Jens Weidmann, president of Deutsche Bundesbank, recently wrote a terrific piece in the Financial Times, making the point that the Faustian bargain between European sovereigns, their national banks, the ECB and EU policymakers to encourage European banks to gorge on sovereign debt may be politically attractive in the short run while being fundamentally a horrible idea.
A German scientist who is critical of the European Union’s plan to regulate chemicals and has extensive financial ties to regulated companies has resigned from a key scientific committee of the European Commission.
Council of the EU Considers “One-Stop-Shop” Mechanism for Data Protection Regulation – EDPS Opines On Safe Harbor Issues
At its meeting on October 7, 2013, the Council of the European Union voiced support for the “one-stop-shop” mechanism in the draft General Data Protection Regulation (the “Regulation”).
In January 2012, the European Commission presented a legislative package to update the core data protection principles enshrined in the 1995 Data Protection Directive (Directive 95/46/EC).
On Monday, a European Parliament Inquiry established to investigate the recent U.S. National Security Agency (NSA) surveillance revelations indicated that its final report would recommend suspension of the popular EU-U.S. Safe Harbor Framework.
In a series of recent rulings, the European Court of Justice overturned economic sanctions issued by the Council of the European Union (EU) on several Iranian banks and shipping lines.
The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively marketed in the UK prior to the trigger date.
As discussed in our previous post, the Regulation introduces a range of new consumer rights that, together with a phase-out of roaming charges (see our previous post), may harm industry’s short-term revenues.
On 7 October 2013, the Ministries for Justice and Home Affairs of the 28 Member States of the European Union met in Luxembourg to further discuss the draft General Data Protection Regulation that is intended to replace the current European data protection framework.
The Regulation proposes a number of measures designed to strengthen the rights of European consumers in the telecoms and Internet access markets.