The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension &Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the Olympic Airlines pension scheme.

The issue

February 2017 N° 19 Fondo Atlante and the future for the financial institutions Tommaso dalla Massara Some news on insolvency procedures Fabio Marelli EU Commission first draft of ePrivacy Regulation Rocco Panetta Insurance Distribution Directive Guido Foglia ACROSS THE EUNIVERSE 2 In this Issue Editorial Giovanni Moschetta, Bernard O'Connor 3 What's App in Europe 4 Bernard O'Connor The next big thing for European data protection: EU Commission publishes first draft of ePrivacy Regulation to be discussed during GDPR transition period 6 Rocco Panetta, Francesco Armaroli Critical features of

The German Federal Supreme Court (Bundesgerichtshof) recently held that creditors cannot bring claims against the Hellenic Republic before the German courts in the context of Greece's debt restructuring in 2012 , finding that Greece enjoys immunity from jurisdiction before the German courts (decision of 8 March 2016; docket number VI ZR 516/14).

Background and facts

Introduction

As we mentioned before, the Greek debt crisis has reached the Federal Supreme Court (Bundesgerichtshof).

The current insolvency regime in Greece regulated by L. 3588/2007 (the “Greek Bankruptcy Code” or the “GBC”) had already undergone a number of revisions; these were mainly to adapt throughout the nearly ten-year life of the GBC to the constantly changing needs, dictated by the financial circumstances, and to address issues arisen from its application in practice. The latest revision (L.

Extrajudicial Debt Settlement Procedure and Officers’ Liability in Debt Restructuring June 21, 2017 The long anticipated extrajudicial debt settlement procedure (the “EDS Procedure” or “EDS”) was introduced by Law 4469/2017 to provide an additional option for the rescue of indebted businesses at an early insolvency stage. The current pre-insolvency regime includes the rehabilitation procedure of Law 3588/2007 (the “Greek Bankruptcy Code” or the “GBC”), most recently revised at the end of 2016, and the special administration procedure of Law 4307/2014.

Summary

The briefing provides an overview of the reorganisation plan introduced by the new Greek Bankruptcy Code. Its purpose is to set out the more important mechanics of the reorganisation plan and examine its more important ramifications within the bankruptcy process.

The new Greek Bankruptcy Code

Greece is proceeding with the largest sovereign debt restructuring in history after its bondholders accepted a significant debt reduction in the face of mounting evidence that a Greek default was inevitable without such relief. In a related market development garnering only slightly less attention than the debt restructuring itself, the International Swaps and Derivatives Association, Inc.

ICELAND INTRODUCES A PLAN TO LIFT CAPITAL CONTROLS

In a move that creditors have been waiting patiently forsince 2008, the Icelandic government has finally taken a step towards the lifting of capital controls which were imposed in Iceland after the financial crisis that will impact the main three failed banks;Kaupthing, Landsbanki and Glitnir.