The European Union (EU) has a history of proactively framing laws governing emerging issues. A notable example is
the EU's General Data Protection Regulation (GDPR), which set a global standard for privacy protection by granting
comprehensive rights to EU citizens over their personal data, regardless of where the data is stored or used. The EU
has also taken a leading role in combating climate change and reducing greenhouse gas emissions through its
Emissions Trading System.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
The European Commission is consulting on barriers to the cross-border distribution of investment funds in the EU. Currently, funds face varying national marketing requirements across Member States, with costs associated with researching each state's rules and adapting fund materials. The consultation seeks feedback on regulatory and tax barriers, including differing definitions of marketing, marketing requirements imposed by host states, and notification processes. The Commission aims to identify unjustified barriers and increase cross-border competition to benefit investors. Responses will inform Commission efforts to improve the single market for investment products under the Capital Markets Union initiative.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
Public document: Regulation proposal for Crypto-Assets MichalGromek
Regulation of the European Parliament and of the Council on Markets in Crypto-Assets and amending Directive (EU) 2019/1937 COM(2020) 593/3 2020/0265 (COD). Featuring: Advisory, Custodianship, Stable Tokens, Cryptocurrency Brokerage, Creation of Digital Currency and Cryptocurrencies.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
The European Commission is consulting on barriers to the cross-border distribution of investment funds in the EU. Currently, funds face varying national marketing requirements across Member States, with costs associated with researching each state's rules and adapting fund materials. The consultation seeks feedback on regulatory and tax barriers, including differing definitions of marketing, marketing requirements imposed by host states, and notification processes. The Commission aims to identify unjustified barriers and increase cross-border competition to benefit investors. Responses will inform Commission efforts to improve the single market for investment products under the Capital Markets Union initiative.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
Public document: Regulation proposal for Crypto-Assets MichalGromek
Regulation of the European Parliament and of the Council on Markets in Crypto-Assets and amending Directive (EU) 2019/1937 COM(2020) 593/3 2020/0265 (COD). Featuring: Advisory, Custodianship, Stable Tokens, Cryptocurrency Brokerage, Creation of Digital Currency and Cryptocurrencies.
Euro shorts 15.11.13 including trade repositories, short selling and the FTTCummings
This document provides a weekly briefing on financial services developments in Europe. It summarizes that ESMA has approved the first four trade repositories to fulfill EMIR reporting obligations under EMIR starting on February 12, 2014. It also discusses updates to ESMA Q&As on EMIR implementation, lobbying against the proposed Financial Transaction Tax, a conclusion that Article 28 of the Short Selling Regulation should be annulled, plans to introduce "bail-in" of creditor rules earlier than planned, and which banks must hold additional capital under Basel III rules.
Respective scopes of european and national laws concerning crowdfunding opera...FinPart
This document discusses the legal frameworks governing crowdfunding at both the EU and national levels in France. At the EU level, crowdfunding activities may be subject to directives around payments, e-money, markets in financial instruments, and anti-money laundering. National laws in France further regulate areas like collecting money from the public and specific investment vehicles. The document proposes creating a new crowdfunding services provider status and exemptions for certain investments and loans to better accommodate crowdfunding within the existing legal structures.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementationCummings
This document provides summaries of recent legal and regulatory developments in the UK financial services industry across various topics:
1) The FCA updated guidance on proportionality under AIFMD requirements for risk management function segregation.
2) The FCA will publish more detailed approved persons application data every six months, starting with Q2-Q3 2013 figures.
3) The EU Commission rejected a proposal to delay EMIR trade reporting for exchange traded derivatives until 2015; four trade repositories have been registered under EMIR.
This document provides summaries of recent developments in European financial services regulation and related areas in 3 sentences or less:
The European Parliament and EU states have broadly agreed on regulating high frequency trading as part of MiFID II proposals, excluding a minimum resting period requirement for orders. ESMA is consulting on procedural rules for imposing fines under EMIR on trade repositories. The European Commission has outlined its 2014 work program, identifying MiFID II, the single resolution mechanism, ELTIFs and the fourth money laundering directive as priority financial services legislative proposals.
