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.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
We are experiencing a quiet restructuring market and relatively high corporate survival rates at a time when historical trends would suggest a period of increasing insolvency activity.
Global FDSI Briefing
Welcome to our latest quarterly briefing on legal developments across our global network. I hope you find the articles insightful and thought provoking. Highlights this quarter include recent developments in Italian derivatives case law, an overview of the amendments made to Spain’s insolvency regulation and the UK’s FCA issuing first warning notices against individuals.
If you have any questions or would like further information please do not hesitate to contact me, or one of our global key contacts.
[Matthew Allen]
Matthew Allen
This update focusses on the recent Supreme Court decision in Re Lehman Brothers International (Europe) concerning the application of the “contributory rule” in administration and the admissibility and set-off of contingent claims in administration
Lehmans and the contributory rule
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.
The European Commission recently published a recommendation addressed to Member States on a new approach to rescuing businesses and offering a second chance to honest entrepreneurs. It aims to ensure that viable businesses experiencing financial difficulti es have access to restructuring mechanisms at an early stage to prevent insolvency and maximise overall value for creditors, employees and owners. It also proposes a second chance for honest entrepreneurs involved in insolvency proceedings.
On 9 April 2014, the Commission published proposals to amend the existing Shareholder Rights Directive (2007/36/EC).
16 January 2014
Case C-328/12
Court of Justice of the European Union (Judges Tizzano, Lenaerts, Borg Barthet, Levits, Berger (Rapporteur))
The Court of Justice extended the reach of the EU Insolvency Regulation to allow proceedings to set aside transactions to be brought against defendants resident in non-member states, confirming that it has universal effect.