RSS Feed (Briefings Only)

International Regulatory Update 9 – 13 September 2024

Tue, 17 Sep 2024 10:33:04 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service.

Ukraine: The latest Global Sanctions and Export Controls

Wed, 11 Sep 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 01 pm BST on 11 September 2024.

These sanctions are complex, multilateral and continue to change incrementally in real time in response to the situation on the ground in Ukraine. Our team of sanctions experts is monitoring the situation closely and we will endeavour to keep our briefings up to date.

International Regulatory Update 2 - 6 September 2024

Tue, 10 Sep 2024 09:25:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Fri, 30 Aug 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 03:30 pm GMT on 29 August 2024.

The New UK Prospectus Regime – Filling in the Blanks

Thu, 29 Aug 2024 14:33:00 GMT

Over the summer, the FCA took a further step towards "filling in the blanks" of the replacement UK prospectus regime.

Consultation Paper CP24/12, published by the FCA at the end of July, sets out the FCA's policy conclusions on the detail of the UK public offer and admission to trading (POATRs) regime. The 360-page paper also includes draft rules for the FCA Handbook and draft Annexes with proposed prospectus disclosure requirements.

The deadline for comments on the FCA Consultation is not until mid-October. Moreover, the FCA has indicated that it is planning a separate consultation later this year on the UK retail debt market, likely in "late Q4".

Nonetheless, we have prepared a high-level briefing on CP24/12, outlining key aspects and their impact for debt issuance. In the briefing, we indicate some of the areas where we will be following up with the UK FCA with requests for further clarifications. Additionally, with the EU prospectus regime also in flux, we have highlighted not only how the FCA proposals differ from the current UK regime but, also, how they differ from current and future EU requirements.

Read the full briefing.

Blacklines of annexes referenced in the briefing:

International Regulatory Update 19 – 23 August 2024

Wed, 28 Aug 2024 08:47:00 GMT

International Regulatory Update 12 – 16 August 2024

Tue, 20 Aug 2024 12:28:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Wed, 14 Aug 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 7pm GMT on 14 August 2024.

International Regulatory Update 5 – 9 August 2024

Tue, 13 Aug 2024 11:11:10 GMT

International Regulatory Update 29 July – 2 August 2024

Tue, 06 Aug 2024 09:12:24 GMT

US Bankruptcy Court Issues Ruling Relating to Cape Town Convention

Mon, 05 Aug 2024 17:36:00 GMT

Since its adoption in the US, practitioners and commentators have questioned whether and how a US court would apply the Cape Town Convention in a Chapter 11 case of a non-US airline. The significant number of non-US airlines that have commenced Chapter 11 cases since the onset of the COVID-19 pandemic has intensified that discussion. Although it stops short of definitively answering the question, a recent decision from the Southern District of New York suggests that Alternative A of the Cape Town Convention should be enforceable in a US bankruptcy case so long as the debtor’s primary insolvency jurisdiction has made the necessary declaration to give international effect to Alternative A.

International Regulatory Update 22 – 26 July 2024

Tue, 30 Jul 2024 10:11:22 GMT

Key Changes - Leasehold and Freehold Reform Act 2024

Wed, 24 Jul 2024 13:33:09 GMT

The Leasehold and Freehold Reform Act 2024 ("Act") aims to improve fairness for leaseholders. These changes are significant, varied and affect a range of stakeholders. The main provisions are highlighted in this article.

International Regulatory Update 15 – 19 July 2024

Tue, 23 Jul 2024 09:11:00 GMT

EU crypto regulation: MICAR overview for issuers and crypto-asset service providers

Mon, 22 Jul 2024 10:29:00 GMT

The EU's Markets in Crypto-assets Regulation (MiCAR) introduces an EU regulatory framework for the issuance of, intermediating and dealing in crypto-assets. Parts of MiCAR impacting the issuance, offering and admission to trading of stablecoins entered into force at the end of June 2024, while equivalent provisions for other crypto-assets, new licensing and conduct of business requirements for cryptoasset service providers, and a market abuse regime with respect to cryptoassets will apply from the end of the year.