This document summarizes research on how UCITS ETFs attribute profits from securities lending. The research analyzed 30 ETFs from the 10 largest providers in Europe. It found that providers attribute a fixed portion of gross revenues from securities lending to funds, ranging from 51-95%. However, this may not ensure all net revenues go to funds as required. Disclosure of securities lending arrangements and revenue allocation in fund documents is inconsistent. The research aims to determine compliance with ESMA guidelines on efficiently managing funds through securities lending.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
Comunicação relativa à implementando direitos adicionais a produtos provenientes dos EUA, em sequência da publicação, a 9 de novembro, no JOUE L 373 (em anexo) o Regulamento 1646/2020, de 7 de novembro, que suspende as concessões comerciais da UE para certos produtos importados dos EUA (listados nos anexos I e II do referido Regulamento).
O Regulamento publicado é a reação da União Europeia para obter um reequilíbrio comercial nas trocas com os EUA, face à imposição por este país de direitos adicionais sobre importações de determinados produtos originários da União, culminando um longo processo de discussões entre as duas partes no que diz respeito às ajudas à indústria aeronáutica.
Os EUA queixam-se dos subsídios concedidos pelos Estados-Membros da UE à Airbus e a UE responde com as suas próprias queixas relativamente a ajudas recebidas pela Boeing por via de benefícios fiscais e outros apoios pelos EUA.
This document discusses Montenegro's progress in meeting the requirements to join the European Union (EU). It provides an overview of Montenegro's relationship with the EU since 2001 and the steps it has taken towards membership, including receiving candidate status in 2009. It then summarizes Montenegro's status in negotiating the 35 policy chapters that are required to be closed before accession, noting that 2 chapters have been provisionally closed, 20 chapters have been opened for negotiation, and 13 chapters have yet to be opened. Finally, it provides brief summaries of several key negotiation chapters, including free movement of goods, competition policy, financial services, and information society and media.
The UE Disclosure Regulation 2019/2088 of November 27, 2019 on Sustainability-related Disclosures in
the Financial Services Sector (known as the Disclosure Regulation,
Environmental, Social and Governance (ESG) Regulation or SFDR for Sustainable Finance Disclosure Regulation) sets out general rules for classifying and
reporting on sustainability and ESG criteria. Its goal is to improve transparency and disclosures. The transparency requirement concerns particular concerns, especially sustainability risks and principal adverse sustainability impacts
at the financial product level. It does also concern precontractual disclosures. This Regulation is part of a broader legislative package under the European ’Commission’s Sustainable Finance Action Plan, such as the EU Taxonomy Regulation 2020/852 of June 18, 2020.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
A Legal Analysis of the Service Directive 2006 123 EC and its impact in Euro ...Tiffany Daniels
The document provides an analysis of the impact of the 2006 Services Directive in the Euro zone. It begins with an introduction that outlines the purpose and structure of the paper. It then discusses the history and background of the Services Directive, including its aims to remove barriers to cross-border trade in services. The key sectors covered by the directive are also examined, such as retail, professional services, tourism, and education. Excluded sectors like healthcare, transport, and gambling are also noted. Finally, the legal basis of the directive in articles 3, 49 and 56 of the TFEU relating to free movement are reviewed as the foundation for establishing the single market in services across the EU.
This document summarizes key aspects of EU state aid rules for research, development, and innovation (R&D&I). It outlines the EU's objectives to strengthen the scientific and technological base in Europe and achieve 3% of GDP spending on R&D by 2020. It describes the concept of state aid under EU law and the Commission's role in approving state aid measures to ensure they are compatible with the internal market. The document also summarizes the EU framework for state aid for R&D&I, which aims to enhance economic efficiency and growth through public support for R&D&I activities. It outlines eligible beneficiaries and costs as well as rules for assessing whether aid is compatible.
