PRA consults on capital adequacy. The UK Prudential Regulation Authority proposed changes to the PRA’s Pillar 2 framework for the banking sector, including changes to rules and supervisory statements. The proposed policy is intended to ensure that firms have adequate capital to support the relevant risks in their business and that they have appropriate processes to ensure compliance with the Capital Requirements Regulation and Capital Requirements Directive.

On 1 August, new guidelines came into force for Member States to use in assessing whether support measures to rescue and restructure firms in difficulty are compatible with State aid rules.

Financial Services Disputes and Investigations

ECHR finds double jeopardy: Crimes sanctioned by Consob and heard by the Court of Appeal cannot be tried again in court proceedings

Summary of miscellaneous French draft legislation
• Draft law granting amnesty for acts committed in the course of social movements and trade unions' protesting activities – Filed on
November 28, 2012 – Adopted in first reading by the Senate on February 27, 2013 – A vote for a referral to commission was adopted
during the first session on May 16, 2013.
• Draft law relating to social and solidarity-based economy, n°805 – filed on July 24, 2013 – adopted in first reading by the Senate on
November 7, 2013.

timeline - a guide to the legal milestones ahead CALENDA R OF KEY ISSUES (UK PERSPECTIVE) MAY 2014 LEGAL GUIDE ABOUT HERBERT SMITH FREEHILLS We are one of the world’s leading law firms. We advise many of the biggest and most ambitious organisations across all major regions of the globe. Our clients trust us with their most important transactions, disputes and projects because of our ability to cut through complexity and mitigate risk. We can help you thrive in the global economy.

2013 will herald some significant changes to the UK legal arena, notably in the corporate area in relation to executive remuneration and narrative reporting, in dispute resolution as the Government's reforms to the civil litigation costs and funding regime are due to be implemented and in the energy, real estate and construction areas where there are major changes to the carbon reduction commitment energy efficiency scheme, further amendments to the Community Infrastructure Levy Regulations, the introduction of the Growth and Infrastructure Bill and various amendments to the Building Regula

On 11 May 2012, the Commission announced that it has approved a 2009 restructuring plan for ING, following a General Court judgment which had partially annulled the Commission’s previous clearance decision. Therefore, the Commission has essentially confirmed its earlier decision and has decided to appeal the General Court judgment. It has also opened an in-depth State aid investigation into the subsequent amendments to the restructuring plan made by the Dutch State and ING. The Commission believes that the complexity of the issues justifies an in-depth analysis.

On 22 June 2012, Almunia, Vice President of the European Commission responsible for Competition Policy gave a speech on competition policy in times of restructuring. He considered the challenges that the EU has been facing over the past weeks and months and how these challenges are shaped by the urgent need for economic restructuring and growth in Europe, the rapid globalisation of economic activity, and the fast evolving technological environment.

The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty.

PARLIB01/ZZZPARP/1030762.3 Hogan Lovells French Legal and Regulatory Update – May 2016 The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for May 2016. Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.