The European Banking Association (EBA) issued Guidelines on 26 May 2015 regarding the circumstances under which an institution is considered to be failing or likely to fail according to Article 32(6) of Directive 2014/59/EU. Such Guidelines take effect on 1 January 2016 and were issued pursuant to Article 32(6), which directed the EBA to issue these … Continue Reading
On May 8, 2015, the German States (Bundesländer) have adopted a law implementing the European Deposit Guarantee Scheme Directive. The new law will be submitted to the German President (Bundespräsident), Joachim Gauck, for his signature and it is anticipated that it will enter into force on July 3, 2015. The law is intended to better protect the … Continue Reading
The European Commission has reached agreement to update the current insolvency regulation known as Council Regulation (EC) No 1346/2000 dated May 29, 2000 on insolvency proceedings. The goal of the new Regulation is to rescue companies in distress. The proposed insolvency Regulation will change the member states’ insolvency proceedings with respect to both personal and corporate … Continue Reading
In the February issue of In Practice, we look at how the European Market Infrastructure Regulation No. 648/2012 (EMIR) dated 4 July 2012 imposes a number of requirements on counterparties to derivative contracts, central counterparties and their clearing members and trade repositories. It introduced the obligation on central counterparties to clear certain classes of over-the-counter … Continue Reading
