More than a decade after the establishment of the Single Supervisory Mechanism and the European Supervisory Authorities, European banking supervision remains highly complex. This article looks at the issues raised during our...more
The Digital Operational Resilience Act (DORA) establishes a harmonised and comprehensive framework for information and communication technology (ICT) risk management in the financial sector. It is a directly applicable EU...more
On 18 September 2024, the General Court of the European Union (General Court) largely upheld the fine imposed by the European Commission (Commission) finding that a global tech company had engaged in predatory pricing of its...more
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more
Quick Hits Schrems II Recap Most people are now familiar with the Schrems II requirements to “know your transfers” and to protect personal data when such information is subject to processing (including remote access to...more
On 12 April 2023, the European Supervisory Authorities (“ESAs”) published a joint consultation, proposing further amendments to the Regulatory Technical Standards (“RTS”) regarding the sustainability indicators in relation to...more
On 14 April 2023, the European Commission published its responses1to the questions2raised by the European Supervisory Authorities (ESAs) on a number of areas of uncertainty in the Sustainable Finance Disclosure Regulation...more
In the discussion paper, the UK financial supervisory authorities have not provided a new legal framework or their intended future approaches for regulating the use of AI and machine learning in financial services. However,...more
Both the EU and the UK are taking steps to enhance the rules in the financial services sector to add a new layer of direct regulation for key technology providers to banks and other regulated financial services institutions –...more
In this alert, we provide a round-up of the latest developments in ESG for UK corporates. In this month’s ESG Market Alert, we cover: Our inaugural ESG Game Changers Summit; The ESA’s consultation on standardised Simple,...more
The European Union is investing resources and issuing legal tools in order to foster the lawful and accountable use of artificial intelligence (AI). In Spain, the Government is also working to promote and maximize the use of...more
The European Commission published its long-awaited Strategy for Financing the Transition to a Sustainable Economy (the Strategy) today. The Strategy was announced as part of the European Green Deal in 2019 (originally...more
ANTITRUST AND COMPETITION - The European Commission Opens a New Investigation in the Pharma Sector - On 4 March 2021, the European Commission (Commission) has opened a formal investigation into alleged misuses of patent...more
European financial supervisory authorities have requested the European Commission to clarify key areas of ambiguity regarding the scope and application of the Sustainable Finance Disclosure Regulation (SFDR), including its...more
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
On December 19, 2019, in the Facebook Ireland and Schrems (Schrems 2.0) case, the Advocate General (AG) to the European Court of Justice (ECJ)—European Union's highest court—opined that the EU Standard Contractual Clauses...more
So far, the German, French and British supervisory authorities have released guidance specifically addressing cookies in 2019. The German guidance was published in April 2019...more
The Joint Committee of the European Supervisory Authorities has published a Supervisory Statement on the scope of application to bonds of the EU Packaged Retail and Insurance-based Investment Products Regulation. The ESAs...more
It has been several years since data breaches first emerged as the lead news story. Despite increasing security and technology advancements, companies are still grappling with how to stay ahead of hackers and, when they...more
On 12 July 2019 the European Securities and Markets Authority (ESMA) reported on the status of FinTech firm licensing regimes across the EU, based on two ESMA surveys of EU national competent authorities (NCAs). ESMA's report...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
Antitrust and Competition - Transactions in the digital sector and acquisition of data continue to attract scrutiny in Europe - On 6 September 2018, the European Commission cleared without conditions the proposed acquisition...more
Shortly after the GDPR’s entry into application on May 25, 2018, several EU Supervisory Authorities have activated online Data Protection Officer (“DPO”) notification tools, allowing organizations to communicate the contact...more
On March 15, 2018, the Joint Committee of the European Supervisory Authorities (“ESA“) published its final report, together with a factsheet, on the use of big data by financial institutions (JC/2018/04). Chapter 4 of the...more
On 6 September 2017, the Court of Justice, the European Union (“EU”)’s highest court, issued its much awaited decision in a case of abuse of dominance by a US microchip manufacturer using exclusivity or loyalty rebates, i.e....more