Kramer Levin Naftalis & Frankel LLP (JD Supra European Union)
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The EU Adopts a Landmark Human Rights Sanctions Regime
Companies will soon need to address human rights in their compliance programs in light of the new global human rights sanctions regime, adopted by the European Union on Dec. 7, 2020.
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EDPB Publishes Guidance on Cross-Border International Data Transfer & EC Proposes Draft Decision on Standard Contractual Clauses
On Nov. 11, 2020, the European Data Protection Board (EDPB) published eagerly anticipated guidance in the wake of the July 2020 European Court of Justice’s (ECJ) decision in Schrems II, outlining a process for ensuring data protections in compliance with the EU’s General Data Protection Regulation (GDPR) for EU-resident personal data that is transferred internationally...
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Cartels — Presumption of Decisive Influence by the Parent Company on Its Subsidiaries and Solidarity for the Payment of the Penalty: CJEU Judgment of Oct. 28, 2020, Pirelli v. Commission
On Oct. 28, 2020, the European Court of Justice ruled on one of the aspects of the proceedings relating to the power cable cartel, for which the main European, Japanese and South Korean manufacturers were fined a total of €302 million in 2014.
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ICO and CNIL Levy Landmark Fines Against British Airways and Marriott for 2018 Data Breaches
On Oct. 30, 2020, the United Kingdom’s data protection authority, the Information Commissioner’s Office (ICO), in connection with France’s Commission nationale de l’informatique et des libertés (CNIL), announced the largest security fines, jointly imposed by the authorities under the General Data Protection Regulation (the GDPR), against British Airways and Marriott International Inc. (Marriott).
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European Commission Publishes Outcome of Evaluation of EU Competition Rules on Vertical Agreements
On Sept. 8, 2020, the European Commission published its Staff Working Document summarizing the findings of the evaluation of the Vertical Block Exemption Regulation (VBER) applicable to vertical agreements and the VBER’s related guidelines, which are due to expire on May 31, 2022.
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Europe’s Highest Court Invalidates EU-US Privacy Shield Data Transfer Framework
On July 16, the European Court of Justice (ECJ or the Court) struck down the EU-U.S. Privacy Shield program. The ruling invalidated an earlier European Commission (Commission) decision (Privacy Shield adequacy determination) that the framework — administered by the U.S. Department of Commerce and enforced by the FTC — adequately protects European individuals’ personal data…
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Banking, Finance and Insurance Letter — March/April 2020
With regard to short selling, or more precisely, net short positions, two sets of measures have been taken: lowering of thresholds (a) and prohibitions (b). These measures are based on the provisions of Articles 20 and 28 of the Regulation of 14 March 2012 (Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit...
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Alternatives domiciled in Luxembourg outperform, draw attention outside EU
The growth of Luxembourg-domiciled alternative investment funds remains on an upward trajectory as they become increasingly attractive outside of the EU, Preqin showed. The average size of a private equity fund domiciled in Luxembourg has increased by 50% since 2018.
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A Comprehensive Whistleblower Protection for the EU
On April 23, Kramer Levin reported on the European Parliament’s approved proposal for the adoption of a whistleblower protection directive. On Oct. 7, the Directive on protection of persons reporting breaches of Union law (Directive) was officially adopted by the European Union (EU).
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ISDA Implements Changes to the Credit Derivatives Definitions
In a continuing effort to address the advent of narrowly tailored credit events (NTCEs) in the CDS market, ISDA is now preparing for the implementation of the changes designed to deter market participants from running these strategies.
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European Commission Adopts Passing-On Guidelines for National Judges Evaluating Cartel-Related Damages
As widely acknowledged, key problems in the implementation of the Antitrust Damages Directive [2014/104/EU, herein referred to as “Damages Directive”] were found in the vague provisions set therein, such as the rules on presumption of harm, passing on, and quantification of damages.
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European Commission Issues ‘Ethics Guidelines for Trustworthy AI’
Following extensive consultations, the European Commission’s High-Level Expert Group on AI released ethics guidelines on the use of artificial intelligence. Three broad principles emerged from those guidelines, suggesting that trustworthy AI should be...
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Protections Afforded to Whistleblowers in the EU: An Update
Until recently, whistleblowing raised many concerns in France and other European countries. Reporting on colleagues’ behavior, even if unlawful, was seen as risky business that could lead to dismissals and criminal sanctions for the whistleblower.
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Cooperation in Derivatives in a No-Deal Brexit Environment
With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties.
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ESMA and EBA Assess Whether Crypto-Assets Are Regulated Under Existing EU Rules and Advise the European Commission to Consider an EU-Level Regulation
On Jan. 9, 2019, both the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published a report on crypto-assets.
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Merger Control Alert – The European Court of Justice restores companies' freedom to implement preparatory operations for M&A transactions by limiting the scope of the standstill obligation under EU merger control rules
In a judgment of 31 May 2018 (Case C-633/16, Ernst & Young), the European Court of Justice (ECJ) ruled that the termination of a cooperation agreement with a view to implementing a M&A transaction prior to its clearing under merger control rules by competition authorities does not constitute gun jumping.
