Although many sectors of the Irish economy are experiencing the benefits of economic upturn, a number of Irish homeowners are still dealing with the after-effects of the recession. In this context, some defaulted homeowners are defending repossession proceedings by banks and alternative lenders relying on the EU Directive on Unfair Contract Terms ("UCTD").

November 2017 On 27 October the Treasury Committee published a report on the Solvency II Directive and its impact on the UK insurance industry. The report is critical of the extent of disagreement between the PRA and the industry. It makes a number of recommendations, the majority of which are aimed at the PRA. Some of these recommendations were preempted by the PRA’s announcement on 25 October of a series of improvements it is intending to make to implementation of Solvency II and its publication of a consultation paper on the matching adjustment.

October 2017

INSURE

InSure

This month's roundup of developments affecting the insurance industry sees ECON calling on the European Commission to postpone the application date of the IDD, EIOPA issuing final guidelines on complex insurance-based investment products under the IDD and the European Commission releasing a report on consumers' decision-making process in insurance services.

General Update

A common experience of most European insolvency law systems is the legislators‘ constant swinging backwards and forwards in their attempts to find a balance between the interests of the creditors (which inspired the legislator when insolvency laws were enacted for the first time in1942 in Italy) with those of the debtor and its owners, as well as the need to protect jobs and rescue viable businesses for the benefit of the economy as a whole. The first Italian insolvency law was enacted in 1942, and was modelled on the German Konkursordnung.

BANKING

ECON votes to adopt draft report on proposed BRRD Insolvency Hierarchy Directive

EU requirement for national insolvency registers to be established in all Member States (Recast Insolvency Regulation 2015 ((EU) 2015/848))

Will Nevin Partner T +44 20 7466 2199 [email protected]

UK TIMELINE

Kevin Pullen Partner T +44 20 7466 2976 [email protected]

2017Q4 (Oct-Dec)

The European Commission ("Commission") has released a consultation paper to evaluate the merits of introducing measures to support secondary markets for distressed debt and the development of a new, contractual-based loan security obligation.

Consultation

Introduction The number of financial institutions that have announced the relocation of their EU headquarters from the UK to Germany has increased during the last weeks. In the meantime, some of the largest US and Asian institutions have confirmed their plans to expand their operations in Germany, and we expect others to follow soon. How can we assist? This briefing shall provide you with an overview of a number of issues that may be of interest for your decision to expand your operations in Germany.

The ACT Borrower's Guide to the LMA's Investment Grade Agreements

Produced by

The ACT Borrower's Guide to the LMA's Investment Grade Agreements

produced by Slaughter and May 5th Edition 1 September 2017

This guide has been produced for the ACT by Slaughter and May to provide assistance to corporate treasurers reviewing draft facility agreements based on the LMA documentation for investment grade borrowers.

/ The ACT Borrower's Guide

The ACT Borrower's Guide /

Introduction1

There is much to admire in the EU's handling of the Italian banking crisis, but in allowing two lenders to escape BRRD rules, it has raised questions on the consistency of the EU state aid and resolution framework.