Fintech—Brazil—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to fintech in Brazil published as part of the Lexology Getting the Deal Through series by Law Business Research (published: May 2022). Authors: Machado Meyer Advogados—Nei Zelmanovits; Eduardo Avila de Castro; Thales Saito; Pedro Nasi; Rodrigo Chiaverini Albano Pereira; Érica Sumie Yamashita; Alina Miyake; Vinicius Venancio Costa 1. What is the general state of fintech innovation in your jurisdiction? As a developing country with a young population, a culture of plurality, a strong appetite for social media, a high percentage of unbanked population and tens of millions of entrepreneurs, Brazil has a lively and booming fintech scene. According to recent data, there are more than 740 fintech entities in Brazil. Although, historically speaking, Brazilian regulators were very cautious and not particularly sympathetic towards innovation, this has been gradually changing over the past few years, especially as policymakers see the fintech sector as an opportunity to foster some long-desired competition and financial inclusion in the financial industry. Led by a few already well-established companies, the sector enjoys massive adherence and political support from the general public and is expected to grow further in the upcoming years. 2. Do government bodies or regulators provide any support specific to financial innovation? If so, what are the key benefits of such support? Currently, the Central Bank of Brazil (BCB) allows certain payment institutions (eg, acquirers
Legal and regulatory developments in Equity Capital Markets 2019 Background and approach This review looks at legal and regulatory developments in the sphere of equity capital markets (ECM) in 2019 and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise: • IPOs in 2019—Main Market and AIM • Secondary Offers in 2019—Main Market and AIM • Standard listings in 2019 • Risk factor disclosure in 2019 IPOs Brexit The UK entered an implementation period on 31 January 2020 during which existing EU laws continue to apply to the UK. The listing, prospectus and transparency regimes that apply in the UK (and are largely derived from EU law) continue to apply in the implementation period in the same way as before Brexit. However, UK representatives will no longer be permitted to participate in EU institutions and other bodies. The Financial Conduct Authority (FCA) is therefore no longer a member of any of the European Securities and Markets Authority (ESMA) regulatory bodies. The raft of statutory instruments (SIs) adopted to deal with a no deal Brexit have been amended by paragraph 1 of Part 1 of Schedule 5 to the European Union (Withdrawal Agreement) Act 2020 to defer the implementation of their provisions from exit day until the end of the implementation period (IP
The Connect system BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Connect is the web-based system for notifications and applications. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have been using Connect since 1 October 2014, when it replaced the previous Online Notification and Application System (ONA) . Although the FCA oversees the Connect system, it is used by both the FCA and PRA. Submissions route to the relevant regulator and, in the case of dual-regulated firms, the PRA takes the lead on handling submissions. Applications and notifications available via Connect Firms can make applications and notifications via Connect for the following: • approved persons • appointed representatives • benchmark administrators • cancellations of Part 4A permissions • claims management temporary permission • consumer buy-to-let registration • authorisation, registration or cancellation of electronic money institutions • MiFID II notifications • change in control notifications (for firms that are only regulated by the FCA) • suspicious transaction and order reports (STORs) • variation of permission • firm details (previously known as standing data) • passporting • part
Brexit—documentation issues for lenders and hedge providers STOP PRESS: On 23 June 2016, the UK held a referendum on its membership of the EU, with a majority voting in favour of the UK leaving the EU. This Practice Note was written ahead of that date to provide an overview of the types of provisions in finance documentation which could be impacted by a vote to leave. The information in it remains relevant, notwithstanding that the result of the referendum was not known at the time it was written. For additional information on how the result of the referendum may impact the finance and financial services industries, see Practice Note: The vote for Brexit—issues for finance documentation. This Practice Note explains how a Brexit will or could impact on facility agreements and loan-linked hedging agreements. In respect of the latter, it confines itself to swap documentation that is used to document vanilla interest rate and currency hedges for loan transactions. A UK vote for a Brexit would amount to a major change to the UK legal landscape, and it is likely that holding legislation will be required in the UK to preserve the continuing operation of much European Union (EU) derived law for some (perhaps a considerable) period of time. Notwithstanding that conclusion, the possible impact of a Brexit is outlined below. Background to Brexit With the referendum on UK
