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GLOSSARY

European Central Bank definition

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What does European Central Bank mean?

The European Central Bank (ecb) is responsible for setting monetary policy (interest rates) within the euro zone. It was established in June 1998 as an essential part of the adoption of a single European currency.

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EU operational resilience—timeline

EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...

EU Prospectus Regulation—debt capital markets checklist

EU Prospectus Regulation—debt capital markets checklist The Prospectus Regulation (EU) 2017/1129 (the EU Prospectus Regulation) was published in the Official Journal of the EU on 30 June 2017 and replaced the EU prospectus regime established by the Prospectus Directive 2003/71/EC (OJ L 345, 31.12.2003, p. 64) (the Prospectus Directive) with effect from 21 July 2019. For general information on the EU Prospectus Regulation, see Practice Notes: • The EU Prospectus Regulation—essentials • The EU Prospectus Regulation—is a prospectus required? • The EU Prospectus Regulation—prospectus format and contents • The EU Prospectus Regulation—approval and publication of prospectuses and single passport • The EU Prospectus Regulation—level 2 and level 3 measures, and • EU Prospectus Regulation tracker EU Listing Act proposals On 7 December 2022, the Commission put forward measures to further develop the CMU, including proposals on listing known as the Listing Act. In general terms the Listing Act proposals aim to: • alleviate and render more proportionate the requirements that apply both at the moment of listing and when listed...

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The EU’s Single Supervisory Mechanism

Background to the Single Supervisory MechanismFollowing the 2008 financial crisis, there was increasing anxiety within the EU as to potential risks to the integrity of the single currency and the internal banking services market. To address these concerns and to ensure greater financial stability and promote economic recovery, the EU is in the process of developing a European Banking Union, which is underpinned by a single regulatory rulebook for financial services. This is intended to promote the integration of banking supervision within the EU. Central to the Banking Union is the Single Supervisory Mechanism (SSM) (established by Council Regulation (EU) 1024/2013 (SSM Regulation)), which was supplemented by the SSM Framework Regulation (Regulation (EU) 468/2014). The SSM is designed to ensure that supervision of credit institutions is coherent, effective and consistent with the functioning of the internal market for financial services and the free movement of capital.Application and scopeThe SSM Regulation applies to credit institutions established within a eurozone Member State. Additionally, a Member State which is not in the eurozone...

Multinational top-up tax and domestic top-up tax—qualifying multinational groups and qualifying entities

Multinational top-up tax and domestic top-up tax—qualifying multinational groups and qualifying entities Multinational top-up tax (MTT) implements in UK domestic law the global anti-base erosion rules (GloBE Rules) which form a key part of the Pillar Two international tax reforms developed by the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) (the Inclusive Framework). The GloBE Rules ensure that the largest multinational groups are subject to an effective tax rate (ETR) of at least 15% in every territory in which they operate. This is achieved through a system of ‘top-up taxes’ that brings the total amount of tax paid by a multinational group on its excess profit to 15%. There are two charging mechanisms for imposing top-up tax. The Income Inclusion Rule (IIR) is the primary charging mechanism and the Undertaxed Profits Rule (UTPR) is the secondary or backstop charging mechanism. For more information about the GloBE Rules, see Practice Note: The OECD ‘two pillar’ solution—Pillar Two—GloBE Rules. MTT encompasses both the...

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Ireland—Loan agreement and charge—individuals

The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2) etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. A legal estate or interest in land may only be created or conveyed by a deed. It must be clear from the face of the document that it is intended to be a deed. For guidance on execution of a deed by an individual see, Practice Note: Ireland—Executing simple contracts and deeds. For an execution clause (testimonium) and signature blocks, suitable for use where execution as a deed by an individual is required, see Precedent: Ireland—Execution clause—individual—deed. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement and...

Ireland—Loan agreement—individuals

The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2), etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. For guidance on execution of a contract by an individual, see Practice Note: Ireland—Executing simple contracts and deeds. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement—individuals DATE: Parties 1 [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Lender[s]) 2 [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Borrower[s]) 1 Definitions In this Agreement, the following definitions apply: Default • is: (a) a breach by the Borrower[s] of any of their obligations under this Agreement;...

