1. What is the risk if a counter-party is located in an exiting member state?

In the Q1 2014 edition of Global Insight, we discussed the progress already made in respect of the Proposed Amendments to the EC Insolvency Regulation as of April 2014. The European Parliament and the Council of the European Union have now considered the Commission’s proposed amendments.

In this article we will continue to focus on the progress made regarding:

On 27 July 2014, the Regulation (UE) n.º 655/2014, of the European Parliament and of  the Council (the “Regulation”), establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters was  published.

Key points

• Where main proceedings have been opened in one member state, secondary proceedings may be opened in another member state where the debtor has an establishment. The effects of the secondary proceedings shall be restricted to the assets in that territory.  
• Local law and court discretion may apply to the opening of secondary proceedings and may be exercised, but these should not be discriminatory.

The Facts

I. Medio ambiente En materia medioambiental destacamos la aprobación de  las siguientes normas en estos últimos meses: 1. La Ley 11/2014, de 3 de julio, por la que se  modifica la Ley 26/2007, de 23 de octubre, de  Responsabilidad Medioambiental. Tiene por objeto  adaptar la actual normativa en materia de responsabilidad  ambiental para adecuarla a lo regulado por la  Directiva 2013/30/UE, del Parlamento Europeo y  del Consejo, de 12 de junio del 2013.

In the Schmid case the European Court of Justice ruled on the issue of jurisdiction of the Courts of a Member State ofthe EU where an insolvency procedure was commenced, whose receiver started a claw-back action against a defendantdomiciled in a non-Member State

The Case

The Official Journal of the European Union of July 31, 2014, published the European Commission Guidelines establishing the conditions under which state aid for rescuing and restructuring non-financial undertakings in difficulty can be considered compatible with the domestic market. The Commission has been applying these Guidelines since August

Introduction

On 9 July 2013, the European Commission adopted a proposal for a new Directive on package travel and assisted travel arrangements to replace the Package Travel Directive¹ (the Directive) which has been long thought to have become outdated in the face of the growth of the internet and the “dynamic packaging” industry. Following extensive consultation with industry representatives and trade bodies, an amended version of the Commission’s proposal was adopted by the European Parliament on 12 March 2014 (the Proposed Directive).

MiFID 2 package published in OJEU: The text of the recast Markets in Financial Instruments Directive (MiFID 2) and its related Regulation (MiFIR) were published in OJEU on 12 June and will come into force on the 20th day following that of their publication. Member States have to transpose MiFID 2 by 3 July 2016 and both it and MiFIR will apply from 3 January 2017.