Financial Services Compensation Scheme (FSCS)—payment or rejection of compensation There are different regimes under the Financial Services Compensation Scheme (FSCS) system for deposit claims, non-deposit claims and insurance policyholder protection. The Prudential Regulation Authority (PRA) is the relevant authority for rules relating to claims concerning deposits, dormant accounts and insurance provision, whereas the Financial Conduct Authority (FCA) is responsible for all other types of financial activity covered by the FSCS. The relevant corresponding rules are found in the Compensation (COMP) sourcebook of the FCA Handbook and in the Depositor Protection, Policyholder Protection and Dormant Account Scheme parts of the PRA Rulebook. From 3 July 2015 both: (a) Chapters 9 to 12 of COMP and (b) specific chapters of the PRA Rulebook have dealt with the practical aspects of the calculation and payment of compensation, once all the qualifying conditions have been met and the FSCS has decided that compensation is due. There are limits to the amount of compensation payable, depending on the type of claim, which are described below, as well as time limits within which compensation must be paid. This Practice Note outlines the main provisions concerning the payment or rejection of compensation under the FSCS and was updated in light of the recast Deposit Guarantee Schemes Directive (2014/49/EU) (recast DGSD) (see Practice Note: Deposit Guarantee Schemes Directive). Specific provisions relating to claims concerning eligible deposits The PRA
Impact of Brexit: Payment accounts—quick guide This Payment Accounts Directive (Directive 2014/92/EU) (PAD) quick guide details UK legislation and retained EU legislation in relation to requirements that have been amended by the Payment Accounts (Amendment) (EU Exit) Regulations 2019, SI 2019/661 (Payment Accounts Exit Regulations 2019), and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance. The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for payment account providers after Brexit. Overview of onshored and preserved EU-derived law post-IP completion day The Payment Accounts Exit Regulations 2019 are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a ‘no deal’ Brexit. The Payment Accounts Exit Regulations 2019 form part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as it stands immediately before the UK’s departure. EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets
Insurance and reinsurance—United Kingdom—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: May 2022). Authors: Debevoise & Plimpton LLP—James C. Scoville; Clare Swirski; Benjamin Lyon 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies. Under the Financial Services and Markets Act 2000 (as amended) (FSMA 2000), insurance and reinsurance companies in the United Kingdom are regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), which are responsible, respectively, for prudential regulation and conduct supervision of authorised firms. The PRA and the FCA are under a statutory duty to cooperate and coordinate those activities. (Re)insurers are referred to as dual regulated firms – they are regulated by the PRA and FCA. Insurance intermediaries, such as brokers, are regulated by the FCA only. Lloyd's of London (or the Society of Lloyd's) is regulated by the PRA and the FCA. While Lloyd's itself is not a statutory regulatory agency in the same sense as the PRA and FCA, it oversees and regulates the operation of the Lloyd's market and those operating within it. Lloyd's members underwrite through syndicates that are managed by Lloyd's managing agents. Lloyd's managing agents are dual regulated firms, in addition to being regulated and supervised
Brexit—impact on insolvent credit institutions [archived] This Practice Note is archived and no longer maintained. Status of the UK As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK entered an implementation period, during which it continued to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. We look at some of the likely issues for R&I lawyers and professionals relating to insolvent credit institutions. This Practice Note is part of a suite of documents considering the impact of Brexit including: • Brexit—impact on Recast Regulation on Insolvency • Brexit—impact on winding up • Brexit—impact on company voluntary arrangements • Brexit—impact on administration • Brexit—impact on moratorium • Brexit—impact on schemes of arrangement • Brexit—impact on restructuring plans • Brexit—impact on insolvent insurers • Brexit—impact on insolvent credit institutions Relevant Brexit Statutory Instruments Pre Brexit: The directive of the Parliament and the Council on the reorganisation and winding up of credit institutions (2001/24/EC) (OJ L
Changing standing data BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Chapter 16 Annex 16A of the Financial Conduct Authority (FCA) Handbook's Supervision Manual (FCA SUP 16, Annex 16A) sets out a list of standing data which the regulators hold in relation to each authorised firm. This standing data includes: • the registered name of a firm and any trading names • registered office and principal place of business • website address • complaints contact and complaints officer • the name and email address of the principal compliance contact • information about the firm on the Financial Services Register • name and address of firm's auditor • accounting reference date, and • details of any locum used Standing data is used by the FCA and PRA: • to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically • to communicate with a firm • as the basis for some sections of the Financial Services Register, and • to carry out thematic analysis across sectors and groups of firms It