We look at what issuers of stablecoins and other crypto-assets, custodians and other crypto-asset service providers need to know now.

What does MICAR mean for issuing and offering stablecoins and other crypto-assets in the EU?

Mon, 22 Jul 2024 10:17:00 GMT

The new EU Markets in Crypto-assets Regulation (MiCAR) creates an EU regulatory framework for the issuance of, intermediating and dealing in, cryptoassets. Parts of MiCAR impacting the issuance, offering and admission to trading of stablecoins entered into force at the end of June 2024, while equivalent provisions for other crypto-assets, new licensing and conduct of business requirements for cryptoasset service providers, and a market abuse regime with respect to crypto-assets will apply from the end of the year.

In our new briefing, we look in detail at what issuers of stablecoins and other crypto-assets, and wider market participants, need to know about the new requirements for issuing, offering and seeking admission to trading. We cover when authorisation will be required, stablecoin reserve requirements and the key form and content requirements for white papers and who may be liable for them.

反垄断全球进展

Fri, 19 Jul 2024 03:10:30 GMT

季度更新
2024年4月1日—2024年6月30日

GAFA等科技公司本季度的反垄断热点追踪 — 本季度，欧盟法院认定意大利政府对Google等施加的额外信息披露义务不符合欧盟法；日本批准Google有关搜索引擎和搜索广告技术的承诺。意大利就Amazon的不公平交易行为开出巨额罚单；墨西哥对Amazon和Mercado Libre整合流媒体服务和忠诚折扣计划展开调查；印度认定Amazon和Flipkart从事了反竞争行为。Meta因未能证明其达成合规要求，导致其被土耳其施加的每日罚款金额已持续累计至1,600万欧元。欧委会加强了对Apple移动支付系统的审查，请求竞争对手和零售商提供更多Apple移动支付系统的相关信息。

科技领域本季度其他反垄断动态 — 本季度，欧委会将Booking.com指定为“守门人”；英国正式通过《数字市场、竞争和消费者法案》；加拿大强化对数字领域的外商投资审查；波兰对PlayStation商店和Steam开展反垄断调查；印度尼西亚认定Shopee在配送领域实施了自我优待行为；新加坡竞争执法机构对Grab拟收购Delivery Hero实施临时措施指令；日本批准《促进特定智能手机软件竞争法》的议案；韩国宣布修订后的数字经济领域合并指南生效日期；韩国以滥用支配地位为由对Coupang处以罚款；巴基斯坦启动数字经济市场研究。

其他领域的反垄断及外商投资进展 — 本季度值得中国及跨国企业关注的其他反垄断立法和外商投资政策进展涉及欧盟、英国、美国、加拿大、巴西、阿根廷、日本、澳大利亚、埃及等司法辖区的并购审查、国家安全投资审查制度等多方面的重要动态。在反垄断和外商投资审查执法层面，欧盟、英国、法国、荷兰、斯洛伐克、波兰、立陶宛、美国、加拿大、智利、日本、新加坡、韩国、香港、澳大利亚等司法辖区均在本季度有重要的调查行动。

Energy Transition Decoded: A to Z Guide

Wed, 17 Jul 2024 16:48:00 GMT

The world of energy has always been the subject of acronyms, industry short-hand and slang. With the acceleration in energy transition, we are all learning about new technologies and developments that will assist in our journey toward decarbonisation. This has resulted in the evolution of additional “industry speak” in the area of energy transition.

The aim of this “Energy Transition Decoded – A to Z Guide” is to try to demystify some of the terminology we encounter in the industry. We have collected in the lexicon terminology from across our global network of 33 offices in 22 countries.

Not all jurisdictions are covered in the lexicon and not all topics are explored in great detail. The lexicon is not intended to be a definitive guide, but simply a collection of some of the most commonly encountered terms in wind, carbon capture, hydrogen, solar and other energy transition-related sectors. The guide is not intended to constitute legal advice (on what can be complex legal issues) or be relied upon as such, but is simply a tool to help navigate what is for some unfamiliar territory.

