The European pensions agenda for 2014
|
|
- Cornelius Simon
- 7 years ago
- Views:
Transcription
1 The European pensions agenda for 2014
2 2 The European pensions agenda for 2014 What pensions issues are on the European agenda for 2014? Keeping track of the latest European developments, as well as domestic trends and changes, can be difficult all the more so for multinational businesses. Taking a Europe-wide view of pensions developments is more important than ever. In this briefing, members of our global pensions practice (our network of Allen & Overy lawyers with pensions expertise) provide an update on the headline issues, and add their local perspectives on current European developments. This update includes links to other resources. If you are reading this in hard copy and would like more information, or to receive a copy by , please contact pensions.team@allenovery.com. Allen & Overy LLP 2014
3 3 The IORP review Funding requirements have been postponed, but what else might be in the revised Directive? Page 4 Click here to view page EMIR Changes to the regulation of derivatives trading are gradually coming into force and may have a significant impact on compliance costs and collateral requirements for some risk reduction measures, decreasing overall investment returns. Page 6 Click here to view page Financial transaction tax The proposed financial transaction tax is moving ahead in some European Member States, but is being challenged by others. Portability Directive A new Portability Directive is on the way, with varying implications in different Member States. Page 8 Click here to view page Page 10 Click here to view page Insolvency Directive Has the Insolvency Directive been properly implemented? A recent European court decision has cast doubt on whether some Member States provide the full level of protection required by the Insolvency Directive for employees of insolvent employers. You can read more about specific national issues in our December 2013 briefing, Pensions issues for multinationals 2013 in review. Click here Page 12 Click here to view page
4 4 The European pensions agenda for 2014 IORP review: no Solvency II in IORP 2 Where are we now? The European Commission announced in 2013 that plans to introduce solvency rules for pension funds in the revised draft IORP Directive have been dropped for the moment. The move followed intense political lobbying behind the scenes and a strongly-worded resolution from the European Parliament rejecting the proposal. However, the idea could return in the future Commissioner Michel Barnier said that with regard to solvency rules, we must not lose sight of the need to guarantee in the longer term a level playing field between different providers of occupational pensions. What s coming next? Publication of the revised draft of the IORP directive has been delayed but is expected shortly. Funding requirements were never the sole focus of the IORP review. Other issues under the spotlight include cross-border pension provision, disclosure, investment and internal controls. In particular, a key information document is proposed for members and beneficiaries of defined contribution (DC) funds, aimed at increasing confidence and transparency, for example on costs and charges. The European Insurance and Occupational Pensions Authority (EIOPA) is planning to develop good practice recommendations for the content and format of information provided to members of DC funds, both on joining and during membership. It will also make best practice recommendations on default investment funds in occupational DC arrangements. In the background, EIOPA s 2014 work programme includes plans to continue work on the holistic balance sheet funding methodology, with the aim of presenting new proposals to the European Commission in future. Allen & Overy LLP 2014
5 5 Comments: Maria Stimpson, London The decision to postpone the funding requirement proposals was among the top good news stories of Initial analysis in the quantitative impact study conducted by EIOPA had suggested that the Commission s proposals could cost UK defined benefit arrangements around GBP448 billion in additional funding requirements. However, the idea has been postponed rather than abandoned, so we remain on the alert for future developments. Even without solvency requirements, there s a possibility that strengthened governance requirements could have an indirect financial impact through regulatory intervention in scheme funding. Although the other proposed governance and disclosure requirements are likely to involve compliance costs for both defined benefit and DC arrangements, and the detail of the proposals is not yet clear, these elements of the draft directive are likely to be significantly less controversial. Tobias Neufeld, Düsseldorf The German government s position in the IORP Directive discussion has been that transposing quantitative funding requirements from the Solvency II insurance regime would not adequately reflect the peculiarities of pensions. However, the government supports mirroring quality and governance requirements such as risk management. In contrast, employers and most players in the pensions arena fundamentally oppose a Solvency II framework for IORPs. Even if the new elements introduced to the IORP regime are restricted to governance requirements, this would substantially increase costs for employers and thus reduce the level of pension benefits, with no upside for scheme members protection. Generally, it is felt that EIOPA should bear in mind that their recent work could have a dramatic impact on the appetite of employers to sponsor occupational pensions. Even if the new elements introduced to the IORP regime are restricted to governance requirements, this would substantially increase costs for employers and thus reduce the level of pension benefits, with no upside for scheme members protection.