Financial Services News and News Analysis—Brexit toolkit Financial Services Brexit News and News Analysis Date News/News Analysis Description 23 June 2022 Treasury Committee announces new Sub-committee to scrutinise financial regulatory proposals LNB News 23/06/2022 43 The Treasury Committee has published its Second Report of Session 2022–23, in which it announces that due to changes to the UK financial regulation landscape post-Brexit, a new Sub-committee on Financial Services Regulations will take the lead on scrutiny of financial regulatory proposals. It will have powers to ‘send for persons, papers and records’ and agree reports, and will initially consist of all the members of the Treasury Committee. Mel Stride, who chairs the full Treasury Committee, will also chair the Sub-committee—which, he said, will be ‘underpinned by a new and well-resourced unit of experts and specialists’. 23 June 2022 BoE submits annual report on use of sub-delegated powers under the EU(W)A 2018 LNB News 23/06/2022 78 The Bank of England (BoE) has published a report on its use of sub-delegated powers under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) for the financial year ending 28 February 2022. The report lists one use of the powers: approving temporary transitional relief for Goldman Sachs (GS) in respect of its minimum requirement for own funds and eligible liabilities (MREL), from 1 April 2022 to 31 December 2022. 23 June 2022 European
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Special Administrators’ proposals [Investment Bank name] (in Special Administration) Special Administrators’ Proposals for achieving the purpose of the Special Administration Notice: About this Proposal • This Proposal has been prepared by [names of Special Administrators], the Special Administrators of [Investment Bank name], solely to comply with their statutory duty under para 49, Sch B1 of the Insolvency Act 1986 as amended by the Investment Bank Special Administration Regulations 2011, SI 2011/245, and for no other purpose. This Proposal is not suitable to be relied upon by any other person, or for any purpose, or in any other context. • This Proposal has not been prepared in contemplation of it being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in [Investment Bank name] (in Special Administration). • Any estimated outcomes for creditors included in this Proposal are illustrative only and cannot be relied upon as guidance as to the actual outcomes for clients, creditors or other stakeholders. Any person that chooses to rely on this Proposal for any purpose, or in any context, other than under para 49, Sch B1 of the Insolvency Act 1986 as amended by the Investment Bank Special Administration Regulations 2011, SI 2011/245, does so at their own risk and should be aware that they are solely responsible for any decisions they choose
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Can a company passport an FCA approved prospectus into the EU before 31 December 2020 and use it to make an offer to the public in the EU after that date? Under the Prospectus Regulation an issuer is required to publish a prospectus which must be approved by a competent authority when offering securities to the public in the EEA or applying to have securities admitted to a regulated market (if no applicable exemption is available). In order to make cross-border share issues within the EEA easier, the EU prospectus regime contains ‘passporting arrangements’ which allow companies to draw up a single prospectus for use throughout the EEA. Passporting provisions in the Prospectus Regulation Articles 24 to 26 of the Prospectus Regulation (EU) 2017/1129 contain passporting provisions which provide that a prospectus approved by the competent authority in one EEA state (the home member state) can be used in another EEA state (the host member state) without the need to have the prospectus approved by the competent authority in the host member state. Accordingly, a UK issuer has been able to make a cross-border share offer throughout the EEA using one prospectus approved by the FCA and passported into other EEA states without requiring further regulatory approval. This is most relevant in the case of a UK issuer with shareholders based in the UK and other European countries
When and how should a UK firm apply for authorisation or a variation of permission under MiFID II? This Q&A explains when and how a UK firm should apply for authorisation or a variation of permission (VoP) under the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). Firms that carry on MiFID II activities without the necessary permissions may face civil, regulatory and/or criminal consequences. More detailed information can be found in the MiFID II application and notification user guide that was published by the Financial Conduct Authority (FCA) in January 2017. The Prudential Regulation Authority (PRA) has also produced a document setting out the authorisations process for MiFID II. What is MiFID II, and when will it take effect? From 3 January 2018, the Markets in Financial Instruments Directive (MIFID) will be replaced by a new Directive (MiFID II) and Regulation (MiFIR). MiFID II and MiFIR (the level 1 legislation) will be supplemented by detailed rules adopted by the European Commission in the form of delegated or implementing regulations or directives (the level 2 legislation). Once implemented, the new legislation will lead to a reshaping of EU financial markets, the products and services investment firms provide and the relationship between the firms and their customers. As a directive, MiFID II will need to be transposed into the law of each Member State, including
Why is there a Main Market and a Professional Securities Market on the London Stock Exchange? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] What requirements are there on issuers wishing to list debt securities in London? Under the Prospectus Directive 2003/71/EC and its implementing measures (and subject to a number of exemptions) a prospectus must be approved and published before: • an offer of securities is made to the public within any European Economic Area (EEA) Member State, or • securities are admitted to trading—ie listed—on a regulated market in any EEA Member State What is the Main Market? If an issuer wants to list debt securities on a regulated market in London, it will do so on the Main Market. The Main Market of the London Stock Exchange is approved as a regulated market under Article 44 of Directive 2014/65/EU, Markets in Financial Instruments (recast) Directive (MiFID II) and is the principal market for listing debt
