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International Regulatory Update 12 – 16 January 2026

Wed, 21 Jan 2026 17:30:13 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.

Clifford Chance has advised on the issuance of Emirates NBD's inaugural Digitally Native Notes denominated in AED and clearing through Euroclear D-FMI

Mon, 19 Jan 2026 09:13:10 GMT

The Digitally Native Notes were cleared and settled on Euroclear's D-FMI, the part of the Euroclear system by means of which the settlement of issuance, transfers and redemption of digitally native notes and related payments are recorded. The Digitally Native Notes have been rated A+ by Fitch and A1 by Moody's and shall be admitted to trading on Nasdaq Dubai with effect from on or around 16 January 2025. ENBD Capital, First Abu Dhabi Bank, Mashreqbank and Standard Chartered Bank acted as joint lead managers on the transaction.

The transaction, representing the third in the MENAT region, adds to Clifford Chance's growing roster of digital bond transactions – with the team having recently advised on the first ever digital gender bond by Akbank as well as the first issuance of digital notes with SOFR-based interest by Doha Bank.

The international Clifford Chance team advising on the transaction was led by Stuart Ure (Head of Middle East Capital Markets), Alexander Tollast (counsel), and Alekhya Prakash (counsel), with support from Veronica Valerio (associate), Alvin Boateng (trainee) and Lea Assaf (trainee).

Partner Stuart Ure said, "We are privileged to have been a part of this ground-breaking transaction which marks growing confidence in the region in digital bonds and, in particular, contributes to further deepening the domestic capital markets given the AED denomination and DFSA/Nasdaq Dubai listing and trading. We are also delighted to have supported Emirates NBD with their innovative funding platforms and strategies".

The Clifford Chance team advising Citibank N.A., London Branch as DNN Agent and Fiscal Agent consisted of Partner Bruce Kahl, Andrew Whelan and Callum Florence.

International Regulatory Update 5 – 9 January 2026

Tue, 13 Jan 2026 12:10:17 GMT

Cyber survival strategies for boards

Mon, 12 Jan 2026 18:30:00 GMT

Cyber-attacks on global businesses have caused severe business disruption, substantial financial losses and significant negative brand impact. Criticism is increasingly being directed at the board and other senior personnel, with growing numbers of regulatory bodies across the globe placing direct legal obligations on boards and senior management to ensure cyber resilience in conjunction with establishing personal liability risk in certain circumstances.

This briefing considers senior management accountability in the face of new regulations and geopolitical risk and looks at right-sizing strategies. We set out some suggested steps to immediately take in relation to incident response and litigation and well as helping you to benchmark your business’s preparedness and know what to do before, during and after an attack.

Watch our Perspectives webinar

International Regulatory Update 22 December 2025 – 2 January 2026

Tue, 06 Jan 2026 09:56:58 GMT

International Regulatory Update 15 – 19 December 2025

Tue, 23 Dec 2025 08:41:28 GMT

International Regulatory Update 8 – 12 December 2025

Tue, 16 Dec 2025 09:51:40 GMT

International Regulatory Update 1 – 5 December 2025

Tue, 09 Dec 2025 10:04:53 GMT

What happened at COP30?

Tue, 02 Dec 2025 10:24:00 GMT

While COP30 did not see any major breakthroughs in the official agreements reached, the Global Mutirão, which translates as "collective efforts", confirms key themes relevant to business, including the deployment of private capital in both mitigation and adaptation, and the importance of trade.

In this briefing we unpack the outcomes of COP30 in Belém, with a particular focus on what the negotiations mean for businesses, international climate financing and the voluntary carbon markets. As in previous COPs, at COP30 there was a focus on achieving a decision that all parties could agree to, a continuing challenge as that requires unanimity. The final text of the Decision, "Global Mutirão: Uniting humanity in a global mobilization against climate change," was agreed in the early hours of 22 November.