6 6 The European pensions agenda for 2014 EMIR: Increased costs on derivatives trading Where are we now? The European Market Infrastructure Regulation (EMIR) imposes clearing and reporting requirements in relation to over-the-counter derivative contracts, though some elements are not yet fully implemented. Pension funds have a three-year partial exemption from the central clearing requirement (which may be extended for a further two years after review) in relation to contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of pension scheme arrangements. However, funds will be subject to collateral requirements for non-centrally-cleared derivative contracts. These collateral requirements remain a key concern. Financial counterparties (including pension funds) have been required since 15 September 2013 to report disputes relating to OTC derivative contracts, their valuation or the exchange of collateral for an amount or a higher value than EUR15 million and outstanding for at least 15 business days. The requirement to report derivatives transactions to a trade repository applies from 12 February What s coming next? Draft regulatory technical standards setting out the collateral rules for non-centrally cleared contracts are expected in the first quarter of Proposals published for consultation last year included a possible exemption from initial margin requirements for institutions trading below a set threshold, together with a minimum threshold for margin transfers. These elements, together with provision for a broad range of assets to be eligible as collateral, would (if agreed) relieve some of the concern felt by pension funds about the potential increase in the cost of contracting in derivatives, which could reduce returns and restrict the effectiveness of hedging. However, it is expected that there could still be a greater portfolio drag as a result of bilateral clearing than would be caused by central clearing. This suggests that market participants such as pension funds might be likely to ignore the availability of the exemption and operate under central clearing instead. Allen & Overy LLP 2014
7 7 Comments: Neil Bowden, London In practice, we expect that investment managers will normally fulfil the reporting and compliance obligations on behalf of pension funds. However, your investment management agreements may need to be updated to ensure that reporting responsibilities are allocated appropriately. It s worth noting that EMIR requires counterparties to report contracts which are outstanding at, or entered into on or after, 12 February 2014, and also to report certain contracts which have terminated or run-off before that date. Pension fund counterparties need to ensure that they have arrangements in place to ensure compliance with retrospective, as well as forward-looking, reporting requirements. Elements of internal governance, such as risk registers, may also need to be updated to recognise the new compliance obligations. You can find more information on EMIR in the briefings on our Pension Risk Group website, (/pensionrisk). Pension fund counterparties need to ensure that they have arrangements in place to ensure compliance with retrospective, as well as forward-looking, reporting requirements.
8 8 The European pensions agenda for 2014 Financial Transaction Tax Where are we now? A new financial transaction tax (FTT) is due to be adopted by 11 of the EU s Member States, but will have a much broader geographical impact. Pension funds with no physical presence in the FTT zone, including those based in the UK, the U.S. and elsewhere, will be subject to the EU FTT if they transact with a counterparty established in the zone, or transact in securities issued by an entity incorporated or registered in the zone. The tax will apply to transactions buying or selling securities, or concluding or modifying derivatives, conducted by financial institutions, with no exemption for pension funds. The European Parliament has, however, provisionally agreed changes which could reduce the cost impact for pension funds. Its proposal is that the rate of the EU FTT applicable to pension funds would be reduced to 0.05% (instead of 0.1%) for transactions in shares and bonds, and to 0.005% (instead of 0.01%) for derivatives. This is welcome news as it would lower the cost of trading by pension funds. However, the reduction would be temporary, with full rates resuming from What s coming next? The UK has challenged the legality of the proposed EU FTT, arguing that the extra-territorial aspects of the tax contravene EU and international tax law by affecting the interests of non-participating states. Luxembourg is reported to have pledged support for the challenge, and the Legal Service of the Council issued an Opinion in September 2013 in which it challenged the legality of the proposed EU FTT. The timetable for implementing the EU FTT has also been pushed back: depending on agreement between the 11 participating Member States, the Commission now expects the EU FTT to come into effect towards the middle of Pension funds need to keep a watching brief on developments and speak to investment managers about the potential cost impact of this tax....the Commission now expects the EU FTT to come into effect towards the middle of Allen & Overy LLP 2014
9 9 Comments: Francesco Bonichi, Rome Italy introduced its own FTT in This is payable by a purchaser (irrespective of tax residency) of Italian shares and other participating instruments, or of depository receipts representing those shares. It is currently charged at 0.2%, reduced to 0.1% for listed shares. The Italian FTT also applies to derivative transactions and securities (including certificates, warrants, options and certain debt securities) linked to Italian shares, at a rate ranging between EUR and EUR200 per counterparty, depending on the notional value of the relevant derivative transaction or securities. Certain pension funds, and entities which are fully controlled by those pension funds, are exempt from the Italian FTT. The exemption covers pension funds which are subject to regulatory supervision in accordance with the IORP Directive, and certain other European/EEA pension arrangements. If this could be relevant for you, please contact us for more information. Tobias Neufeld, Düsseldorf The new coalition German government supports the proposed EU FTT. There is, however, little detail in the coalition agreement and it remains unclear if and to what extent German pension schemes will be covered by the EU FTT. There is a strong opinion that, especially in a low interest rate environment, the EU FTT must not cover pension schemes as it could, depending on investment behaviour, effectively reduce pension benefits by 3% to 8%.
