News

Two EU regulations on UCITS/AIFMD asset segregation requirements for depositaries upon delegation

Friday, July 13th, 2018

By Max Welbes, Lea Hungerbühler On 12 July 2018, the European Commission adopted two delegated regulations supplementing the Alternative Investment Fund Managers Directive (AIFMD) and the Undertaking for Collective Investment in Transferable Securities Directive (UCITS) on the safekeeping of assets by depositaries and their delegates. Their main purpose is to eliminate discrepancies among different national regulations. The […]

Canada Counters U.S. Tariffs with Measures of its Own

Friday, July 13th, 2018

By Darrel H. Pearson, Sabrina A. Bandali, and Jessica B. Horwitz | Bennett Jones  The Government of Canada has released its updated list of U.S. products that will be subject to a surtax when imported into Canada as of July 1, 2018. The final list targets approximately $16.6-billion worth of goods as a response to the U.S. […]

2018 Country-Specific Recommendations on Economic, Employment, and Fiscal policies

Friday, July 13th, 2018

On 13 July, the Council concluded this year’s “European Semester” exercise, the annual monitoring process aimed at ensuring economic convergence and stability in the EU. The Council issued its 2018 recommendations and opinions to member states’ on their economic, employment and fiscal policies. The recommendations had been endorsed by the European Council in June. The […]

The weekly Vulcan View for the 9th to the 13th of July featuring analysis of the latest EU developments

Friday, July 13th, 2018

VULCAN VIEW – KEY EVENTS THIS WEEK: BREXIT Theresa May’s softer Brexit plans thrown into disarray by prominent resignations.Theresa May’s conservative government encountered a wave of resignations this week in the aftermath of her cabinet showdown at Chequers last Friday. Brexit secretary David Davis was the first to resign.  He announced his resignation, accompanied by his junior […]

Three ways tax reform drives strong PE activity

Thursday, July 12th, 2018

By Torsdon Poon, Petter Wendel, Gerald Whelan | EY In the first quarter of 2018, private equity deal activity was up 60% over the same period in 2017, making it the most active first quarter for PE in more than a decade. That activity level is an indirect result of the Tax Cuts and Jobs Act, says Torsdon […]

TD Bank and the High Line Return with ‘High Line Honey’ Event to Promote Sustainable Honey and Highlight the Environmental Importance of Bees

Thursday, July 12th, 2018

Join us on the High Line on Saturday, July 14th for a free community program featuring honey tastings, live beehives, and much more Friends of the High Line and TD Bank, America’s Most Convenient Bank®, and the Presenting Green Sponsor of the High Line, today announce the return of the High Line Honey program, which […]

European Court of Justice finds current German anti-treaty shopping rule violates EU law

Thursday, July 12th, 2018

By Dr Raimund Behnes | DLA Piper Following its recent joint decision on Deister Holding (C-507/16) and Juhler Holding (C-613/16) on the former version of the German anti-treaty shopping rule (see earlier insights), the European Court of Justice (ECJ) has now decided that the current version of Germany’s anti-treaty shopping rule, as widely expected, is also incompatible with the EU Parent-Subsidiary […]

No escape | Why your termination-on-insolvency clause is unlikely to be effective under German law

Wednesday, July 11th, 2018

By Osborne Clarke  Many supply, construction or service contracts include a clause which allows either party to terminate the agreement, or provides that the agreement will terminate automatically, upon the occurrence of various insolvency-related events. However, such clauses allowing for the termination of contracts purely for reason of insolvency of the other party are generally […]

Court of Justice condemns Belgian system for disregarding the A1 Declaration

Wednesday, July 11th, 2018

By Danaïs Fol | Loyens & Loeff Today, July 11th, the Court of Justice issued an important ruling in the case C-356/15 European Commission versus Belgium. The Court of Justice ruled that Belgian legislation, which provides that Belgian authorities can unilaterally declare posted workers subject to the Belgian social security legislation, is inconsistent with EU legislation. A1 […]

Commission supports normalisation in Greece through activation of post-programme framework

Wednesday, July 11th, 2018

The Commission has adopted a decision to activate the enhanced surveillance framework for Greece to support the implementation of agreed reforms following the successful conclusion of the European Stability Mechanism (ESM) stability support programme. On 20 August, Greece will conclude its ESM stability support programme, safeguarding its place at the heart of the euro area […]