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On 15 March 2013 several key technical standards came into force, setting in motion the implementation timetable for the derivatives reforms under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). As a result some of...

The German Federal Ministry of Finance (Bundesfinanzministerium) has released a first draft Act on Ring-Fencing and on Recovery and Resolution Planning for Credit Institutions (Entwurf eines Gesetzes zur Abschirmung von Risiken und zur Planung und Sanierung und...

The European Parliament has removed the last obstacle to the EU derivatives reforms, setting in motion an implementation timetable beginning in mid-March 2013. On 7 February, the proposers withdrew the motion for the European Parliament to object to two regulatory...

Seit dem Jahr 2007 beschäftigt die EU-Kommission sich auf Aufforderung des Rates mit Anlageprodukten für Kleinanleger (Packaged Retail Investment Pro-ducts, "PRIPs"). Dazu zählen außer Investmentfonds und strukturierten Wertpapieren...

A new agreed form of model collective action clause for euro area member states to adopt (the Model CAC) in respect of their sovereign debt was published by the EFC Sub-Committee on EU Sovereign Debt Markets in March 2012. Following the publication, Germany is...

The CFTC, the SEC and prudential regulators in the United States have made significant progress on the detailed rules to implement the swap market reforms contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The principal changes are in...

On 12 September 2012, the German Federal Constitutional Court (Bundesverfassungsgericht) rejected temporary injunctions to prevent the ratification of the Treaty on the European Stability Mechanism ("ESM"), the Treaty on Stability, Coordination and...

The European Union (EU) agenda for regulatory reform in the financial sector continues to take shape. The EU has played a leading role in the development of the G20's action plan to respond to the financial crisis and many of the actions being taken aim to...

1 June 2012 marked the original closing date of the consultation on the EU Commission Green Paper on Shadow Banking. The Green Paper has generated a great deal of interest, perhaps explaining why the consultation period has been extended until 15 June. It represents...

How are current events in the Eurozone affecting the international financial markets? What are the likely outcomes ahead and how can market participants prepare for them? Clifford Chance partners from the firm’s sovereign debt rescheduling, regulatory and...