We are delighted to share with you our Financial Institutions Horizons 2021, which provides a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
Die anstehende Marktkonsolidierung birgt fusionskontrollrechtliche Herausforderungen
Die COVID-19-Pandemie ist schon lange nicht mehr nur eine Gesundheitskrise, sondern hat sich zu einer globalen Wirtschaftskrise entwickelt, die viele Unternehmen in massive wirtschaftliche Schwierigkeiten bringt. Erwartet wird eine Konsolidierung, bei der finanziell angeschlagene oder insolvente Unternehmen übernommen werden. Auch der Präsident des Bundeskartellamtes, Andreas Mundt, hält eine Übernahmewelle in Folge der Corona-Krise für ein mögliches Szenario.
Recent regulatory developments of interest to all financial institutions. Includes key COVID-19 updates from the UK FCA, AML/CTF updates and more.
COVID-19: FCA statement on handling of post and paper documents
On 13 May 2020, the Financial Conduct Authority (FCA) published a statement on how firms should handle post and paper documents during the COVID-19 pandemic.
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:
The Recast Insolvency Regulation 2015/848 governs cross-border insolvency proceedings within the European Union. It provides in particular for the opening of the main proceedings by the jurisdiction of the member state where the centre of the debtor’s main interests is located (presumed to be the place of its registered office) and the opening of one or more secondary proceedings in the member states where the debtor possesses an establishment.
Substantial reforms to Regulation (EC) 1346/2000 on insolvency proceedings were made under Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Recast Insolvency Regulation“). The Recast Insolvency Regulation applies to insolvency proceedings commenced on or after 26 June 2017.
Following a broad consultation, the European Commission presented, on 13 December 2012, its proposal for a Regulation of the European Parliament and of the Council amending Council Regulation (EC) n°1346/2000 on insolvency proceedings. Ten years after the Regulation's entry into force, the Commission has deemed it necessary to amend it in order to solve difficulties related to its practical implementation.
Law n°2011-331 dated 28 March 2011 (OJ of 29 March 2011) relating to modernising the legal professions includes the creation of a secure Internet portal aiming at relaxing the formalities related to insolvency. This national portal will allow the sending and reception of legal proceedings documents, including statements of claim.
The Banking Bill recasts key aspects of bank supervision and insolvency. With such wide-ranging changes to digest, financial institutions and other companies could be forgiven for ignoring the seemingly obscure clauses relating to financial collateral. But these provisions could remove legal uncertainty for those taking collateral particularly in traded markets (like energy trading) where banks are not always the main players.