EU Archives

EMIR 3: Active Accounts, clearing threshold and exemptions

by Michal Chajdukowski on Dec 6, 2024
Posted In EMIR, ESMA, EU

On December 4, 2024, EU Regulation 2024/2987 (“EMIR 3”), amending EU Regulation 648/2012 on the European Market Infrastructure (“EMIR”), was published in the EU Official Journal. EMIR 3 will enter into force on December 24, 2024, although certain provisions will remain subject to the Regulatory Technical Standards that will be published by the European Securities and Markets Commission (“ESMA”).

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

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An Overview of the New Consumer Credit Directive

by Renate Prinz on Dec 6, 2024
Posted In EU

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 [...]

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Navigating EU Sanctions: How Investment Funds and Corporates Can Meet the ‘Best Efforts’ Standard

by Renate Prinz on Dec 2, 2024
Posted In EU, Funds

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 [...]

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The DORA Deadline – How to prepare, and how to use legal AI for DORA contract review

by Renate Prinz on Nov 15, 2024
Posted In Dora, EU

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 [...]

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DORA Check

by Renate Prinz on Oct 31, 2024
Posted In Dora, EU

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 [...]

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DORA takes effect: Digital resilience and cybersecurity in the EU

by Renate Prinz on Oct 29, 2024
Posted In Dora, EU

McDermott Will & Emery’s financial regulatory partner Renate Prinz authored in Finextra that explored what DORA (the EU’s Digital Operational Resilience Act) entails, what its contents and objectives are, and what relevant companies need to do now to be DORA compliant next year. Here you can read the full [...]

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What To Expect From The EU’s New PSD3, PSR AND FIDA Regulations

by Renate Prinz and Annabelle Rau on Nov 8, 2023
Posted In EU

The Payment Services Directive II (PSD2) has changed the payment services industry in Europe. However, many details remain open and impractical and the implementation of the directive and the administrative practices of local financial supervisory authorities differ greatly in some cases. A reform is now pending with PSD3, which aims for a higher degree of harmonization and will bring with it many new requirements for payment service providers.What are the most important changes and challenges facing the industry? How can payment service providers prepare? Read the article by Renate Prinz and Annabelle Rau to find out how the planned PSD [...]

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EMIR 3: Active Accounts, clearing threshold and exemptions

An Overview of the New Consumer Credit Directive

Navigating EU Sanctions: How Investment Funds and Corporates Can Meet the ‘Best Efforts’ Standard

The DORA Deadline – How to prepare, and how to use legal AI for DORA contract review

DORA Check

DORA takes effect: Digital resilience and cybersecurity in the EU

What To Expect From The EU’s New PSD3, PSR AND FIDA Regulations

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