On March 23, 2016, the European Commission launched a consultation seeking views on key insolvency principles and standards which could ensure that national insolvency frameworks work in a cross-border context. The consultation is part of the Commission’s Capital Markets Union Action Plan which aims to remove barriers to the free flow of capital. Responses will be used to identify which aspects could be included in a legislative initiative or other related actions.

DERIVATIVES/ASSET MANAGEMENT/FINANCIAL INSTITUTIONS ADVISORY & FINANCIAL REGULATORY CLIENT PUBLICATION 12 May 2015 Bank Recovery and Resolution Directive – Implications for Repo and Derivative Counterparties The Bank Recovery and Resolution Directive (BRRD)1 introduces an EU-wide regime for recovery and resolution planning for, and for resolution action to be taken in respect of, banks and large investment firms (typically the large sell-side institutions) (FIs)2.

On January 5, 2015, HM Treasury published the Bank Recovery and Resolution Order 2014 (“BRRO”) and the Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (“BBSO”). The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 and the Banking Act 2009 (Mandatory Compensation Arrangements following Bail-in)  Regulations 2014 were published in December 2014.

As outlined in our client publication of March 27, 2020 (Update for Borrowers and Lenders in Germany), by a new law effective since March 27, 2020 (the “German Covid-19 Insolvency Law Amendment”), the obligation of the management of a legal person pursuant to section 15a of the German Insolvency Act (“German InsO”) has been suspended until September 30, 2020 if certain conditions are met.

In light of the growing pandemic of COVID-19 the German government has decided on a number of unprecedented restrictions for all areas of private and business life which were unimaginable just a few weeks ago. As a result, many production facilities and businesses had to shut down. While the consequences for many companies are already dramatic, the full impact on the economy is still unpredictable as it is unclear how long the current restrictions will subsist.

A recent decision by the German Federal Fiscal Court (BFH) has caused significant concerns in the restructuring community because it will severely complicate future restructurings in Germany or even make them impossible overall. In its decision dated 28 November 2016 (GrS 1/15, published on 8 February 2017) the court held that the so- called restructuring decree (circular on taxation of restructuring profits / Sanierungserlass) dated 27 March 2003 (IV A 6 S 2140 8/03, BStBl. I 2003, 240, amended by circular letter dated 22 December 2009 (IV C 9 S 4140/07/10001-01, BStBl.

FEB 28, 2018 ISSUE 8/2018 FINANCIAL REGULATORY DEVELOPMENTS FOCUS Proxima Nova A ExCn 35pt In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates. Click here if you wish to access our Financial Regulatory Developments website. IN THIS ISSUE Bank Prudential Regulation & Regulatory Capital ..............................................................................................

On November 12, 2015, the International Swaps and Derivatives Association re-launched the ISDA Resolution Stay Protocol. The new Protocol, called the ISDA 2015 Universal Resolution Stay Protocol, was developed in coordination with the Financial Stability Board. The ISDA 2015 Universal Resolution Stay Protocol includes an annex covering securities financing transactions, developed by ISDA with the International Capital Market Association, the International Securities Lending Association and the Securities Industry and Financial Markets Association.

SHAREHOLDERS ARBITRATION
In a historic USD 50 billion award rendered on July 18, 
2014, an Arbitral Tribunal constituted pursuant to the 
Energy Charter Treaty held unanimously that the Russian 
Federation breached its international obligations under the 
Energy Charter Treaty by destroying Yukos Oil Company 
and appropriating its assets. 
The Tribunal, applying the UNCITRAL Arbitration Rules and sitting in The 
ague under the auspices of the Permanent Court of Arbitration ordered the 

On 28 March 2020, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced key measures to protect companies and businesses facing major funding and operational difficulties in the current COVID-19 pandemic.^[1] The measures will involve the Government bringing forward legislation at the earliest opportunity to amend current U.K. insolvency law to give firms extra time and space to weather the current storm while ensuring that creditors can get the best return possible in the circumstances.