We hope this guide is of some benefit as we all work collectively towards the objective of a lower carbon world.

International Regulatory Update 8 – 12 July 2024

Tue, 16 Jul 2024 07:49:53 GMT

Green fuels: Structuring and procurement issues to consider as demand takes off

Fri, 12 Jul 2024 14:01:00 GMT

Demand for e-fuels and biofuels is rocketing. Last year, the EU enacted new regulations in the aviation and shipping industries designed to force airlines and shipping companies to switch to alternative fuels, ratcheting up from a 2% blend in 2025 to 70 or 80% (depending on the industry) by 2050. Other jurisdictions such as Australia, South Korea and Japan are following suit and introducing similar binding commitments.

In this briefing, we discuss what developers and investors need to consider when structuring green fuel projects, including strategies for managing the construction and procurement phase.

Global developments in AI regulation

Fri, 05 Jul 2024 11:44:00 GMT

AI is growing rapidly, but how do you control and regulate it?

In this extract from a recent Clifford Chance webinar, we explore how different jurisdictions including the US, EU, UK, China and Singapore are taking different approaches to AI regulation but ultimately want the same thing – responsible AI.

Private Credit – A global perspective on market developments

Thu, 04 Jul 2024 08:10:00 GMT

With the continued global expansion of the pool of private credit, what does the future hold? Will the boom times continue, or will enthusiasm be dampened by the resurgence of syndicated bank loans and the return of CLOs? The private credit market over the past few years has expanded exponentially but this has been against the backdrop of a very subdued syndicated loan market.

In this paper, senior members of Clifford Chance’s Global Private Credit Group look at the impact on private credit of the return of the Broadly Syndicated Loan (BSL) market, the options for private credit in the short term and what developments we expect to see happening in the future.

International Regulatory Update 24 – 28 June 2024

Tue, 02 Jul 2024 09:23:49 GMT

Ukraine: The latest Global Sanctions and Export Controls

Thu, 27 Jun 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 12:30pm GMT on 27 June 2024.

International Regulatory Update 17 – 21 June 2024

Tue, 25 Jun 2024 12:09:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Fri, 21 Jun 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 05:00pm BST on 21 June 2024.

International Regulatory Update 10 – 14 June 2024

Tue, 18 Jun 2024 09:22:00 GMT

International Regulatory Update 3 – 7 June 2024

Tue, 11 Jun 2024 11:48:00 GMT

International Regulatory Update 27 – 31 May 2024

Tue, 04 Jun 2024 08:26:36 GMT

Decarbonising Australia's economy: The future of gas in the energy transition

Fri, 31 May 2024 10:05:00 GMT

Australia's Future Gas Strategy was released on 9 May 2024 and recognises the important role of Australian gas and LNG in expediting the transition to net zero and supporting the development of domestic investment in the clean energy sector, including hydrogen.

This is relevant to the broader question about the role of gas in the energy transition in the context of the "energy trilemma" – energy security, energy sustainability and energy affordability.

Australia: Directors' Duties and Nature Related Risks

Tue, 28 May 2024 09:34:00 GMT

Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strategic challenges facing companies are developing faster than the law and the regulatory environment, requiring directors to make decisions in an uncertain context.

In this article, we explore nature-related risks and the practical steps which can be taken by directors (including representatives of financial investors) to assist with their assessment and mitigation of these risks to avoid consequences such as penalties from regulators and the risk of litigation.

International Regulatory Update 20 – 24 May 2024

Tue, 28 May 2024 08:40:00 GMT

International Regulatory Update 13 – 17 May 2024

Tue, 21 May 2024 09:12:18 GMT

Ukraine: The latest Global Sanctions and Export Controls

Wed, 15 May 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 5pm BST on 15 May 2024.

Effetti della manipolazione del tasso Euribor: le recenti evoluzioni giurisprudenziali

Tue, 07 May 2024 13:25:00 GMT

È stata pubblicata la sentenza n. 12007 del 3 maggio 2024, con cui la terza Sezione Civile della Corte di Cassazione, a seguito dell'articolata requisitoria della Procura Generale, ha riaffrontato la questione di particolare importanza relativa agli effetti della manipolazione dell'Euribor e, a valle di una più adeguata disamina giuridica e fattuale, ha enunciato tre rilevanti principi di diritto nell'interesse della legge ai sensi dell'art. 363, comma 3, c.p.c.

