Implementation of the Acquisitions Directive
Implementation of the Acquisitions Directive

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Implementation of the Acquisitions Directive
  • Background to the implementation of the Acquisitions Directive
  • Application and aims of the Acquisitions Directive
  • Level 3 guidelines for supervisory authorities
  • UK implementation of the Acquisitions Directive
  • Review of the Acquisitions Directive

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.

Background to the implementation of the Acquisitions Directive

Prior to the implementation of the Acquisitions Directive (Directive 2007/44/EC) in March 2009, various other directives relating to the banking, insurance and securities sector set out a process for seeking regulatory consent when acquiring a bank, insurer or securities firm. However, each Member State had considerable scope to interpret the regulatory requirements in their own way. This led to concerns that regulatory hurdles could be used to frustrate a bid for political reasons, rather than for any legitimate regulatory reason.

As a result, the European Commission proposed that the supervisory approval requirements in the relevant directives should be fully harmonised and on 12 September 2006, the Commission published a proposal for the Acquisitions Directive, which was intended to improve the procedures that Member States' supervisory authorities should follow when assessing proposed mergers and acquisitions in the banking, insurance and securities sectors in order to stop supervisory

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