European Banking Authority Consults On Draft Regulatory Technical Standards On Data Waiver Permissions

The European Banking Authority (EBA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) specifying conditions according to which competent authorities may permit institutions to use relevant data covering shorter time periods (data waiver permissions). Articles 180, 181 and 182 of the Capital Requirements Regulation (CRR) require the EBA to develop draft RTS specifying the conditions according to which competent authorities may grant permission to institutions to use relevant data covering a period of two years rather than five years. View Full Post
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ESMA Published Draft Short Selling Technical Standards

On March 30, the European Security Markets Authority (ESMA) published draft regulatory and implementing technical standards relating to EU Regulation 236/2012 on Short Selling and Certain Aspects of Credit Default Swaps passed by the European Council on February 12 (see the February 24, 2012 edition of Corporate and Financial Weekly Digest). View Full Post
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Article 29 Working Party Issues Critical Opinion of the Commission’s New Proposed Data Protection Framework

The Article 29 Working Party released on March 29, 2012 its opinion on the European Commission’s proposed new data protection Regulation and Directive (WP191 – Opinion 01/2012 on the data protection reform proposals, the “Opinion” available at http://bit.ly/HqKH8z).   View Full Post
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European Parliament Adopts EMIR

Following the February 9 announcement that the European Parliament Council and Commission had reached agreement on the European Market Infrastructure Regulation (EMIR) on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories, as reported in the February 24, 2012, edition of Corporate and Financial Weekly Digest, the European Parliament adopted EMIR on March 29.  View Full Post
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Article 29 Working Party Opines On Proposed EU Data Protection Law Reform Package

By | LXBN | March 30, 2012
On March 23, 2012, the Article 29 Working Party (the “Working Party”) adopted an Opinion on the European Commission’s data protection law reform proposals, including the draft Regulation that is of particular importance for businesses. The Working Party’s Opinion serves as the national data protection authorities’ contribution to the legislative process before the European Parliament and the European Council. View Full Post
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European Criticism for Google’s New Privacy Policy

By | Info Law Group | February 28, 2012
Google’s new cross-service privacy policy is supposed to come into effect on March 1.  The US Federal Trade Commission has already expressed concerns, and now European data protection authorities have weighed in with the assertion that a “preliminary analysis” indicates that the policy does not satisfy national laws based on the EU Data Protection Directive.   View Full Post
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A Primer On the Europe Union’s New Data Protection Regulations: LXBN Roundtable

By | LXBN | February 22, 2012
The European Union (EU) has been in the news lately for all the wrong reasons.  Italy was hit hard by the recent recession period and is still working to reduce its public debt, and Greece just received its second bailout in two years; this in the form of a $172 billion loan (that’s €130 billion).   View Full Post
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European Court of Justice Sets Criteria for Balancing Privacy Rights and Copyrights in the Social Networking Context

By | LXBN | February 17, 2012
On February 16, 2012, the European Court of Justice held in the SABAM vs. Netlog case (C-360/10) that imposing an obligation on social networks to install a “general filtering system” to prevent all users from sharing copyrighted music is disproportionate to the extent that such filters may infringe on user privacy rights or block lawful communications. View Full Post
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CJEU Finds Online Social Networking Provider Not Required to Install Filtering System

By | LXBN | February 17, 2012
The CJEU has held* that EU law precludes an injunction requiring an online social networking provider to install a system for filtering information stored on its servers by users, in order to prevent files from being made available to the public in breach of copyright. The Belgian court asked the CJEU whether Directives 2000/31 (the E-Commerce Directive), 2001/29 (the InfoSoc Directive), and 2004/48 (the Enforcement Directive), were to be interpreted as precluding a national court from issuing an injunction against a hosting service provider requiring it to install a filtering system. View Full Post
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