With an ever-changing political scene and limited time left to conclude the negotiations for the United Kingdom’s (UK) exit from the European Union (EU), attention is now beginning to turn to the potential consequences of Brexit. This paper discusses the issues that insurers face and considers the interplay between insurers’ contractual obligation to continue to service policies (including paying claims) versus the practical impact that local regulation might have on their ability to do so.
The document summarizes key aspects of the European Union's Reinsurance Directive and how it is implemented in various jurisdictions. The RID establishes rules for supervising foreign reinsurers conducting business in the EU. It allows foreign reinsurers to operate in the EU without establishing a branch, but prohibits more favorable treatment than EU reinsurers. The RID was implemented in the UK through various Financial Services and Markets Act regulations. In the US, the NAIC's Nonadmitted Insurance Model Act sets capital requirements for foreign reinsurers to operate. New York State further requires a $20 million trust fund from alien reinsurers not otherwise licensed.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
The document summarizes recent legal developments in Italy and the EU regarding investments and regulatory reforms. It discusses the EU Capital Markets Union project which aims to make it easier for SMEs to raise funds through alternatives to bank funding such as revised prospectus regulations. It also discusses Italy's role in the European Fund for Strategic Investments (EFSI) through the state lender CDP committing €8 billion to worthy Italian projects. Finally, it outlines newly approved whistleblower protections in Italy and an agreement between Italy and the EU to help Italian banks deal with non-performing loans through a special purpose vehicle.
Aifmd and non eu managers - cummings finalCummings
This document discusses the implications of the Alternative Investment Fund Managers Directive (AIFMD) for non-EU alternative investment fund managers marketing and managing funds in the EU. Key points include:
1) After July 22, 2013, non-EU managers will only be able to market funds in the EU under private placement regimes until at least 2015 when an EU passport may be available, subject to conditions.
2) Under private placement, managers must make certain disclosures to investors and regulators, calculate leverage using EU methods, and file annual reports.
3) Managers need to review structures, target markets, and private placement rules to continue EU marketing and may need to seek authorization if passporting becomes available.
The document discusses the European Union's efforts to establish the free movement of capital within its single market. It outlines the legal framework developed including directives on cross-border payments, credit transfers, and taxes. Exceptions to free movement relate to public security, health or privatization deals. Oversight bodies like OLAF combat fraud and money laundering. Overall, free movement of capital has increased prosperity while requiring ongoing cooperation between members.
Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (‘EUMR’ or ‘the Merger Regulation’) provides a one-stop shop, subject to certain limited exceptions, for the regulation of concentrations within the European Economic Area (‘EEA’), which encompasses all European Union (‘EU’), Member States, Norway, Iceland and Liechtenstein.
Export Control Law Firm_ Customs Law Firm_ SCOMET assistance_ BIS assistance.pdfEconomic Laws Practice
Trust Economic Laws Practice (ELP) to ensure supply chain compliance and mitigate export control risks in India. Our dedicated team of export control lawyers offers proactive legal support and tailored strategies to address regulatory requirements and enhance your supply chain efficiency. Partner with ELP for reliable guidance and seamless compliance assurance. For More Details: https://elplaw.in/practicearea/supply-chain-customs/
Maximizing Legal Compliance in Hospitality: ELP Law's Tailored SolutionsEconomic Laws Practice
Ensure compliance with regulatory requirements and industry standards in the hospitality sector with ELP Law's tailored legal solutions. Our proactive approach and attention to detail empower your business to operate efficiently while minimizing legal risks. for more details: https://elplaw.in/practicearea/hospitality/
Euro shorts 15.11.13 including trade repositories, short selling and the FTTCummings
This document provides a weekly briefing on financial services developments in Europe. It summarizes that ESMA has approved the first four trade repositories to fulfill EMIR reporting obligations under EMIR starting on February 12, 2014. It also discusses updates to ESMA Q&As on EMIR implementation, lobbying against the proposed Financial Transaction Tax, a conclusion that Article 28 of the Short Selling Regulation should be annulled, plans to introduce "bail-in" of creditor rules earlier than planned, and which banks must hold additional capital under Basel III rules.