International Regulatory Update 29 April – 3 May 2024

Tue, 07 May 2024 13:18:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Wed, 01 May 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 9pm GMT on 1 May 2024.

International Regulatory Update 22 – 26 April 2024

Tue, 30 Apr 2024 09:02:53 GMT

The New UK Public Offers and Admission to Trading Regime – Impact on Debt Capital Markets

Wed, 24 Apr 2024 16:24:02 GMT

The replacement UK public offers and admission to trading regime will not be ready until 2025. Indeed, the UK FCA has yet to consult on draft rules. But the skeleton legislative ‘framework’ is now in place, with the statutory instrument to create the regime having been adopted by Parliament at the end of January 2024.

This article considers key concepts in the Public Offers and Admissions to Trading Regulations 2024 (the ‘UK SI’) – notably, the new public offer prohibition and extension of scope to nontransferable securities. It also flags prospectus disclosure considerations, either in the UK SI itself or due to be covered in the forthcoming FCA consultation.

EU Listing Act Reforms to the EU Prospectus Regulation – Impact on Debt Markets

Wed, 24 Apr 2024 10:18:00 GMT

In direct contrast to the ‘root and branch’ reforms to the UK prospectus regime (which is being repealed in full and replaced), the reforms to the EU prospectus regime will build on the ‘status quo’. The EU Listing Act amendments adjust the existing EU Prospectus Regulation.

Furthermore, the EU Listing Act provides for staggered application of provisions amending the EU Prospectus Regulation, and the most significant changes to the EU prospectus regime are not due to take effect until the end of 2025. That said, some changes will apply as soon as the EU Listing Act is in force, including changes which will impact debt issuance and prospectuses. Following approval of the EU Listing Act in the plenary session of the European Parliament today, that application date may be very soon.

International Regulatory Update 15– 19 April 2024

Tue, 23 Apr 2024 10:13:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Thu, 18 Apr 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 13 pm GMT on 18 April 2024.

Healthtech Trends 2024

Wed, 17 Apr 2024 10:55:33 GMT

From medical microbots to patient digital twins to generative AI for the creation of synthetic health data, we take a look at the next wave of tech innovations creating opportunities and challenges for healthcare and life sciences in 2024 and beyond.

International Regulatory Update 8 – 12 April 2024

Tue, 16 Apr 2024 08:54:33 GMT

Japan's new era of investor engagement, transparency and innovative asset management

Fri, 12 Apr 2024 13:25:00 GMT

Japan is set to introduce targeted updates to the Financial Instruments and Exchange Act (FIEA), the key securities law in Japan, in 2024. The amendments are aimed at refining three critical areas: (i) large shareholding reporting rules, (ii) takeover bid rules and (iii) the framework for sophisticated and diversified asset management businesses. The proposed amendments to the FIEA will significantly enhance transparency and strategic engagement opportunities for equity investors, while offering asset management companies innovative business models and expanded investment options.

International Regulatory Update 2 – 5 April 2024

Tue, 09 Apr 2024 09:14:00 GMT

ACCC's compliance and enforcement priorities: What to expect in 2024-25

Wed, 03 Apr 2024 13:25:00 GMT

The Australian Competition and Consumer Commission (ACCC) recently released its compliance and enforcement priorities. The ACCC has already started enforcement action in line with the priorities and has signalled there is more to come

International Regulatory Update 25 – 28 March 2024

Wed, 03 Apr 2024 08:40:10 GMT

CSSF circular 24-856 on the protection of investors

Tue, 02 Apr 2024 13:25:00 GMT

CSSF Circular 24/856 on the protection of investors in case of NAV calculation errors, non-compliance with investment rules and other errors at the level of a UCI.