(A) is proposing to open a client account with a Swedish bank which states that the applicable compensation arrangements for depositors are under the Swedish Deposit Guarantee Scheme (max payable €100,000 euros per depositor) and it appears is not within the FSCS Compensation Scheme. Does a bank fall within section 87(1) of the Solicitors Act 1974? The Financial Services and Markets Act 2000 (FSMA 2000), the Prudential Regulation Authority (PRA), Rulebook and Financial Conduct Authority (FCA) Handbook set out the requirements for an EEA firm seeking to exercise an entitlement to establish a branch or provide cross-border services in the UK under the Single
Brexit—what are the passporting and equivalence implications for the UK insurance sector? BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. This Q&A considers the impact of Brexit on passporting in the insurance sector, what options are available to insurers to continue to access the European Economic Areas (EEA) and the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II? The activity of providing insurance on a cross-border basis within the EEA is described as 'passporting' and, under Solvency II, a (re)insurance undertaking authorised in one Member State can provide (re)insurance into another Member State either by: • providing services only (ie with no permanent physical presence in the EEA state)—a right provided by Article 56 TEFU • setting up an establishment there, usually described as a 'branch'—a right provided under Article 49 TEFU A (re)insurance undertaking that has 'passported' by one of
Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction in section 21 of the Act, and • persons generally What does PERG cover? The Act is the UK legislation under which bodies corporate, partnerships, individuals and unincorporated associations are permitted by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) to carry on various financial activities which are subject to regulation (referred to as regulated activities). Regulated activities are specified in the Financial Services and Markets Act 2000 (Regulated
What are the key considerations when a firm contracts with an appointed representative? BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Contracts and appointed representatives Chapter 12 of the Financial Conduct Authority (FCA)'s Supervision Manual (SUP 12) and the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 (Appointed Representatives Regulations) contain specific provisions on the contractual requirements which a firm (referred to as a principal) should adhere to when entering into contractual arrangements with an appointed representative (AR), introducer appointed representative, tied agent or EEA tied agent. Steps The following steps will assist in the process of assessing and appointing the services of an appointed representative and in the creation of a contract that meets regulatory requirements applicable to appointment and for the lifecycle of the principal/appointed representative relationship. 1. Classify Decide what category of appointed representative is being engaged by the firm, as each category, while being subject to the general regulations, will be subject to its own exceptions. This will
Following IP completion day, can a UK Bank issue, advise or confirm a letter of credit to a European beneficiary? See Practice Note: Brexit—impact on financial services discusses the impact of Brexit on financial services including the loss of passporting rights for UK regulated firms to access the EU market. Prior to Brexit, regulated UK firms carried out various cross-border services using passports operating under different EU directives and regulations. The implications of losing passporting rights, and possible solutions, differ depending on the specific cross-border service that the UK firm is looking to provide. For example, the activities
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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 30 June 2022. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the Lexis®PSL Financial Services team over the past week and includes (1) news items relating to the conflict in Ukraine, (2) news items relating to Brexit, (3) updates from UK regulators, (4) updates from EU and international regulators, (5) updates from industry bodies and market participants, (6) new and updated content and (7) dates for your diary from Financial Services.
This week's edition of EU Law weekly highlights includes the EU launching legal action against the UK, following the government’s publication of its Northern Ireland Protocol Bill on 13 June 2022, the Court of Justice considering the arbitration exception set out in Regulation 44/2001, Brussels I, the Council of the EU adopting regulations on gas storage and the Council of the EU and the European Parliament adopting their position on legislative proposals under the ‘Fit for 55’ package. The highlights further include the Energy Charter Conference reaching an agreement in principle on the reform of the Energy Charter Treaty and the Competition Act 1998 (Vertical Agreements Block Exemption) Order and EU Vertical Restraints Block Exemption, Regulation 2022/720, each in force 1 June 2022, having taken different positions on the treatment of the typical restrictions seen in franchise agreements.
