The EU’s Corporate Sustainability Reporting Directive (“CSRD”) requires the most detailed and onerous ESG reporting and disclosures anywhere in the world. All told, it is estimated that more than 50,000 companies, including...more
9/21/2023
/ Air Pollution ,
Biodiversity ,
Climate Change ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Parent Corporation ,
Proposed Regulation ,
Proposed Rules ,
Sustainability ,
Water
On 2 December 2022, the European Commission proposed a new Directive aiming to unify the approach taken by its Member States to enforce European Union ("EU") sanctions and criminalize their violations (the "proposal")....more
On June 29, 2022, the European Parliament, the Commission, and the Council reached a provisional agreement on the European Union proposal to update Regulation 2015/847 on information accompanying the transfer of funds ("TFR")...more
The Development: New Regulation (EU) 2020/2176 (the "Regulation") provides regulatory capital relief, allowing certain software assets to be considered when calculating Common Equity Tier 1 ("CET1") capital. It entered into...more
The economic crisis caused by the spread of the coronavirus triggered an unprecedented response from European governments to support their economies with various measures of support.
This overview summarizes the various...more
7/6/2020
/ Business Interruption ,
Coronavirus Large Business Interruption Loan Scheme (the CLBILS) ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Infectious Diseases ,
Member State ,
Public Health Emergency ,
Relief Measures ,
State Aid ,
State of Emergency
The Situation: The European Commission issued an Action Plan on Anti-Money Laundering/Combating the Financing of Terrorism ("AML/CFT") in response to recent money laundering scandals and concerns of an increase in crime due...more
6/19/2020
/ AML/CFT ,
AMLD V ,
Banking Sector ,
Criminal Investigations ,
Cross-Border Transactions ,
EU Action Plans ,
European Banking Authority (EBA) ,
European Commission ,
Financial Intelligence Unit (FIU) ,
International Data Transfers ,
Law Enforcement
The Situation: Three major pillars of the EU action plan on sustainable finance ("EU Action Plan") at varying stages of development have taken steps forward.
The Result: We now have a regulation on climate-related benchmarks...more
12/27/2019
/ Benchmarks ,
Capital Requirements Regulation (CRR) ,
Environmental Social & Governance (ESG) ,
EU ,
EU Action Plans ,
EU Benchmark Regulation ,
European Commission ,
Final Rules ,
Financial Regulatory Reform ,
Paris Agreement ,
Popular ,
Sustainable Finance ,
Taxonomy
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority,...more
12/24/2019
/ Bond Markets ,
Comment Period ,
Consultation Papers ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Regulatory Reform ,
Joint Statements ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Regulation Technical Standards (RTS) ,
Retail Investors
The Situation: The European Banking Authority ("EBA") issued its Action Plan on Sustainable Finance ("Action Plan") on December 6, 2019, setting forth an outline for its deliverables and activities related to environmental,...more
The EU Commission is proposing measures to increase financial sector supervision in the wake of money laundering incidents.
The European Commission recently proposed expanding the Europe Banking Authority’s ("EBA") mandate...more
10/2/2018
/ Amended Legislation ,
Anti-Money Laundering ,
Cross-Border ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Member State ,
Risk Assessment