The CSSF published on 29 March 2024 its Circular 24/856 (the "Circular") concerning NAV calculation errors, non-compliance with investment rules and other errors (the "Errors"). The Circular (49 pages, only in French for the moment) is a crucial piece of regulation for supervised UCIs that will replace Circular 02/77. The Circular incorporates the CSSF regulatory practice built up over more than 20 years. Like Circular 02/77, the Circular deals with NAV calculation errors and non-compliance with investment rules but also addresses more specifically other types of errors (i.e., swing pricing errors, wrong payment of fees and costs, non-compliance with cut-off rules, and investment allocation errors – together the "Other Errors").

International Regulatory Update 18 – 22 March 2024

Sat, 21 Sep 2024 16:26:42 GMT

RSS Feed (Briefings Only)

International Regulatory Update 9 – 13 September 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 01 pm BST on 11 September 2024.

International Regulatory Update 2 - 6 September 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 03:30 pm GMT on 29 August 2024.

The New UK Prospectus Regime – Filling in the Blanks

International Regulatory Update 19 – 23 August 2024

International Regulatory Update 12 – 16 August 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 7pm GMT on 14 August 2024.

International Regulatory Update 5 – 9 August 2024

International Regulatory Update 29 July – 2 August 2024

US Bankruptcy Court Issues Ruling Relating to Cape Town Convention

International Regulatory Update 22 – 26 July 2024

Key Changes - Leasehold and Freehold Reform Act 2024

International Regulatory Update 15 – 19 July 2024

EU crypto regulation: MICAR overview for issuers and crypto-asset service providers

What does MICAR mean for issuing and offering stablecoins and other crypto-assets in the EU?

反垄断全球进展

季度更新 2024年4月1日—2024年6月30日

Energy Transition Decoded: A to Z Guide

International Regulatory Update 8 – 12 July 2024

Green fuels: Structuring and procurement issues to consider as demand takes off

Global developments in AI regulation

AI is growing rapidly, but how do you control and regulate it?

Private Credit – A global perspective on market developments

International Regulatory Update 24 – 28 June 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 12:30pm GMT on 27 June 2024.

International Regulatory Update 17 – 21 June 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 05:00pm BST on 21 June 2024.

International Regulatory Update 10 – 14 June 2024

International Regulatory Update 3 – 7 June 2024

International Regulatory Update 27 – 31 May 2024

Decarbonising Australia's economy: The future of gas in the energy transition

Australia's Future Gas Strategy was released on 9 May 2024 and recognises the important role of Australian gas and LNG in expediting the transition to net zero and supporting the development of domestic investment in the clean energy sector, including hydrogen.

Australia: Directors' Duties and Nature Related Risks

International Regulatory Update 20 – 24 May 2024

International Regulatory Update 13 – 17 May 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 5pm BST on 15 May 2024.

Effetti della manipolazione del tasso Euribor: le recenti evoluzioni giurisprudenziali

International Regulatory Update 29 April – 3 May 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 9pm GMT on 1 May 2024.

International Regulatory Update 22 – 26 April 2024

The New UK Public Offers and Admission to Trading Regime – Impact on Debt Capital Markets

EU Listing Act Reforms to the EU Prospectus Regulation – Impact on Debt Markets

International Regulatory Update 15– 19 April 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 13 pm GMT on 18 April 2024.

Healthtech Trends 2024

From medical microbots to patient digital twins to generative AI for the creation of synthetic health data, we take a look at the next wave of tech innovations creating opportunities and challenges for healthcare and life sciences in 2024 and beyond.

International Regulatory Update 8 – 12 April 2024

Japan's new era of investor engagement, transparency and innovative asset management

International Regulatory Update 2 – 5 April 2024

ACCC's compliance and enforcement priorities: What to expect in 2024-25

International Regulatory Update 25 – 28 March 2024

CSSF circular 24-856 on the protection of investors

CSSF Circular 24/856 on the protection of investors in case of NAV calculation errors, non-compliance with investment rules and other errors at the level of a UCI.

International Regulatory Update 18 – 22 March 2024

季度更新
2024年4月1日—2024年6月30日