Respective scopes of european and national laws concerning crowdfunding opera...FinPart
This document discusses the legal frameworks governing crowdfunding at both the EU and national levels in France. At the EU level, crowdfunding activities may be subject to directives around payments, e-money, markets in financial instruments, and anti-money laundering. National laws in France further regulate areas like collecting money from the public and specific investment vehicles. The document proposes creating a new crowdfunding services provider status and exemptions for certain investments and loans to better accommodate crowdfunding within the existing legal structures.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementationCummings
This document provides summaries of recent legal and regulatory developments in the UK financial services industry across various topics:
1) The FCA updated guidance on proportionality under AIFMD requirements for risk management function segregation.
2) The FCA will publish more detailed approved persons application data every six months, starting with Q2-Q3 2013 figures.
3) The EU Commission rejected a proposal to delay EMIR trade reporting for exchange traded derivatives until 2015; four trade repositories have been registered under EMIR.
This document provides summaries of recent developments in European financial services regulation and related areas in 3 sentences or less:
The European Parliament and EU states have broadly agreed on regulating high frequency trading as part of MiFID II proposals, excluding a minimum resting period requirement for orders. ESMA is consulting on procedural rules for imposing fines under EMIR on trade repositories. The European Commission has outlined its 2014 work program, identifying MiFID II, the single resolution mechanism, ELTIFs and the fourth money laundering directive as priority financial services legislative proposals.
This document summarizes research on how UCITS ETFs attribute profits from securities lending. The research analyzed 30 ETFs from the 10 largest providers in Europe. It found that providers attribute a fixed portion of gross revenues from securities lending to funds, ranging from 51-95%. However, this may not ensure all net revenues go to funds as required. Disclosure of securities lending arrangements and revenue allocation in fund documents is inconsistent. The research aims to determine compliance with ESMA guidelines on efficiently managing funds through securities lending.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
Comunicação relativa à implementando direitos adicionais a produtos provenientes dos EUA, em sequência da publicação, a 9 de novembro, no JOUE L 373 (em anexo) o Regulamento 1646/2020, de 7 de novembro, que suspende as concessões comerciais da UE para certos produtos importados dos EUA (listados nos anexos I e II do referido Regulamento).
O Regulamento publicado é a reação da União Europeia para obter um reequilíbrio comercial nas trocas com os EUA, face à imposição por este país de direitos adicionais sobre importações de determinados produtos originários da União, culminando um longo processo de discussões entre as duas partes no que diz respeito às ajudas à indústria aeronáutica.
Os EUA queixam-se dos subsídios concedidos pelos Estados-Membros da UE à Airbus e a UE responde com as suas próprias queixas relativamente a ajudas recebidas pela Boeing por via de benefícios fiscais e outros apoios pelos EUA.
This document discusses Montenegro's progress in meeting the requirements to join the European Union (EU). It provides an overview of Montenegro's relationship with the EU since 2001 and the steps it has taken towards membership, including receiving candidate status in 2009. It then summarizes Montenegro's status in negotiating the 35 policy chapters that are required to be closed before accession, noting that 2 chapters have been provisionally closed, 20 chapters have been opened for negotiation, and 13 chapters have yet to be opened. Finally, it provides brief summaries of several key negotiation chapters, including free movement of goods, competition policy, financial services, and information society and media.
The UE Disclosure Regulation 2019/2088 of November 27, 2019 on Sustainability-related Disclosures in
the Financial Services Sector (known as the Disclosure Regulation,
Environmental, Social and Governance (ESG) Regulation or SFDR for Sustainable Finance Disclosure Regulation) sets out general rules for classifying and
reporting on sustainability and ESG criteria. Its goal is to improve transparency and disclosures. The transparency requirement concerns particular concerns, especially sustainability risks and principal adverse sustainability impacts
at the financial product level. It does also concern precontractual disclosures. This Regulation is part of a broader legislative package under the European ’Commission’s Sustainable Finance Action Plan, such as the EU Taxonomy Regulation 2020/852 of June 18, 2020.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
A Legal Analysis of the Service Directive 2006 123 EC and its impact in Euro ...Tiffany Daniels
The document provides an analysis of the impact of the 2006 Services Directive in the Euro zone. It begins with an introduction that outlines the purpose and structure of the paper. It then discusses the history and background of the Services Directive, including its aims to remove barriers to cross-border trade in services. The key sectors covered by the directive are also examined, such as retail, professional services, tourism, and education. Excluded sectors like healthcare, transport, and gambling are also noted. Finally, the legal basis of the directive in articles 3, 49 and 56 of the TFEU relating to free movement are reviewed as the foundation for establishing the single market in services across the EU.
