making funds available for real estate acquisitions and development; transactions...

On March 8, the European Supervisory Authorities (which includes the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published final draft regulatory technical standards (RTS) in relation to the European Market Infrastructure Regulation (EMIR).

On March 9, the European Commission adopted a delegated Regulation (and an accompanying Annex) in relation to the EU Market Abuse Regulation (MAR). The delegated Regulation sets out arrangements, systems and procedures and notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions under MAR (STOR requirements). As noted in the...

On March 15, the European Commission (the Commission) adopted an equivalence decision in regards to US central counterparties (CCPs). The equivalence decision will allow CCPs authorized and registered with the Commodity Futures Trading Commission to apply for recognition under the European Market Infrastructure Regulation (EMIR) to provide clearing services to EU clearing members or trading...

On March 7, the European Commission (EC) published a document containing a list of planned EC initiatives (List). The List sets out the scope, objectives and expected adoption dates of legislative and non-legislative initiatives, and forms part of the 2016 work program of the EC.

On March 1, the European Commission (EC) adopted new rules in the form of a delegated regulation (Delegated Regulation) to impose clearing obligations on certain index credit default swaps (CDSs). The contracts captured by the Delegated Regulation include euro-denominated, untranched, five-year iTraxx Europe Main and iTraxx Europe Crossover index CDS, from version 17 onwards.

As discussed in our Corporate & Financial Weekly Digest edition of February 12, 2016, on February 10, the European Commission (the Commission) announced proposals to provide for a one-year extension to the application dates of the amended Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) (i.e., moving their start date from January 3,

On February 15, the European Securities and Markets Authority (ESMA) published a discussion paper (ESMA/2016/288) (Discussion Paper) regarding implementation of the regulation on indices used as benchmarks in financial instruments and financial contracts (Benchmarks Regulation).

On February 11, the European Securities and Markets Authority (ESMA) published its first Supervisory Convergence Work Programme for 2016 (SCWP). The SCWP supplements ESMA’s 2016 Annual Work Programme and sets out the initiatives ESMA will undertake to further supervisory convergence across the European Union (EU), in the context of ESMA’s Strategic Orientation for 2016–2020.

On February 2, the European Commission (EC) announced and presented an action plan (Action Plan) against terrorism financing, which includes amendments to the fourth Anti-Money Laundering (AML) Directive that went into effect in June 2015.

On February 10, the European Commission (EC) announced its legislative proposal (Proposal) that would provide for a one-year extension to the application of the amended Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation (together, MiFID II). If the Proposal is approved by the European Parliament and the Council, the application date will be pushed back...

On February 2, the European Securities and Markets Authority (ESMA) published a set of opinions to exempt 16 UK-based pension schemes from clearing obligations contained in the European Market Infrastructure Regulation (EMIR).

On January 19, the European Securities and Markets Authority (ESMA) published on its website a letter it received from the European Commission (Commission), dated December 17, 2015. The letter is in response to guidance and an opinion provided by ESMA on July 30, 2015 to the Commission, in relation to the Alternative Investment Fund Managers Directive (AIFMD) passport.

On January 15, Europe’s Agency for the Cooperation of Energy Regulators (ACER) announced its 11th Public Workshop (Workshop) on the implementation of the European Union’s Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

The EU Capital Requirements Directive (CRD) went into effect on January 1, 2014. The CRD introduced what is commonly referred to in the European Union as a “bonus cap” on individual variable remuneration when paid to employees by EU banks and investment firms. Under the CRD, variable remuneration for such individuals is required to be capped at 100 percent of the relevant individual’s fixed...

On January 1, the Single Resolution Mechanism (SRM) became fully operational. The SRM implements the European Union Bank Recovery and Resolution Directive (BRRD). The SRM is designed to strengthen the resilience of the financial system and to assist in mitigating against future crises. The regulation underlying the SRM establishes the framework and procedures that member states of the European...

On December 18, 2015, the Official Journal of the European Union published the European Commission’s (EC’s) new Implementing Directive on whistleblowing under the European Union’s Market Abuse Regulation. Article 32 of the Market Abuse Regulation mandated that the EC should publish pan-European procedures whereby persons may bring new information to the attention of EU regulators and assist the...

On December 23, 2015, the European Securities and Markets Authority (ESMA) published consultation guidelines (Guidelines) in relation to Markets in Financial Instruments (MiFIR). The Guidelines are intended to complement ESMA regulatory technical standards on transaction reporting, reference data, order record keeping and clock synchronization under MiFIR (RTS 22, 23, 24 and 25), and provide...

On December 2, the European Securities and Markets Authority published an updated Questions and Answers (Updated Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A focuses on Section III regarding the reporting of information to national competent authorities.

On December 7, the European Parliament and the Luxembourg Presidency of the EU Council of Ministers (Council) announced that they have reached agreement on the text of the proposed new EU Cybersecurity Directive (Directive).

On December 7, the European Securities and Markets Authority (ESMA) published an opinion agreeing with the Greek regulator, the Hellenic Capital Markets Commission (HCMC), that the ban on short selling shares in five Greek banks should be extended until midnight on December 21. The ban, previously discussed in the Corporate and Financial Weekly Digest edition of October 2, was originally set to...

On November 27, the European Parliament published a press release clarifying its stance on a potential delay of implementation of the Markets in Financial Instruments Directive (MiFID II) and, by default, the Markets in Financial Instruments Regulation (MiFIR), which expands on the principles in MiFID II and provides detailed rules.