EMIR 3: Active Accounts, clearing threshold and exemptions
EMIR 3 introduces a requirement for certain EU counterparties to open and maintain an account with a central counterparty (“CCP”) established in the EU, and makes targeted amendments relating to the clearing thresholds and certain exemptions.
Origins of EMIR 3
[...]Continue Reading
read more
An Overview of the New Consumer Credit Directive
One year after the new EU Consumer Credit Directive (Directive 2023/2225) came into force, questions remain: When will it be implemented? What will be regulated? How is the business community reacting? The directive brings significant changes and extensions in an effort to strengthen consumer protection and meet the challenges of digitization. But does it really provide consumers with the desired added value and protection, or does it prevent innovative, successful business models – from which consumers benefit – via overregulation?
Key Contents of the Directive
The new directive significantly expands the scope of application for consumer credit and covers loans [...]
Continue Reading
read more
Navigating EU Sanctions: How Investment Funds and Corporates Can Meet the ‘Best Efforts’ Standard
Co-Authors: Raminta Dereskeviciute | Sabine Naugès | Michal Chajdukowski | Ludovica Rabitti
With the introduction of the 14th sanctions package, entities established in the European Union are required to ‘undertake their best efforts to ensure’ that non-EU subsidiaries they own or control do not undermine EU Regulation 833/2014 imposing EU sanctions against Russia, or EU Regulation 765/2006 imposing EU sanctions against Belarus. This obligation stretches to EU citizens, including those located outside the European Union, who control corporate and fund structures around the world.
The term ‘best efforts’ is not explicitly [...]
Continue Reading
read more
The DORA Deadline – How to prepare, and how to use legal AI for DORA contract review
Financial Services (FS) firms need to comply with the EU’s new Digital Operational Resilience Regulation (DORA) until January 17, 2025. Compliance isn’t optional, it’s the law.
In this webinar, we spoke about what DORA meant for clients and how to use legal AI for contract review and remediation.
The following topics were discussed:
- What DORA is and who it applies to
- What Financial Services firms need to do before January 2025
- What contract review and remediation work needs to be done
- How McDermott uses legal AI with BRYTER Extract for DORA contract review and remediation.
You can find [...]
Continue Reading
read more
DORA Check
Digital threats and cyberattacks are increasing every year. In 2023, digital threats caused damages of more than €200 billion in Germany, of which 72% resulted from cyberattacks (source: Bitkom, study on economic protection 2023). To counter the threat to the system-critical financial sector, the EU has decided to implement a uniform, high level of security. The Digital Operational Resilience Act (DORA) is the answer.
The regulation on digital operational resilience is intended to reduce the risks arising from the ever-increasing dependence on information and communication technology in the financial sector. In particular, DORA is expected to reduce the risk [...]
Continue Reading
read more
DORA takes effect: Digital resilience and cybersecurity in the EU
Continue Reading
read more
ZuFinG II – The Next Step Towards Strengthening Germany as a Financial Hub?
Following the initial steps with the Future Financing Act (“ZuFinG I“), the Federal Ministry of Finance presented the draft of the Second Future Financing Act (“ZuFinG II-E” and “Draft Bill“) on 27 August 2024. The Draft Bill aims to further develop the German financial market and revise some of the existing regulations. The primary focus is on facilitating access to the capital markets and relieving financial actors from excessive bureaucracy.
New Regulations for Payment Service Providers Regarding Customer Funds
Payment service providers are required to safeguard customer funds they receive according to the methods outlined in the German Payment Services Supervision [...]
Continue Reading
read more
Dubai and Abu Dhabi Firms Involved in Crypto: Regulatory Pitfalls to Avoid When Dealing with EU or UK Clients
Co-Authors: Vlad Maly | Michal Chajdukowski
Continuing developments in the crypto regulatory sphere have significantly increased the attractiveness of Dubai and Abu Dhabi for crypto firms with global ambitions. Firms should remember, however, that they may also need to comply with the EU or UK crypto regulatory regimes, especially when engaging with clients or investors from these jurisdictions.
In this article, we summarise recent crypto developments in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), and discuss the pitfalls crypto firms should avoid when dealing with EU or UK clients.
Recent [...]
Continue Reading
read more
Annabelle Rau in Cointelegraph: An EU perspective on the Supreme Court’s Loper Bright decision
Annabelle Rau comments in Cointelegraph on the judgement in the Loper Bright vs Raimondo case and its significance for the crypto industry from an EU perspective . Read her expert assessment of the US Supreme Court’s decision
Continue Reading
read more
ZAG-MaRisk
On May 27, 2024, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) published the final version of the Circular on the Minimum Requirements for Risk Management of Payment Institutions (“ZAG-MaRisk“). As a result, payment institutions are subject to payment specific minimum requirements for the first time and may not rely on the Minimum Requirements for Risk Management for Credit Institutions (“MaRisk (BA)“) anymore. The ZAG-MaRisk specifies the requirements for the proper business organization of institutions on the basis of Section 27 (1) of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – “ZAG“). In addition, it [...]
Continue Reading
read more