10 10 The European pensions agenda for 2014 Portability Directive Where are we now? A draft text for a directive on improving the portability of supplementary pension rights was finally agreed in 2013, having been on the European Commission s agenda without making progress since around The aim of the directive is to protect occupational or second pillar pension rights for workers who move between Member States and who might lose out on their occupational pension because of requirements for service of a particular length (a vesting period) before they become entitled to benefits, or because of a long waiting period for eligibility. The proposed directive will apply to occupational pension arrangements (whether trust- or contract-based) other than those which are closed to new members. It provides for the preservation and portability of pension rights, and for the broad conditions under which contributions may be refunded or rights cashed out and paid to the member. These are subject to variation in individual Member States, as long as national rules provide no less favourable protection and support freedom of movement. The combined total of any vesting and waiting periods should not exceed three years, and the minimum age for vesting should not exceed 21 years. The Directive does not cover the transfer of vested pension rights, but suggests that Member States should take measures to improve transferability in order to support worker mobility. The agreed text limits the scope of the Directive to cross-border mobility, defining an outgoing worker for this purpose as a worker who engages in employment in another EU Member State within two years of leaving their previous job. However, the Commission expects that Member States will apply parallel standards to internal mobility, to provide equal treatment to workers changing jobs within a single Member State. What s coming next? The European Parliament s plenary session first reading took place in February Once all stages of the EU process have been completed, Member States will have four years to transpose the Directive into national law. In some countries (including, for example, the UK) the Directive is not expected to have any practical impact as legislation already meets or exceeds these standards. Allen & Overy LLP 2014
11 11 Comments: Tobias Neufeld, Düsseldorf There has been heated debate about the Portability Directive in Germany since The background is that the German Company Pension Act provides for a mandatory vesting period of five years. Pension scheme members leaving their employer prior to the expiry of that period lose their accrued benefits completely, the commercial rationale being that deferred compensation by way of company pension also honours employees loyalty to their employer. The Directive could have the effect in Germany of introducing shorter vesting periods through the back door (via the equal treatment obligation) which may significantly increase costs for employers domestically and thereby render company pensions unattractive, even though only a very small percentage of employees actually change countries during their career. The Directive may significantly increase costs for employers domestically, even though only a very small percentage of employees actually change countries during their career.
12 12 The European pensions agenda for 2014 Insolvency Directive Where are we now? The European Commission s White Paper An Agenda for Adequate, Safe and Sustainable Pensions, which was published in early 2012, included plans for a strengthened Insolvency Directive to ensure that workers occupational pension rights are protected in the event of their employer becoming insolvent. The Insolvency Directive came under the spotlight in 2013 when the Court of Justice of the European Union ruled in the Hogan case that Ireland had failed to implement the existing Directive properly, because the protection offered for workers pensions was inadequate. The case related to the collapse of Waterford Crystal, following which members of the company s pension fund complained that they were likely to receive pension compensation worth less than half of the benefits to which they would have been entitled, had the arrangement been adequately funded. Although Member States retain some discretion over the level of lifeboat compensation to be provided, the Court held that compensation of 49% or less of employees pension rights under their occupational pension arrangements, following their employer s insolvency, was not enough. Press reports have suggested that Ireland could face a bill of hundreds of millions of euros, but the Court also held that a Member State s economic situation does not justify providing a lower level of protection for pension entitlements. Allen & Overy LLP 2014
13 13 Comments: Däna Burstow, London The UK s pension lifeboat in cases of employer insolvency is the Pension Protection Fund (PPF). The level of compensation provided by the PPF is capped for members who have not passed normal retirement age and started to receive their pension at the date the pension fund goes into the PPF. As a result, deferred members or those who have taken early retirement may find, especially if they have long service or were high earners, that their pension compensation following employer insolvency is less than half of their pension benefit. So, has the UK has properly implemented the terms of the Insolvency Directive? The UK government believes so, but it is also acting to reduce the likelihood of a successful claim on similar lines to Hogan, by increasing PPF compensation for long-serving employees by 3% for every full year of service above 20 years, up to a maximum set at double the standard cap. Campaigners say this does not go far enough, so we could still see legal challenges reaching the courts. Wijnanda Rutten, Amsterdam The Netherlands currently has no specific rules implementing this part of the Insolvency Directive and no equivalent to the UK PPF. However, the situation in the Netherlands is somewhat different as companies are required to have their pensions administered by a separate entity for example, an insurance company, a pension fund or a Premium Pension Institution. There are stringent requirements on funding levels for existing pension liabilities. The Dutch government takes the view that the Hogan case does not have implications in the Netherlands because, if an employer becomes insolvent, this will affect future contributions but will not affect the benefits already accrued these remain with the pension provider, which is a separate entity. In addition, former employees of an insolvent company are entitled to receive payment of outstanding pension premiums for up to a year under the Dutch Unemployment Act. There is, of course, a risk that benefits will be cut down in a situation of underfunding when an employer is not insolvent, but simply cannot afford to provide additional payments for existing liabilities. Many pension plans have made cuts already and some could make second cuts in 2014 if their underfunding problems have not been rectified.