This document summarizes key aspects of EU state aid rules for research, development, and innovation (R&D&I). It outlines the EU's objectives to strengthen the scientific and technological base in Europe and achieve 3% of GDP spending on R&D by 2020. It describes the concept of state aid under EU law and the Commission's role in approving state aid measures to ensure they are compatible with the internal market. The document also summarizes the EU framework for state aid for R&D&I, which aims to enhance economic efficiency and growth through public support for R&D&I activities. It outlines eligible beneficiaries and costs as well as rules for assessing whether aid is compatible.
With an ever-changing political scene and limited time left to conclude the negotiations for the United Kingdom’s (UK) exit from the European Union (EU), attention is now beginning to turn to the potential consequences of Brexit. This paper discusses the issues that insurers face and considers the interplay between insurers’ contractual obligation to continue to service policies (including paying claims) versus the practical impact that local regulation might have on their ability to do so.
The document summarizes key aspects of the European Union's Reinsurance Directive and how it is implemented in various jurisdictions. The RID establishes rules for supervising foreign reinsurers conducting business in the EU. It allows foreign reinsurers to operate in the EU without establishing a branch, but prohibits more favorable treatment than EU reinsurers. The RID was implemented in the UK through various Financial Services and Markets Act regulations. In the US, the NAIC's Nonadmitted Insurance Model Act sets capital requirements for foreign reinsurers to operate. New York State further requires a $20 million trust fund from alien reinsurers not otherwise licensed.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
The document summarizes recent legal developments in Italy and the EU regarding investments and regulatory reforms. It discusses the EU Capital Markets Union project which aims to make it easier for SMEs to raise funds through alternatives to bank funding such as revised prospectus regulations. It also discusses Italy's role in the European Fund for Strategic Investments (EFSI) through the state lender CDP committing €8 billion to worthy Italian projects. Finally, it outlines newly approved whistleblower protections in Italy and an agreement between Italy and the EU to help Italian banks deal with non-performing loans through a special purpose vehicle.
Aifmd and non eu managers - cummings finalCummings
This document discusses the implications of the Alternative Investment Fund Managers Directive (AIFMD) for non-EU alternative investment fund managers marketing and managing funds in the EU. Key points include:
1) After July 22, 2013, non-EU managers will only be able to market funds in the EU under private placement regimes until at least 2015 when an EU passport may be available, subject to conditions.
2) Under private placement, managers must make certain disclosures to investors and regulators, calculate leverage using EU methods, and file annual reports.
3) Managers need to review structures, target markets, and private placement rules to continue EU marketing and may need to seek authorization if passporting becomes available.
The document discusses the European Union's efforts to establish the free movement of capital within its single market. It outlines the legal framework developed including directives on cross-border payments, credit transfers, and taxes. Exceptions to free movement relate to public security, health or privatization deals. Oversight bodies like OLAF combat fraud and money laundering. Overall, free movement of capital has increased prosperity while requiring ongoing cooperation between members.
Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (‘EUMR’ or ‘the Merger Regulation’) provides a one-stop shop, subject to certain limited exceptions, for the regulation of concentrations within the European Economic Area (‘EEA’), which encompasses all European Union (‘EU’), Member States, Norway, Iceland and Liechtenstein.
