ÀÏ˾»úÎçÒ¹¸£Àû

View the related checklists about Exclusive competence

Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation—timeline [Archived]

Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This timeline outlines both the regulatory efforts before the legislative proposal for the regulation was adopted and the subsequent developments in relation to Regulation 1286/2014/EU on Key Information Documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (EU PRIIPs Regulation) and the onshored UK version of this regulation (Retained Regulation 1286/2014/EU, UK PRIIPs Regulation). The EU and UK PRIIPs Regulations create uniform rules for the format and content of the KIDs to be drawn up by PRIIPs manufacturers, and for the provision of KIDs to retail investors in order to enable them to understand the main features and risks of PRIIPs. A complex framework of regulation has been developed in order to address the risks, gaps, inconsistencies in ensuring investors protection and trust in packaged retail investment products. The European Commission's (the Commission) work on packaged investment products has its roots in a request by The Economic and Financial Affairs...

EU and UK Securitisation Regulations—timeline [Archived]

EU and UK Securitisation Regulations—timeline [Archived] ARCHIVED: This document is archived and no longer maintained. See Checklists: UK securitisation regime—timeline and EU Securitisation Regulation—timeline for more recent updates. In September 2015, the European Commission published the Action Plan for Capital Markets Union (the Plan). The Plan is intended to unify the capital markets across Europe’s Member States, promote investment and boost growth in the EU. The Plan identified five main steps that need to be followed in order to achieve a Capital Markets Union, one of which is to enhance banks’ capabilities to lend, which includes a focus on revitalising simple, transparent and standardised (STS) European securitisation. On 28 December 2017, Regulation (EU) 2017/2402 (the EU Securitisation Regulation) and the related Securitisation Prudential Regulation (EU) 2017/2401 (which amends the Capital Requirements Regulation (EU) 575/2013) were published in the Official Journal of the EU (OJ). The regulations entered into force on 17 January 2018 and became directly applicable across the EU from 1 January 2019, applying to securitisation transactions where the securities are entered into...

View the related practice notes about Exclusive competence

Gabon merger control

Gabon merger control 1. Have there been any recent developments regarding the Gabonese merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Gabon? The Gabonese competition regime is governed by Law No 013/98 of 23 July 1998 (Competition Act). The Directorate-General for Competition and Consumer Affairs (DGCC) is the body responsible for the enforcement of the Competition Act. At a regional level, Gabon is part of the Communauté Économique Et Monétaire De L’afrique Centrale (CEMAC) which also regulates competition in terms of Regulation n° 06/19-UEAC-639-CM-33 of 7 April 2019 on Competition (CEMAC Competition Regulations); and Directive n° 01/19-UEAC-639-CM-33 of 8 April 2019 on the Institutional Organisation in CEMAC Member States for the application of Community Competition Rules. On 25 September 2020, the CEMAC Competition Commission (CEMAC Commission) published regulations on the Procedure for the Application of Competition Rules No. 000350 (2020 Regulations), aimed at formalising the processes and procedures to be followed by the CEMAC Commission and parties...

Interim measures in support of arbitration in Brazil

Interim measures in support of arbitration in Brazil Interim measures in Brazil are regulated by the Code of Civil Procedure (Federal Law No 13.105/2015 (the Code)), which sets out various types of available interim measures, each of them applicable to specific relief sought, with a general purpose to ensure the effectiveness of a final decision, either judicial or arbitral, and/or to secure assets or individuals. The current Code was enacted on 16 March 2015 and entered into force on March 2016. It changed and simplified the formal procedure to request interim measures, but it maintained the courts' entitlement to grant interim measures, even in support of arbitration. Also, the Brazilian Arbitration Act (BAA), which regulates arbitration in Brazil (Federal Law No 9307/96) was revised by the Federal Law No 13.129/2015. Among other changes, the new text of the BAA provides for clearer rules on interim measures in arbitration. The changes to the BAA were enacted on 26 May 2015 and entered in force 60 days therefrom. This note...

View the related q&as about Exclusive competence

Does an EU Treaty take precedence over a Directive?

Does an EU Treaty take precedence over a Directive? This Q&A concerns high level principles regarding the relationship between (and interpretation of) different sources of EU law (as opposed to the relationship between EU law and the law of EU Member States). Sources of EU law Primary sources The 'primary' sources of EU law are the EU founding Treaties, such as the Treaty on the Functioning of the European Union (TFEU) and the Treaty on European Union (TEU), which set out EU competencies and provide the basis for actions taken by the EU institutions. They set out EU objectives, rules and provisions governing decision making by EU institutions and the relationship between the EU and its Member States. The EU can only act within the limits of the competences conferred on it by Treaty (see the principles of conferral below). In that sense, the EU Treaties have primacy. Amendments to the Treaties may be made to allow for efficiency, transparency, enlargement and co-operation (see: Amendment and...

View the related News about Exclusive competence

EU—The Court of Justice’s Kolin judgment and the potential next clash between EU Law and Investment Treaties (Kolin Inşaat Turizm Sanayi ve Ticaret AȘ v Državna komisija za kontrolu postupaka javne nabave)

Arbitration analysis: The Court of Justice held that Turkish economic operators cannot rely on national law provisions implementing Directive 2014/25 concerning public procurement, as Turkey lacks a reciprocal agreement with the European Union (EU) granting its operators access to EU public procurement markets. This ruling creates havoc on EU public procurement markets as it creates uncertainty concerning the rules under which EU Member States should handle public procurement projects involving third-country operators. Additionally, although the Kolin judgment does not mention investment protection treaties between EU Member States and third countries, it provokes a fresh conflict between EU law and such treaties, which provide for several substantive guarantees which third-party operators could invoke in the EU public procurement context. Written by Wojciech Sadowski, partner at Queritius; and Maria Paschou, associate at Queritius.

ESAs publish Q&As on the Securitisation Regulation

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published Q&As on the Securitisation Regulation (EU) 2017/2402. New Q&As are added at sections 18, 19 and 25.