14 14 The European pensions agenda for 2014 Christian Bayart, Antwerp In Belgium, the situation is comparable to the Netherlands, in the sense that employers are obliged to externalise the management of their pension plan (to a pension fund or an insurer). This requirement was introduced in order to secure pension assets in the event of insolvency of the employer. However, no specific protection is provided for cases of insolvency of the pension fund/insurer. There has been some debate on this point, following the forced liquidation of the Belgian insurance company Apra Leven. Several court proceedings have also been initiated by (former) employees and/or employers with insured pension arrangements with Apra Leven. The first decisions imply that employers may continue to have obligations towards (former) employees or beneficiaries when the insurer is unable to meet its pension payment obligation. Some have argued that a pension protection fund should be implemented to secure pension entitlements on insolvency of the insurer/pension fund and/or employer. The Belgian government is currently discussing some potential reforms relating to occupational pensions (including the option of introducing a pension protection fund) with the employee and employer organisations. Tobias Neufeld, Düsseldorf: In the event of plan sponsor insolvency in Germany, pension benefits (subject to a very generous cap) are insured by the Pensions-Sicherungs-Verein VVaG (PSV), a mutual insurance association established almost 40 years ago. Membership of the PSV is mandatory for German employers with pension schemes. Premiums are paid by employers on an annual basis. This is all laid down in the mandatory German Company Pension Act, implementing Article 8 of the Insolvency Directive. However, the PSV does not cover certain types of pension schemes such as direct life insurance plans and pension fund plans. While they are subject to financial/insurance supervision and backed up by a voluntary protection scheme within the life insurance industry, it remains unclear, in the light of the Hogan case, whether the PSV protection fully implements the Insolvency Directive. A strengthened Insolvency Directive may tackle this, but discussions in Germany on this issue are still at a very early stage. Allen & Overy LLP 2014
15 15 Key contacts To find out more on these or other developments, please get in touch with the relevant contacts listed below, or contact your local member of Allen & Overy s Global Pensions Practice using our contact card. Click here Christian Bayart Partner Antwerp Francesco Bonichi Partner Rome Neil Bowden Partner London Dana Burstow Partner London Tel christian.bayart@allenovery.com Tel francesco.bonichi@allenovery.com Tel neil.bowden@allenovery.com Tel dana.burstow@allenovery.com Tobias Neufeld Partner Dusseldorf Wijnanda Rutten Counsel Amsterdam Maria Stimpson Partner London Tel tobias.neufeld@allenovery.com Tel wijnanda.rutten@allenovery.com Tel maria.stimpson@allenovery.com
16 FOR MORE INFORMATION, PLEASE CONTACT: London Allen & Overy LLP One Bishops Square London E1 6AD United Kingdom Tel Fax GLOBAL PRESENCE Allen & Overy is an international legal practice with approximately 5,150 people, including some 525 partners, working in 43 offices worldwide. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi Amsterdam Antwerp Athens (representative office) Bangkok Beijing Belfast Bratislava Brussels Bucharest (associated office) Budapest Casablanca Doha Dubai Düsseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Istanbul Jakarta (associated office) London Luxembourg Madrid Mannheim Milan Moscow Munich New York Paris Perth Prague Riyadh (associated office) Rome São Paulo Shanghai Singapore Sydney Tokyo Warsaw Washington, D.C. Yangon Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP s affiliated undertakings. Allen & Overy LLP 2014 CS1402_CDD-38269_ADD-43140
Flexible access and the annual allowance: How does it work? www.allenovery.com
Flexible access and the annual allowance: How does it work? www.allenovery.com 2 DCHQ Freedom and choice series: briefing 3 Flexible access and the annual allowance how does it work? Certain methods of
More informationDC pensions: All change from April 2015
DC pensions: All change from April 2015 www.allenovery.com 2 DCHQ Freedom and choice series: briefing 1 The most fundamental reform to the way people access their pension rights in almost a century. That
More informationAccessing DC savings: The new rules. www.allenovery.com
Accessing DC savings: The new rules www.allenovery.com 2 2 DCHQ Freedom and choice series: briefing 2 In addition to existing options such as cashing out a small lump sum, buying an annuity or going into
More informationVAT recovery and pension schemes: Where are we now?
VAT recovery and pension schemes: Where are we now? Speed read HMRC s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the
More informationCapital Requirements Directive IV Framework Leverage Ratio. Allen & Overy Client Briefing Paper 16 January 2014. www.allenovery.
Capital Requirements Directive IV Framework Leverage Ratio Allen & Overy Client Briefing Paper 16 January 2014 2 CRD IV Framework: Leverage Ratio January 2014 CRD IV Framework: Leverage Ratio This briefing
More informationConnecting people at A&O and beyond. www.allenovery.com/alumni
Connecting people at A&O and beyond www.allenovery.com/alumni 2 Connecting People at A&O and beyond Our alumni explain why the A&O Alumni Network is useful to them It is good that the firm still likes
More informationCorporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com
Corporate funding monitor: The changing face of fi nance January 214 www.allenovery.com 2 The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over
More informationCapital Requirements Directive IV Framework Liquidity Requirements. Allen & Overy Client Briefing Paper 15 January 2014. www.allenovery.