This week's edition of EU Law weekly highlights includes the Commission’s endorsement of candidate status for Ukraine, Georgia, and Moldova, the Commission’s adoption of a proposed regulation mandating the restoration of nature, the Council of the EU’s adoption of a general approach for reform of the Schengen Borders Code, the publication of a strengthened Code of Practice on Disinformation, and provisional political agreement on the EU Corporate Sustainability Reporting Directive. The highlights further include EU Member States formally notifying the first hydrogen IPCEI, adoption of a recommendation on the fair transition to climate neutrality, the publication of the final compromise text on AIFMD II, the Council of the EU agreeing its position on EU Solvency II, and the adoption of the Digital Services Act text in anticipation of a vote in the July plenary session.
This week's edition of EU Law weekly highlights includes the EU taking legal action against the UK after the publication of the Northern Ireland Protocol Bill, the European Parliament calling on the European Council to start revision of EU Treaties and MEPs objecting to the European Commission’s plan to include gas and nuclear activities as environmentally sustainable under the Taxonomy Regulation. The highlights further include MEPs adopting the position on vehicle emissions, carbon sinks and effort sharing as well as MEPs rejecting proposed revisions to EU ETS, CBAM and Social Climate Fund as part of the Fit for 55 initiative and the Council of the EU adopting its position on the revised EU consumer credit directive.
This week's edition of EU Law weekly highlights includes MEPs testing waters before commencing motion of censure against the Commission, EU Regulation on European data governance being published in the Official Journal, the Council of the EU and European Parliament agreeing on provisional law for minimum wages and ACER initiating the drafting of new framework guidelines on demand response. The highlights further include ECON publishing draft reports on CRR III and CRD VI proposals, the EU General Court dismissing an application to annul the Banco Popular resolution scheme, the Court of Justice decision in HEITEC AG v HEITECH Promotion GmbH and the EU reviewing the anti-dumping measures of tungsten carbide, fused tungsten carbide and tungsten carbide from China.
This week's edition of EU Law weekly highlights includes the European Council reaching a political agreement on sixth package of sanctions targeting Russian oil exports, the European Commission launching an EU platform for the exchange of information for refugees of the conflict in Ukraine, the EDPS publishing remarks made from Computer Privacy and Data Protection conference, the EU announcing that greenhouse gas emissions reduced by 34 percent between 1990 and 2020,, MedTech responding to EU Cyber Resilience Act impact assessment and BEREC launching a public consultation on Wholesale Roaming Guidelines.
This week's edition of EU Law weekly highlights includes the publication of the Commission’s May infringement package, confirmation of the imminent enactment of the Better Enforcement and Modernisation Directive, the adoption of draft delegated acts on the regulatory framework for renewable hydrogen, and a proposed update to the Renewable Energy Directive to fast track permitting requirements for renewable energy projects. The Commission has started consultations on the Waste Framework Directive with a focus on food waste and the EU Benchmarks Regulation, MEPs have adopted a proposal to implement a global minimum corporate tax rate, Parliament’s AGRI committee chair has called for a derogation from CAP rules, and the Commission has proposed increased support for farmers in the face of the impact of the Ukraine conflict on food supplies. On the home affairs front, the Commission has published the State of Schengen 2022 report and set European integrated border management as a key policy objective, while the Council has confirmed a broadening of Europol’s mandate. The ECB warned UK banks that they may face supervisory action, and Commissioners have announced the launch of work on EU Global Health Strategy.
Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 12 May 2022. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the Lexis®PSL Financial Services team over the past week and includes (1) news items relating to Brexit, (2) sanctions and other developments related to the Ukraine crisis, (3) updates from EU and international regulators, (4) updates from industry bodies and market participants, (5) new and updated content and (6) dates for your diary from Financial Services.
This week's edition of EU Law weekly highlights includes the European Parliament and the Council reaching a political agreement on the NIS 2 Directive, the European Parliament and the Council amending Regulation on Asylum, Migration and Integration Fund and the Council adopting the revision to TEN-E regulation. The highlights further include European Parliament adopting its position on the Regulation on European green bonds, as well as, the Council approving the Data Governance Act.
This week's edition of EU Law weekly highlights includes the European Parliament adopting a resolution that welcomes the detailed proposals from the Conference on the Future of Europe and sets the Parliament’s follow-up to the recommendations, the CJEU broadening the scope of the Zambrano caselaw, the European Parliament and Council reaching a provisional agreement on ‘daisy chain’ amendments to CRR and BRRD, the European Commission introducing an initiative for a new Cyber Resilience Act that is set to establish new cybersecurity rules for digital products and ancillary services and the ACER and CEER publishing a paper on the proposed revision of gas storage and security of supply regulation. The highlights further include the CJEU imposing EU consumer law obligation on third party suppliers, and the European Commission adopting measures relating to vertical block exemptions and vertical agreements in distribution.
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