Insurance Quarterly Legal and Regulatory
Update
Period covered: 1 July 2018 30 September 2018
1
Table of Contents
Introduction Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission (“Commission”) has reached an advanced stage.
On 18 January 2017, EU Regulation n°655/2014 establishing a European Account Preservation Order ("EAPO") procedure became fully applicable in all Member States, with the exception of Denmark and the United Kingdom. |
English Law Challenges to EU Bank Restructurings Firmly Closed off by U.K. Supreme Court
Summary – Decision of U.K. Supreme Court
FINANCIAL REGULATORY DEVELOPMENTS FOCUS JUNE 7, 2018 ISSUE 22 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 Practice Group/Industry website. IN THIS ISSUE Bank Prudential Regulation & Regulatory Capital ..............................................................................................
Basel and other regulators seem to regard credit risk as being under control and have identified reputational and IT risks – risk you cannot close off with prudential capital charges – as the sources of the next crisis. Another one being talked about is potential illiquidity for funds, which are buying more illiquid assets in the hunt for yield.
Obvious issues which come up in a cross-border insolvency context include the jurisdiction / court in which proceedings should be commenced (choice of jurisdiction), which law should be applied to resolve a particular problem (choice of law) whether the judgment of one court will be recognized and enforced in another court (recognition) and how parallel insolvency processes relating to the same debtor should interact (co-operation).
The EIR
NautaDutilh
Introduction of senior non-preferred debt in the Netherlands
3 April 2018
FCS Financial Law
KEY TAKEAWAYS
A new EU Directive adopted in December 2017 will enable EU banks, large investments firms and relevant group companies (e.g. holding companies) to issue so-called 'senior non-preferred' debt instruments.
Such senior non-preferred debt will rank senior to regulatory capital instruments (CET1, AT1 and Tier 2) and other subordinated debt, but junior to the institution's senior debt (such as deposits and ordinary creditors).
EU Regulation No 655/2014 of the European Parliament and of the Council to facilitate cross-border debt recovery in civil and commercial matters, in force since 18 January 2017.
It has been over a year now since the European Account Preservation Order (EAPO) came into force. However, a great number of people are still not aware of its purpose and benefits. Thus, this article shall serve as a short reminder.
Applicability
FINANCIAL REGULATORY DEVELOPMENTS FOCUS APR 26, 2018 ISSUE 16/2018 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. The latest Governance & Securities Law Focus is available here.