Capital Requirements Directive IV Framework Liquidity Requirements Allen & Overy Client Briefing Paper 15 January 2014 2 CRD IV Framework: Liquidity Requirements January 2014 CRD IV Framework: Liquidity
More informationCorporate funding monitor 2015
Corporate funding monitor 2015 The changing face of finance February 2015 2 Corporate funding monitor 2015 A global reaction to a global crisis Global corporate funding by source (USDtn) USD4tn USD3tn
More informationHot topics in insolvency and restructuring. Wendy Braithwaite, Counsel, Banking Restructuring. 13 March 2014
Hot topics in insolvency and restructuring Wendy Braithwaite, Counsel, Banking Restructuring 13 March 2014 Allen & Overy 2014 2014 Seminar schedule Thursday 13 March 12.30pm-1.30pm Bishops Square Wednesday
More informationEquity Capital Markets Team Germany
Equity Capital Markets Team Germany 2 Equity Capital Markets Team Germany Our strength is our experience with complex assignments Capital markets are difficult to predict and present serious challenges
More informationAnalysis - the worldwide reach of FATCA
January 2012 Analysis - the worldwide reach of FATCA This article was first published in the Tax Journal in July 2011 SPEED READ Recent US legislation effectively makes non-us banks and non US financial
More informationPassive infrastructure sharing
Passive infrastructure sharing 2 Why sharing? Passive infrastructure sharing started with mobile phone towers. Mobile network operators allowed each other to hang antennas on their mast sites, resulting
More informationNew amendments to the Spanish Insolvency Law
3 rd June 2015 New amendments to the Spanish Insolvency Law Ley 9/2015 Contents Summary 2 Refinancing agreements 2 The communication foreseen under Article 5bis of the insolvency Law 3 Ranking of creditors
More informationOur Financial Services Regulatory practice
Our Financial Services Regulatory practice 2015 2 Our Financial Services Regulatory practice 2015 Allen & Overy LLP 2015 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious
More informationOur global Product Liability group
Our global Product Liability group 2014 www.allenovery.com 2 Sources say: Extremely impressive; the response times are incredible and the advice is well thought out. Chambers 2014 They are on top of the
More informationCapital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity. Allen & Overy Client Briefing Paper 1 January 2014
Capital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity Allen & Overy Client Briefing Paper 1 January 2014 2 CRD IV Framework: Introduction to Regulatory Capital and
More informationSchemes and Company Voluntary Arrangements. Mark Sterling Partner, Banking Ian Field Partner, Banking
Schemes and Company Voluntary Arrangements Mark Sterling Partner, Banking Ian Field Partner, Banking 18 June 2010 påüéãéë=~åç=`çãé~åó=sçäìåí~êó=^êê~åöéãéåíë ENOKPMéã=Ó NKPMéãF Mark Sterling Ian Field
More informationFinancial services regulation in Australia
Financial services regulation in Australia FEBRUARY What you need to know Financial services regulation in Australia February 2016 1 What you need to know Key points Do you do business in Australia or
More informationU.S. Tax and the Issuance of Debt Securities after the HIRE Act
October 2011 U.S. Tax and the Issuance of Debt Securities after the HIRE Act An update SPEED READ This Bulletin provides participants in debt capital markets transactions with updated guidance on U.S.
More informationDerivatives and Structured Finance Practice
Derivatives and Structured Finance Practice Global Key Contacts 2015 www.allenovery.com Derivatives and Structured Finance Practice 2015 Our Global Presence AFRICA ASIA PACIFIC EUROPE Casablanca Johannesburg
More informationJackson reforms to civil litigation
June 2013 Jackson reforms to civil litigation What do commercial parties really need to know? SPEED READ The bulk of the Jackson reforms to costs in English civil litigation were implemented on 1 April
More informationCapital Requirements Directive IV Framework Operational Risk. Allen & Overy Client Briefing Paper 13 January 2014. www.allenovery.
Capital Requirements Directive IV Framework Operational Risk Allen & Overy Client Briefing Paper 13 January 2014 www.allenovery.com 2 CRD IV Framework: Operational Risk January 2014 CRD IV Framework: Operational
More informationShip Finance Practice. Covering ship finance from every perspective. www.allenovery.com
Ship Finance Practice Covering ship finance from every perspective 2 Ship Finance Practice Why Allen & Overy? A pre-eminent ship finance practice Our international ship finance practice holds a premier
More informationLoan Trading under LMA Documentation A Guide for Traders and In-house Counsel
Loan Trading under LMA Documentation A Guide for Traders and In-house Counsel 2 Further information If you would like further information on any aspect of this note, please contact a person mentioned below
More informationSFC proposes amendments to regulation of automated trading services guidelines
SFC proposes amendments to regulation of automated trading services guidelines 1 Briefing note December 2015 SFC proposes amendments to regulation of automated trading services guidelines On 20 November
More informationOverview of our expertise in restructuring and insolvency. www.allenovery.com
Overview of our expertise in restructuring and insolvency 2015 2 Overview of our expertise in restructuring and insolvency 2015 3 Our practice The magic circle firm is strongest in banking and restructuring,
More informationFunding European business: What s the alternative? November 2014. www.allenovery.com
Funding European business: What s the alternative? November 2014 2 Funding European business: What s the alternative? November 2014 Allen & Overy LLP 2014 3 Contents Introduction 04 The survey findings
More informationCapital Requirements Directive IV Framework Standardised Approach to Credit Risk in the Banking Book
Capital Requirements Directive IV Framework Standardised Approach to Credit Risk in the Banking Book Allen & Overy Client Briefing Paper 3 January 2014 2 CRD IV Framework: Standardised Approach to Credit
More informationLuxembourg Doing deals in the Grand Duchy, an English lawyer's perspective
Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective Tom Whelan (Partner, Hogan Lovells International LLP) Erin Anderson (Senior Associate, Hogan Lovells International LLP), Camille
More informationJUDGMENT ON THE SPANISH TAX LEASE SYSTEM
JUDGMENT ON THE SPANISH TAX LEASE SYSTEM CASE T-719/13 PYMAR / COMMISSION Contents 1. Background 2. Judgment of the GCEU of 17 December 2015 in Case T- 719/13, PYMAR / Commission 3. Effects of the Judgment
More informationA Quick Start Guide to EMIR: What you need to do and when
Legal Update January 2013 A Quick Start Guide to EMIR: What you need to do and when On 19 December 2012 the Commission adopted the majority of the subordinate legislation necessary to implement Regulation
More informationWorking and ordinarily working in the UK
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Working and ordinarily working in the UK Briefing January 2015 Introduction
More informationFinal text for the Amended EU Regulation on Insolvency proceedings
Final text for the Amended EU Regulation on Insolvency proceedings 1 Briefing note December 2014 Final text for the Amended EU Regulation on Insolvency proceedings The process to update and extend the
More informationThe introduction of a new filing and registration regime for foreign debt management in China
The introduction of a new filing and registration regime for foreign debt management in China 1 Briefing note November 2015 The introduction of a new filing and registration regime for foreign debt management
More informationUAE Investment Funds Regulation implemented
UAE Investment Funds Regulation implemented beginning of the end for the tolerated practice? 1 Briefing note August 2012 UAE Investment Funds Regulation implemented The UAE Securities and Commodities Authority
More informationLiberating the Power of Service The right of establishment The case of lawyers
Liberating the Power of Service The right of establishment The case of lawyers Second Bruges European Business Conference College of Europe Jacques Derenne, Partner, Hogan Lovells, Brussels Associate Professor,
More informationLiberating the Power of Service The right of establishment The case of lawyers. Second Bruges European Business Conference College of Europe
Liberating the Power of Service The right of establishment The case of lawyers Second Bruges European Business Conference College of Europe Jacques Derenne, Partner, Hogan Lovells, Brussels Associate Professor,
More informationEuropean Commission releases final report on business insurance sector inquiry
Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.
