Latham.London

Tag Archives: EU

Derivatives Market Reform – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, Charlotte Collins, and Christopher Sullivan. In the fifth post of this 10-blog series, we identify key milestones in the derivatives market for the year ahead. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in … Continue Reading

Market Abuse Regulation – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins The fourth post in this 10-blog series considers the latest developments in relation to the Market Abuse regime. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading

Benchmark Reform – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins This blog post explores developments relating to the EU Benchmarks Regulation and the transition away from LIBOR. This is the third blog of this series, which has been taken from our wider publication: 10 Key Regulatory Focus Areas for … Continue Reading

MHRA Releases No-Deal Brexit Guidance for Life Sciences Companies

The guidance provides helpful clarity on key regulatory changes impacting life sciences companies in the event of a no-deal Brexit. By Frances Stocks Allen, Oliver Mobasser, Héctor Armengod, Gail E. Crawford, Christoph W.G. Engeler, Robbie McLaren, and Henrietta J. Ditzen The UK Medicines and Healthcare products Regulatory Agency (MHRA) has published a significant volume of … Continue Reading

Italian Investor Compensation Scheme Under the Brexit Law Decree

CONSOB notice 8/2019 details the requirements under the Italian investor compensation scheme applicable to UK banks and investment firms operating in Italy. By Antonio Coletti and Isabella Porchia On 29 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the terms and requirements applicable to UK banks and investment firms operating in Italy … Continue Reading

Bank of Italy Issues Instructions for Brexit Law Decree

The instructions clarify the requirements applicable to banking and financial intermediaries under the Brexit Law Decree. By Antonio Coletti and Isabella Porchia On 28 March 2019, the Italian central bank (Bank of Italy) published two notices detailing the requirements for Italian banks and financial intermediaries operating in the UK, and for UK banks and financial … Continue Reading

What EBA’s Outsourcing Guidelines Mean for Financial Institutions

The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. By Fiona M. Maclean and Laura Holden On 25 February 2019, the European Banking Authority (EBA) published a final report on its draft guidelines on outsourcing arrangements (Guidelines). The report followed the EBA’s publication … Continue Reading

Corporates Must Evaluate M&A Competition Strategy Ahead of Brexit

By Greg Bonné, Jonathan Parker, Richard Butterwick, Terry Charalambous, and Catherine Campbell As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, M&A deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. Corporates may not be able … Continue Reading

European Court of Justice Delivers Victory for EU Transparency and Accountability

Landmark ruling requires the European Commission to disclose impact assessments used as a basis for its legislative decision-making process. By Antonio Morales and Rosa Espín The Grand Chamber of the Court of Justice of the European Union recently issued a landmark judgment finding that impact assessments should be considered public documents. This decision sets a … Continue Reading

PE Firms Must Evaluate Competition Strategy Ahead of Brexit

By Jonathan Parker and Greg Bonné As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, private equity deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. What is Changing? The European Commission (EC) currently acts as a … Continue Reading

FCA to Create Global Financial Innovation Network

FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox. By Stuart Davis, Gabriel Lakeman, Sam Maxson, Brett Carr and Charlotte Collins The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a Global Financial Innovation Network (GFIN). This is an evolution … Continue Reading

English Court Issues Anti-Arbitration Injunction Restraining Lebanese Arbitration Proceedings

Judgment clarifies the exceptional circumstances in which anti-arbitration injunctions against foreign-seated arbitrations might be granted. By Oliver E. Browne and Robert Price In Sabbagh v Khoury, Justice Knowles in the High Court issued an anti-arbitration injunction to restrain arbitration proceedings commenced in Lebanon on the basis that, contrary to the Lebanese arbitral tribunal’s findings, the … Continue Reading

FCA Supports Guidelines on the Open Banking Fall-Back Provisions Exemption

The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading

English Court Cannot Issue Anti-Suit Injunctions Restraining Other EU Court Proceedings

Judgement clarifies that the Brussels Recast Regulation does not reverse the West Tankers decision. By Oliver E. Browne and Robert Price In Nori Holdings v Bank Otkritie, Justice Males in the High Court issued an anti-suit injunction to restrain court proceedings commenced in Russia in breach of an arbitration clause, but refused to issue an … Continue Reading

New UK Government Powers Over Smaller Transactions Raising National Security Concerns

Buyers of businesses that produce military or dual-use goods, certain aspects of computing hardware, or quantum technology for supply in the UK should carefully assess the risk of governmental intervention if their targets fall within the scope of the new regime. By Jonathan D. Parker and Calum M. Warren On 11 June 2018, the UK … Continue Reading

Cartelised Products: In or Out of EEA? Only a Trial Will Tell

England may become an increasingly attractive forum for follow on damages claims, particularly those involving indirect cartelised product purchases initially acquired outside EEA the in wake of iiyama decisions. By Oliver E. Browne and Hayley M. Pizzey Summary The English Court of Appeal has held iiyama’s two claims against cathode ray tube (CRT) cartelists and … Continue Reading

Cryptocurrencies and Prepaid Cards Face Closer AML Regulation in the EU

New EU anti-money laundering measures have been approved by European legislators. By Stuart Davis and Charlotte Collins The European Parliament and Council have finally signed off on the text of the fifth Anti-Money Laundering Directive (known as MLD5). Overview The new directive is of particular interest to the FinTech sector as, amongst other things, MLD5 … Continue Reading

UK Ratifies the Unified Patent Court Agreement

Patent holders must prepare a patent strategy before the Unified Patent Court system takes effect. By Deborah J. Kirk On 26 April 2018, the UK government confirmed that the UK has now ratified the international agreement (the Agreement) to set up a Unified Patent Court for Europe (the UPC). Whilst the government promised this move … Continue Reading

Leaving Germany? Cross-Border Migration of German Real Estate Companies

Cross-border migration of German real estate companies is generally possible, however its admissibility must be determined on a case-by-case basis. By Christian Thiele International real estate investors continue to favour German real estate, however, the same does not always apply to German real estate companies. International real estate investors, for instance, often find German capital … Continue Reading

First Use of ESMA Temporary Product Intervention Measures

ESMA to introduce measures to restrict the provision of CFDs, and prohibit the provision of binary options, to retail investors in the EU. By Nicola Higgs and Charlotte Collins The European Securities and Markets Authority (ESMA) has announced the first use of its new product intervention powers under MiFID II. ESMA had announced before MiFID … Continue Reading

CJEU Offers Improved Protection for Luxury Goods in Coty Ruling

By Jonathan Parker and Calum Warren Summary The Court of Justice of the European Union (CJEU) has handed down its much-anticipated judgment in Case C-230/16 Coty Germany GmbH v Parfümerie Akzente GmbH (Coty). The case concerns the legality of a prohibition of sales on third-party platforms discernible to the public within Coty Germany’s selective distribution … Continue Reading

Group Liability for Data Protection Failure – A New Threat for Private Equity Firms?

By Gail Crawford, Hayley Pizzey, Mark Sun, and Calum Warren As European data protection regulators prepare to enforce the General Data Protection Regulation (GDPR) from May 2018, private equity firms must act to minimise the risk of becoming financially liable for the data protection failings of portfolio companies. After a recent spate of high-profile data breaches, … Continue Reading

Unified Patent Court Update: Ratification Could Take Place in the Coming Months

By Deborah Kirk The Delegated Legislation Committee’s (DLC) support for the Unified Patent Court (Immunities and Privileges) Order 2017 (the Order) suggests a swift approval of the Order by the House of Commons. Presuming a rapid approval by the House of Lords thereafter, this could mean the Unified Patent Court Agreement (UPC Agreement) is ratified … Continue Reading
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