Export Control Law Firm_ Customs Law Firm_ SCOMET assistance_ BIS assistance.pdfEconomic Laws Practice
Trust Economic Laws Practice (ELP) to ensure supply chain compliance and mitigate export control risks in India. Our dedicated team of export control lawyers offers proactive legal support and tailored strategies to address regulatory requirements and enhance your supply chain efficiency. Partner with ELP for reliable guidance and seamless compliance assurance. For More Details: https://elplaw.in/practicearea/supply-chain-customs/
Maximizing Legal Compliance in Hospitality: ELP Law's Tailored SolutionsEconomic Laws Practice
Ensure compliance with regulatory requirements and industry standards in the hospitality sector with ELP Law's tailored legal solutions. Our proactive approach and attention to detail empower your business to operate efficiently while minimizing legal risks. for more details: https://elplaw.in/practicearea/hospitality/
"Excellence in Hospitality Law: Economic Laws Practice - Premier HospitalityEconomic Laws Practice
Empower your hospitality business with Economic Laws Practice, home to expert lawyers specializing in hospitality law. Our firm provides proactive compliance solutions to ensure regulatory adherence and minimize risk exposure in the dynamic hospitality industry. Connect with us for comprehensive legal support: https://elplaw.in/practicearea/hospitality/ #HospitalityCompliance #ELP #LegalEmpowerment
Efficient Tax Planning: Economic Laws Practice - Your Path to Financial Succe...Economic Laws Practice
Access comprehensive tax solutions with Economic Laws Practice as your leading partner in direct and indirect tax matters in India. Our team provides expert guidance and effective strategies to address all your tax-related needs, ensuring compliance and success. Discover our services: https://elplaw.in/practicearea/tax/
The 28th meeting of the Conference of Parties, i.e. COP28, came to a close on December 13, 2023. Spread across two weeks, COP28 saw national leaders, international organizations, businesses, and academics convene to address pressing global climate issues.
The Supreme Court (SC) in the recent ruling in the matter of Nestle SA1 examined the most favoured nation (MFN)
clause contained in India's Double Tax Avoidance Agreements (DTAA) with Netherlands, France, and Switzerland.
The document provides a summary of recent developments related to competition law and policy in India. It discusses five key cases:
1) The CCI closed an investigation against Tata Motors, finding a lack of adverse effects on competition from the alleged restrictions on dealers.
2) The CCI did not impose penalties on the Chandigarh Housing Board and two Chemists Associations after they took corrective action to address CCI's concerns.
3) The NCLAT upheld the CCI's dismissal of allegations against the PVR-INOX merger, agreeing the merger was a combination subject to Section 4, not Section 3.
4) The Madras HC upheld the CCI's power to
The document provides updates on climate change negotiations and policies. It discusses:
1) The findings of the UN's first global stocktake report under the Paris Agreement, which concluded the world is not on track to meet its goals of limiting warming to 2°C.
2) Details agreed for the new Loss and Damage Fund for developing countries, including that it will be hosted by the World Bank for 4 years.
3) Stakeholder consultations being held by India's Bureau of Energy Efficiency on draft rules for implementing its domestic carbon market.
4) Key policies adopted by China to revamp its national carbon market, including stricter monitoring and a unified trading platform.
Before their enforcement by respective ministries, Quality Control Orders have been formally presented to the World Trade Organization ("WTO”) Technical Barriers to Trade Committee (“TBT”) for its input and comments within 60 days from their respective notification dates. Given below is the list of Quality Control Orders (“QCO") issued during the month of September 2023:
This document summarizes trade remedial updates from various countries. It reports that the USA, India, EU, and UK have initiated investigations into unfair trade practices and subsidies involving products from countries such as China, Korea, Vietnam and more. It also provides updates on trade policy developments at the WTO, customs notices from India, and sanctions information from the USA and EU.
The document summarizes key trade remedial updates from various countries in September 2023. It notes that the US initiated preliminary reviews regarding anti-dumping and countervailing duties on Chinese solar panels and Korean dioctyl terephthalate. It also provides updates on trade remedies and investigations from the UK, EU, India, and WTO discussions. The document concludes with sections on customs notices, sanctions actions, and disclaimers.