More informationA new milestone in the Spanish insurance sector: the reform of the Scale
A new milestone in the Spanish insurance sector: the reform of the Scale SEPTEMBER A NEW MILESTONE IN THE SPANISH INSURANCE SECTOR: THE REFORM OF THE SCALE 1 The Law 35/2015, 22 September, over the reform
More informationCOMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016
EUROPEAN COMMISSION Brussels, 10.6.2016 C(2016) 3446 final COMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council
More informationProgram trading in China will be regulated
Program trading in China will be regulated 1 Briefing note October 2015 Program trading in China will be regulated The significant drop in the value of China's stock market since June 2015 has prompted
More informationTax Guide 2014/15 South Africa
Tax Guide 2014/15 South Africa Individuals and Trusts Tax Rates 1 March 2014 to 28 February 2015 Individual Taxpayers and Special Trusts Taxable Income R0 174 550 Rate of Tax 18% of taxable income R174
More informationA Comparison of Takeovers of Hong Kong, Mainland China and Singapore listed Chinese Companies
October 2011 A Comparison of Takeovers of Hong Kong, Mainland China and Singapore Place of incorporation A incorporated in a jurisdiction outside the PRC which is accepted for listing on the Hong Kong
More informationWhat is Cloud Computing? Up to speed July 2011. www.allenovery.com
What is Cloud Computing? Up to speed July 2011 2 Up to speed What is Cloud Computing? July 2011 What is Cloud Computing? Confusion abounds when cloud computing is discussed, and the situation is getting
More informationTHE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES
March 15, 2013 THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES To Our Clients and Friends: On 16 August 2012, The European Market Infrastructure Regulation ( EMIR ) 1 came into force with immediate and
More informationClient Alert. New Treasury Regulations Make it Easier to Issue Tack-On Bonds or Loans. But New FATCA Regulations Add Complexity.
Number 1417 October 6, 2015 Client Alert Latham & Watkins Corporate & Tax Departments New Treasury Regulations Make it Easier to Issue Tack-On Bonds or Loans But New FATCA Regulations Add Complexity The
More informationOur Global Environmental and Regulatory Law practice
Our Global Environmental and Regulatory Law practice 2015 2 Our Global Environmental and Regulatory Law practice 2015 Introduction Environmental and regulatory compliance issues are now part of everyday
More informationOur insurance disputes practice. www.allenovery.com
Our insurance disputes practice 2012 2 Our insurance disputes practice About our insurance disputes practice Insurance coverage expertise Unlike almost every other top commercial law firm, our insurance
More informationInsurance claims and losses in Spain. Procedural aspects of the Spanish legal system
Insurance claims and losses in Spain. Procedural aspects of the Spanish legal system Further information If you would like further information, please contact a person mentioned below or the person with
More informationCyber security: A major issue for Australian business
Cyber Security: A major issue for Australian business: February 2016 1 Cyber security: A major issue for Australian business Contents Introduction and background Is your industry particularly vulnerable
More informationFraudulent Insurance Claims A Mucky Present and a Murky Future
Fraudulent Insurance Claims A Mucky Present and a Murky Future Dan Screene, Senior Associate Insurance Litigation Practice Group London 12 February 2013 The fraud epidemic Economic landscape Losses to
More informationGlobal business needs a global partner
Global business needs a global partner Bespoke business banking on an international scale Corporate Banking The global business experts Riga Saint Petersburg Moscow London Amsterdam Minsk Warsaw Brussels
More informationFunding European business: Harnessing alternatives. November 2015. www.allenovery.com
Funding European business: Harnessing alternatives November 2015 www.allenovery.com 2 Funding European business: Harnessing alternatives November 2015 Allen & Overy LLP 2015 3 Contents Introduction 5 Alternative
More informationFinal European Standards for Derivatives Collateralisation
Client Alert 17 March 2016 Final European Standards for Derivatives Collateralisation On 8 March 2016, the three European Supervisory Authorities (ESAs) 1 published their final draft regulatory technical
More informationCloud Computing: A Primer on Legal Issues, Including Privacy and Data Security Concerns. Privacy and Information Management Practice / Washington, DC
Cloud Computing: A Primer on Legal Issues, Including Privacy and Data Security Concerns Privacy and Information Management Practice / Washington, DC Disclaimer THIS PRESENTATION IS TO ASSIST IN A GENERAL
More informationFeasibility Study for a EU Pension Fund for Researchers. European Commission Research Directorate-General
Feasibility Study for a EU Pension Fund for Researchers European Commission Research Directorate-General Executive Summary n RTD/DirC/C4/2009/026879 1 Executive Summary This report covers the main results
More informationBrand Management Services
Brand Management Services About Bird & Bird Since 1898 Bird & Bird has led the way in protecting the ideas that have made some of the world s greatest brands successful. It s the firm s excellence in client
More informationCuba Sanctions Update: Removal of Cuba from Terrorism List Will Result in Modest Easing of Trade Sanctions
Cuba Sanctions Update: Removal of Cuba from Terrorism List Will Result in Modest Easing of Trade Sanctions A legal analysis prepared at the request of the Cuba Study Group 9 April 2015 By Stephen F. Propst,
More informationPensionsEurope position paper on personal pension products
March 2014 PensionsEurope position paper on personal pension products About PensionsEurope PensionsEurope represents national associations of pension funds and similar institutions for workplace pensions.