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Merger Control Alert - La Cour de Justice redonne de la liberté aux entreprises pour les opérations préparatoires aux opérations de concentration en limitant l’étendue de l’obligation de suspension
Dans un arrêt du 31 mai 2018 (aff. C-633/16, Ernst & Young), la Cour de Justice de l’Union Européenne (CJUE) précise que la dénonciation d’un accord de coopération en vue de la réalisation d’une opération de concentration qui intervient préalablement à la décision d’autorisation de ladite opération ne constitue pas une violation de l’obligation de suspension applicable en matière de contrôle des...
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The EU Commission’s Proposal for a Directive on the Protection of Whistleblowers
On April 23 2018, the European Commission published a proposal for a Directive (the proposal or the Directive) on whistleblower protections in response to a request from the European Parliament...
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Direct Lending in the EU: New Regulations on Loan Origination Create High-Return Opportunities for Asset Managers
In the post-crisis landscape, stringent regulations and stricter capital requirements led banks to reduce their lending volumes. As a result, the “originate to distribute” model of corporate financing is declining, even in Europe where intermediated finance is still prevalent.
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Recent ICO Guidelines in France and Switzerland
After our recent client alert summarizing recent U.S. regulatory developments in the crypto-world, the House of Representatives of the State of Wyoming passed HB 70, referred to as the “Utility Token Bill” and HB 19, known as the “Bitcoin Bill.” While these bills are intended to create a separate regulatory apparatus for cryptocurrencies and initial…
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Overview of the Recent EU Adoption of Common Rules and Framework for Securitization Transactions in Europe
As part of the Capital Markets Union action plan announced in September 2015, the European Parliament and the Council issued on Dec. 12, 2017, the regulation laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization (the regulation).
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Antitrust Alert - Merger control in Europe - What changes in 2017
The European Union (“EU") merger control regime coexists with national merger control regimes in almost all of the 28 EU Member States. Depending on the parties’ turnover and market shares, the filing and clearance of transactions by one or more national competition authorities or the EU Commission may be required.
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Antitrust Alert - Le contrôle des concentrations en Europe - Ce qui change en 2017
Les règles de l’Union Européenne en matière de contrôle des concentrations coexistent avec les régimes nationaux du droit des concentrations dans la plupart des 28 Etats membres. La notification et l’approbation d’une ou plusieurs autorités nationales de concurrence ou de la Commission européenne peut être requise en fonction des chiffres d’affaires et des parts de marché des parties à la...
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Funds Talk: October 2017 - MiFID II – State of Play
On Jan. 3, 2018, the long-anticipated overhaul of European Union (EU) financial markets legislation will come into effect. The second Markets in Financial Instruments Directive (MiFID II) will broaden the scope of EU regulatory coverage and have significant impacts on the trading environment for a wide variety of counterparties.
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Moyens et Services de paiement Alert - L'ordonnance de transposition de la DSP 2
Est parue au JO du 10 août l’ordonnance n° 2017-1252 du 9 août 2017 portant transposition de la directive 2015/2366 du Parlement européen et du Conseil du 25 novembre 2015 concernant les services de paiement dans le marché intérieur (la « DSP 2 »). Please see full Publication below for more information.
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The EC New Alert Mechanism to Detect Cartels: A Teaser Before a European General Framework for Whistleblowing
Whistleblowing has been part of the U.S. legal tradition, if not since the resolution passed by the Continental Congress in 1778, at least since the adoption of the 1863 False Claims Act. With regard to the disclosure of antitrust violations, the well-known 2013 Criminal Antitrust Anti-Retaliation Act reinforced whistleblower protections for employees who report information to federal prosecutors.
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Projet de règlement de la Commission européenne modifiant le règlement 648/2012 dit « règlement EMIR »
This alert examines the draft Commission Regulation amending Regulation 648/2012 aka « EMIR Regulation » and Communication from the Commission to the EU Parliament and Council as well as to the European Central Bank. Please see full Publication below for more information.
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Priorités de l’AMF dans le cadre de la revue d’EMIR
This alert examines the priorities of the AMF (French SEC) regarding the amended EMIR regulation. Please see full Publication below for more information.
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Règlement délégué 2017/751 du 16 mars 2017 de la Commission
This alert examines the Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives. Please see full Publication below for more information.
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Preparing for Antitrust Scrutiny of Arranger and Lender Conduct in Leveraged Loan Commitment Process
As a result of the announcement by the European Commission in its 2017 Management Plan that it will possibly engage in a sector inquiry under Article 17 of Regulation 1/2003 of the Treaty on the Functioning of the European Union of potential competition issues in loan syndication, banks and other financial institutions that act as arrangers and/or lenders in multi-lender leveraged lending...