Executive Summary The German banking market is on the move. This presents opportunities for foreign investors who would like to enter the German financial market. However, in order to acquire an interest in a German financial institution, i.e. credit or financial services institution, an investor has to comply with a couple of specific regulatory requirements.

In case of arrangement with creditors under Article 160 of the Bankruptcy Law, Article 182-ter, introduced by Article 146 of D.Lgs. n. 5/2006, expressly states that taxpayers can propose a partial payment of income taxes, but not of VAT and withholding taxes, for which the payment can be only deferred.

The Great Brexit Debate dentons.com Introduction The UK is now counting down to the 23 June 2016 referendum on whether to stay in or leave the European Union. Dentons summarises the background to this momentous choice, and takes a deeper look at some of the legal issues involved in some key areas that would be impacted by a vote to leave the EU.

lon_lib1\13867381\1 boothmi Navigating Regulatory Compliance Investment Management Monthly Regulatory Update March 2016 Navigating Regulatory Compliance Monthly Regulatory Update – March 2016 1. Introduction 1.1 It is our pleasure to welcome you to our first Monthly Regulatory Update for investment managers. We understand that compliance and business teams have day jobs and therefore this regulatory update provides commentary on those items which we think are important. 1.2 The Appendix lists each of the relevant announcements by the FCA, ESMA, European Parliament and other bodies.

Introduction

A referendum on whether the UK should leave or remain within the EU will take place on 23 June 2016. This briefing considers what the legal consequences of a vote to leave the EU (Brexit) might be for the UK restructuring and insolvency market. Its purpose is not to influence readers towards either the “Leave” or “Remain” camp; rather, it is intended to illustrate the legal changes that Brexit would cause and to consider how the UK might respond to those changes.

In the last quarter of 2015, Luxembourg implemented Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investments firms (“BRRD”) and Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes (“DGSD” and together with BRRD, the “Directives”) by way of adopting the law of 18 December 2015 on resolution, recovery and liquidation measures of credit institutions and some investment firms, on deposit guarantee schemes and indemnification of investors (the “

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD).

In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets.  However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in regulators.  As seen with recent developments in Portugal and Italy, a number of competing motivations surround the rescue of financial institutions.  The old maxim – “Put your trust in God, but keep your powder dry” -  may be applied to describe investor sentiment in an envir

On 7 September 2015 an act amending the Civil Procedure Code was published. The amendments include changes to proceedings on the enforcement of liabilities. The changes aim to speed up proceedings by computerisation, and at the same time clarify various issues that have arisen in the application of existing regulations.

The EBA has launched a consultation on draft Guidelines on how confidential information collected under the Bank Recovery and Resolution Directive (BRRD) should be disclosed in summary or collective form without identifying individual institutions or relevant entities. The aim of the Guidelines is to promote symmetric information and convergence of supervisory and resolution practices regarding the disclosure of confidential information.