More informationChina's new national security law creates more insecurity for foreign businesses
China's new national security law creates more insecurity for foreign businesses Contents Overview 1 JULY Broad definition of national security 1 Expanded national security review regime 1 NSR in relation
More informationFull Foreign Ownership of E-commerce Businesses Permitted in the Shanghai FTZ: But is It a Breakthrough?
Full Foreign Ownership of E-commerce Businesses Permitted in the Shanghai FTZ: But is It a Breakthrough? Contents Backgroud E-commerce Business Shanghai FTZ's Continuing Liberalisation in Telecommunications
More informationUPC benchmarking study. Reality dawns 2016. www.allenovery.com
UPC benchmarking study Reality dawns 2016 www.allenovery.com 2 UPC benchmarking study Reality dawns 2016 Take the politics out of setting up the system and realise that the impact on the competitiveness
More informationGo for the top. www.allenovery.com. CS1008019_v2.indd 1 14/3/11 11:11:32
Go for the top CS1008019_v2.indd 1 14/3/11 11:11:32 2 Go for the top Allen & Overy LLP 2011 CS1008019_v2.indd 2 14/3/11 11:12:06 3 Who are we? Allen & Overy was founded on 1 January 1930 by George Allen
More informationLatham & Watkins Litigation Antitrust & Competition
Number 1040 9 June 2010 Client Alert Latham & Watkins Litigation Antitrust & Competition New Antitrust Rules for the Motor Vehicle Sector Challenges Ahead for Car Manufacturers, Dealers, Spare Parts Suppliers
More informationNorton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices
Norton Rose Group expands across Canada, Latin America and Kazakhstan Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan
More informationHazardous substances. Our capabilities in Paris
Hazardous substances Our capabilities in Paris 2013 Hogan Lovells - Hazardous substances: Our capabilities in Paris i Contents Our expertise in relation to hazardous substances 1 Sophisticated advice
More informationEMIR Gearing up for Clearing PART I
EMIR Gearing up for Clearing PART I Contents EMIR Gearing up for Clearing PART I 01 Annex 1 Who does the clearing obligation apply to? 05 Annex 2 Which trades are subject to the clearing obligation? 09
More informationThe impact of social media on your business
Belgium The impact of social media on your business Allen & Overy 2012 Contents The increasing importance of social media 3 Social media and employment law 4 1_Recruitment 4 2_Performance of the employment
More informationE-commerce liberalization in China: State Council and MIIT push forward
E-commerce liberalization in China: State Council and MIIT push forward Contents State Council orders government agencies to take liberalization steps 1 JUNE [ MIIT removes foreign ownership restrictions
More informationChina Publishes Draft Rules on Protection of Information Network Dissemination Rights
China Publishes Draft Rules on Protection of Information Network Dissemination Rights 1 China Publishes Draft Rules on Protection of Information Network Dissemination Rights On 22 April, 2012, the Supreme
More informationUK Employee Incentives and Benefits
UK Employee Incentives and Benefits About our UK Employee Incentives and Benefits Team The UK Employee Incentives and Benefits team at Bird & Bird design, draft and implement employee share plans and other
More informationShares for Rights (UK)
Shares for Rights (UK) Introduction The so called "shares for rights" legislation came into force in the UK in September 2013. The tax breaks are very generous as they allow employees to achieve tax free
More informationLocal expertise & multinational deals & fresh ingredients & brand innovations & added value in regulation & from raw materials to consumer products &
& Food and Beverage Local expertise & multinational deals & fresh ingredients & brand innovations & added value in regulation & from raw materials to consumer products & a good nose for business Our International
More informationBEST EXECUTION POLICY
BEST EXECUTION POLICY In Prague on 9 th December 2015 TABLE OF CONTENT 1. Introductory provisions 2. Markets where the Company executes customer's instructions 3. Instructions 4. Strategy for executing
More informationSelection and Use of Patient-Reported Outcome Measures The Role of Outside Consultants Janice Hogan, Partner, Hogan Lovells LLP
Selection and Use of Patient-Reported Outcome Measures The Role of Outside Consultants Janice Hogan, Partner, Hogan Lovells LLP Tuesday, November 27, 2012 Key Topics for Consultants Selection of Instruments
More informationCybersecurity. www.allenovery.com
Cybersecurity 2016 www.allenovery.com 2 Cybersecurity 2016 Our cybersecurity practice Computers, the internet, mobile devices and electronic transactions all play an important and ever-increasing role
More informationPrivate Equity, Leveraged Finance and High Yield
Private Equity, Leveraged Finance and High Yield 2014 2 Private Equity, Leveraged Finance and High Yield 2014 A leading global practice We are continuing to invest in a growing network of international
More informationHong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives
30 December 2015 Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives Introduction On 3 December 2015, the Hong Kong Monetary Authority ( HKMA ) issued a consultation
More informationThe CMS REMIT healthcheck