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Can a company suspend or cancel a dividend in the light of the coronavirus (COVID-19) pandemic?

Can a company suspend or cancel a dividend in the light of the coronavirus (COVID-19) pandemic? As a result of the coronavirus (COVID-19) pandemic, over the coming weeks and months an increasing number of UK companies are expected to seek to preserve their cash by suspending and/or cancelling dividends. This Q&A considers the relevant law, guidance and practice. For information on dividends generally, see Practice Notes: Dividends—the legal framework and Distributions. For further details of the rules and guidance that apply to a listed company or an AIM company proposing to pay a dividend, see Practice Note: Dividends—listed and AIM companies. Declaration of dividends It is usual for a company's articles of association to provide that: • its directors may recommend a final dividend (ie one to be paid after the financial year to which the profits being distributed relate), which is then declared by the approval of the shareholders, usually by ordinary resolution, the amount declared not exceeding the amount recommended by the directors, and...

Under the final European Banking Authority (EBA) Fraud Reporting Guidelines issued in 2018, all firms should submit fraud report information to both home Member State regulators and host Member State regulators (per Guideline 5.3 and 5.4). However, how should firms submit this fraud information to their host state regulator: in the form set out in Appendix 1 to the EBA Guidelines?

Under the final European Banking Authority (EBA) Fraud Reporting Guidelines issued in 2018, all firms should submit fraud report information to both home Member State regulators and host Member State regulators (per Guideline 5.3 and 5.4). However, how should firms submit this fraud information to their host state regulator: in the form set out in Appendix 1 to the EBA Guidelines? See Practice Note: EU regulation of payment services—essentials and Transposition table for UK implementation of the Revised Payment Services Directive. You will note that Article 96(6) of Directive 2015/2366/EC, Payment Services Directive 2 (PSD2), requires payment service providers (PSPs) to provide, at least on an annual basis, statistical data on fraud relating to different means of payment to their competent authorities. On 18 July 2018, the European Banking authority (EBA) published final guidelines on fraud data reporting following a consultation paper published on 2 August 2017. The EBA Banking Stakeholder Group responded to the EBA’s consultation on 9 November 2017. The guidelines consist of two...

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ECB publishes third set of climate disclosures highlighting nature risks and emissions targets

The European Central Bank (ECB) has published its third set of climate-related financial disclosures, introducing a new indicator to assess the exposure of its corporate portfolios to sectors with significant dependencies or impacts on nature. The disclosures show that around 30% of the Eurosystem’s monetary policy corporate bond holdings are concentrated in the utilities, food, and real estate sectors. Emissions across most asset classes continued to decline, with corporate bonds remaining the most exposed to climate-related risks. The ECB’s tilting strategy—favouring issuers with stronger climate performance—has contributed to approximately a quarter of the emission reductions achieved between 2021 and 2024.

EU Law weekly highlights—12 June 2025

This week's edition of EU Law weekly highlights includes analyses on the Court of Justice’s ruling addressing the meaning of ‘promotional offer’ under EU E-Commerce Directive, the first Unified Patent Court’s infringement decision for second medical use claims and the transparency and disclosure obligations for AI Chatbots in consumer interactions. In addition this week, the Commission launched a consultation on high-risk AI classification and obligations, introduced the EU Sanctions Helpdesk, a free service providing sanctions compliance support to European small and medium-sized enterprise, adopted the European Ocean Pact, a comprehensive strategy designed to protect marine ecosystems, the International Swaps and Derivatives Association published a position paper in response to the Commission's sustainability omnibus package, the European Data Protection Board adopted final guidelines regarding data transfers to third country authorities, the Council of the EU adopted a new cyber crisis management blueprint to guide the EU’s collective response to large-scale cybersecurity incidents or crises and adopted its position on the revision of the EU regulations on air passenger rights and airline...

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