While the Income Tax Act and GST laws both allow deduction or input tax credit for business expenditures, there are some key divergences between the two:
1. The negative lists of disallowed expenditures are distinct under the two laws, with Income Tax focused on compliance and GST on expenditures without a link to taxable supplies.
2. Capital expenditures are treated differently, being fully deductible under GST but requiring an express provision under Income Tax.
3. GST requires payment to the supplier within 180 days to claim input tax credit, whereas Income Tax deduction is based on accounting year.
4. GST has introduced a one-to-one matching requirement for input tax credit claims not
Important Judgments Under SARFAESI ACT, DRBT ACT & IBC on the Issue of Priority of Secured Creditors, Sale of Secured Assets and Jurisdiction of the Civil Courts.
SCOMET-Update-Amendment-to-Appendix-3-List-of-SCOMET-Items-to-Schedule-2-of-I...Economic Laws Practice
Dear Reader,
We are writing to you with an important update regarding the list of Special Chemicals, Organisms, Materials, Equipment, and Technologies
(SCOMET) items regulated by the Directorate General of Foreign Trade (DGFT), India.
This document provides a summary of recent tax law notifications, circulars, and case rulings across Goods and Services Tax (GST) and customs. It covers topics such as clarifications on interest charges for IGST credits, input tax credit claims, the taxability of EV battery charging and vehicle body building services, and an extension of various GST return filing deadlines. Customs updates include increased duties on LPG and related fuels as well as amendments to notifications implementing the recommendations of GST Council meetings.
On August 3, 2023, the Government of India, introduced the fifth iteration of India's proposed personal data protection
legislation, i.e., the Digital Personal Data Protection Bill, 2023 (DPDP Bill) in Parliament. Previously, in December 2022,
the Ministry of Electronics and Information Technology had released a draft version of the bill (2022 Draft), inviting
public comments thereto.
Once in force, the DPDP Bill aims to amend and omit some of the
E-invoicing-Whether the relevant provisions of GST law require patchwork.pdfEconomic Laws Practice
Effective from August 1, 2023, taxpayers with an annual turnover of more than INR 5 Cr will be recognized as “class of registered person” who will be mandated to generate e-invoice.know more in PDF
SEBI tightens compliances and disclosures for listed entities - Amends LODR R...Economic Laws Practice
SEBI has notified various amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) vide the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (Amendment Regulations).
Notice that the final results of the administrative review of the countervailing duty order on certain steel racks and parts thereof from China, covering the period of review January 1, 2020 through December 31, 2020 to correct ministerial errors.
Corporate Governance : Scope and Legal Frameworkdevaki57
CORPORATE GOVERNANCE
MEANING
Corporate Governance refers to the way in which companies are governed and to what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company.
Safeguarding Against Financial Crime: AML Compliance Regulations DemystifiedPROF. PAUL ALLIEU KAMARA
To ensure the integrity of financial systems and combat illicit financial activities, understanding AML (Anti-Money Laundering) compliance regulations is crucial for financial institutions and businesses. AML compliance regulations are designed to prevent money laundering and the financing of terrorist activities by imposing specific requirements on financial institutions, including customer due diligence, monitoring, and reporting of suspicious activities (GitHub Docs).
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Integrating Advocacy and Legal Tactics to Tackle Online Consumer Complaintsseoglobal20
Our company bridges the gap between registered users and experienced advocates, offering a user-friendly online platform for seamless interaction. This platform empowers users to voice their grievances, particularly regarding online consumer issues. We streamline support by utilizing our team of expert advocates to provide consultancy services and initiate appropriate legal actions.
Our Online Consumer Legal Forum offers comprehensive guidance to individuals and businesses facing consumer complaints. With a dedicated team, round-the-clock support, and efficient complaint management, we are the preferred solution for addressing consumer grievances.
Our intuitive online interface allows individuals to register complaints, seek legal advice, and pursue justice conveniently. Users can submit complaints via mobile devices and send legal notices to companies directly through our portal.