CMS_LawTax_CMYK_28-100.eps The CMS REMIT healthcheck Market abuse, reporting and registration framework for the EU energy market February 2013 Background The EU Regulation on Energy Market Integrity and
More informationVietnam publishes new regulations for derivatives market
Vietnam publishes new regulations for derivatives market Contents 1. Background 1 JULY 2. Overview 1 3. Types of Instruments 1 4. Who can invest? 2 5. Securities derivatives trading 2 6. Derivative securities
More informationEmployee monitoring in France. January 2010. Contents. Legal Framework 1
Employee monitoring in France January 2010 Contents Legal Framework 1 Principal situations where an individual's privacy is restricted in the workplace 1 Potential disciplinary sanctions applied to employees
More informationOur European VAT practice
Our European VAT practice 2014 www.allenovery.com 2 Our European VAT practice 2014 Are you VAT aware? VAT is everywhere VAT, in the European Union, is a general, broadly based consumption tax assessed
More informationDigital Infrastructure and Economic Development. An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary
Digital Infrastructure and Economic Development An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary The Boston Consulting Group (BCG) is a global management consulting firm
More informationAn introduction to European employment law for Japanese companies
Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Japanese companies For Japanese companies encountering the European employment law system for the
More informationHow To Find Out What A Law Firm Is Doing
List of lawyers in Romania Prepared by the British Embassy Bucharest www.gov.uk The following list of lawyers has been prepared by the British Embassy Bucharest for the convenience of British Nationals
More informationCloud computing. A great tool. www.allenovery.com
Cloud computing A great tool 2 Cloud computing A great tool 2014 The worldwide cloud computing market will grow at a 36% compound annual growth rate (CAGR) through 2016, reaching a market size of USD19.5bn
More informationCompensation, Benefits and Employment Law Focus
August 2003 New IRS Proposed Regulations Would Simplify Elimination of Optional Benefit Forms Under Defined Contribution Plans.....1 IRS Introduces Simplified Voluntary Correction Program... 3 Compensation,
More informationSingapore. Asia Pacific. www.allenovery.com
Singapore Asia Pacific 2 Why choose us? Awards GN Power acquisition of a majority interest in a greenfield 600 MW coal-fired power project in the Philippines Asia Pacific Power Deal of the Year 2010 Project
More informationThe EU General Data Protection Regulation
The EU General Data Protection Regulation 2016 2 The EU General Data Protection Regulation 2016 A new data protection landscape After over four years of discussion, the new EU data protection framework
More informationMerger Control Issues and Private Equity Transactions
Merger Control Issues and Private Equity Transactions Further information If you would like further information on any aspect of Merger Control and Private Equity Transactions please contact a person mentioned
More informationPeter Montanaro, Head, Delegated Authorities
market bulletin Ref: Y4535 Title Purpose Type From Master Policies & Group Schemes To provide updated guidance on worldwide master policies and group schemes written at Lloyd s and to notify the market
More informationOn the move: avoiding the legal pitfalls when moving your business
On the move: avoiding the legal pitfalls when moving your business Beverley Vara Partner, Litigation Real Estate Richard White Group Property Director, New Look 10 May 2011 Season One 2011 Seminar Schedule
More informationLCR and Securitisation 2B or not 2B
LCR and Securitisation 2B or not 2B 1 Briefing note November 2014 LCR and Securitisation 2B or not 2B The European Commission has now published the final draft of the Commission Delegated Regulation with
More informationThe Telephone Consumer Protection Act: Compliance Developments and What to Expect in 2015
The Telephone Consumer Protection Act: Compliance Developments and What to Expect in 2015 November 2014 Mark W. Brennan, Partner Overview Overview of the TCPA Recent Developments Issues to Watch What You
More informationBelgium in international tax planning
Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated
More informationUnbundling a market. The appetite for new legal services models. Global survey results May 2014. www.allenovery.com
Unbundling a market The appetite for new legal services models Global survey results May 2014 www.allenovery.com 2 Foreword Whether you are a buyer or a provider of legal services, this is an exciting
More informationASEAN. Southeast Asia. www.allenovery.com
ASEAN Southeast Asia www.allenovery.com ASEAN Southeast Asia A&O in ASEAN 22 partners 130+ lawyers (including partners) 6 offices across ASEAN* 15 Tier #1 ASEAN rankings Chambers Asia 2014 Allen & Overy
More informationRegulatory Implications of New Products and Services in the Australian Electricity Market
2 March 2015 Practice Group: Energy Regulatory Implications of New Products and Services in the Australian Australia Energy Alert By Jenny Mee and Larissa Hauser The Energy Market Reform Working Group
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More information