International Regulatory Update 24 – 28 November 2025

Tue, 02 Dec 2025 09:45:03 GMT

New investors and sector changes drive growth in vehicle fleet securitisation

Mon, 01 Dec 2025 11:08:00 GMT

Further interest in vehicle fleet securitisation is growing across Europe, particularly within the car rental sector, with private credit and non-bank investors being increasingly attracted to this esoteric asset class.

At the same time, the rise of specialised vehicle rental services and new offerings from tech companies, such as car sharing and subscription models, is prompting market participants to consider new financing platforms as they come of sufficient scale.

International Regulatory Update 17 – 21 November 2025

Tue, 25 Nov 2025 09:33:25 GMT

Clifford Chance advises the consortium of investment banks in connection with the EUR 500 million AT1 bond issue launched by Banca Transilvania on international markets

Tue, 25 Nov 2025 09:16:07 GMT

The issue, which consists of additional Tier 1 fixed rate resettable capital securities with no fixed maturity date, will be listed on the Euronext Dublin stock exchange. The successful transaction strengthens Banca Transilvania's reputation as a leading Romanian issuer and attractive participant in the international capital markets.

The legal team was coordinated by Partners Kate Vyvyan, Matteo Sbraga, and Radu Ropotă, with support from Senior Associate Russell Harris and Associate Cosmin Mitrică.

All aboard the Digital Omnibus? An overview of the EU's Digital Simplification Package

Tue, 25 Nov 2025 00:00:00 GMT

On 19 November 2025 the European Commission published the much-anticipated EU Digital Simplification Package. Also referred to as the "Digital Omnibus", the package is made up of two proposed omnibus laws:

a Regulation on the simplification of the implementation of harmonised rules on artificial intelligence (the "Digital Omnibus on AI"); and
a Regulation simplifying and consolidating parts of the EU's digital acquis, making targeted amendments to data, privacy and cyber laws ("Digital Legislation Omnibus").

The Digital Omnibus package is a pivotal step in the EU's push towards harmonising and streamlining its digital regulatory framework, including for AI, data access, privacy, and cybersecurity. Some of the key proposals relate to:

facilitating use of personal data in AI training, development and operation;
postponed entry into application for high-risk AI provisions, transitional periods for entry of certain transparency requirements for generative AI and targeted amendments to other EU AI Act provisions on oversight, AI literacy, documentation and registration;
consent fatigue and cookie rules;
codifying a subjective, entity-driven approach to the definition of personal data in the EU's General Data Protection Regulation (GDPR);
minimising the burden on controllers for certain data subject rights under the GDPR;
creating a single point for incident reporting under a number of EU laws, and increasing reporting thresholds and timeframes under the GDPR;
amending and consolidating key EU laws on data access and re-use; and
repealing the Platform-to-Business Regulation.

The text is likely to evolve as the proposals move through the legislative process. For businesses, this uncertainty and potential for shifting goalposts (including, potentially, unsettled positions close to the point at which certain obligations under the EU AI Act will begin applying) mean that thoughtful and strategic choices will need to be made regarding compliance preparations and possible policy engagement approaches.

This briefing provides an overview of the main proposals of the Digital Omnibus package and their practical implications.

International Regulatory Update 10 – 14 November 2025

Tue, 18 Nov 2025 10:21:50 GMT

Clifford Chance advises the consortium of investment banks in connection with the EUR 600 million bond issue launched by DIGI Romania

Fri, 14 Nov 2025 09:10:00 GMT

The multidisciplinary team in Bucharest advising on the deal included partners Radu Ropotă and Cosmin Anghel, counsel Gabriel Toma, senior associate Nicolae Grasu, and associate Cosmin Mitrică – from the Banking & Finance and Capital Markets practice, counsel Vicu Buzac from the Litigation and Dispute Resolution practice, and senior associate Maria Moga and associate Roxana Bărboi from the Corporate M&A practice. The London team including partner Jill Concannon, senior associate Yash Ranade, associate Aritra Saha, and lawyer Sarah Wetzel provided English and American law advice.

Partner Radu Ropotă said: “We were delighted to once again work with global banks with whom we frequently engage on capital markets projects, as well as with the DIGI team, with whom we have a long-standing collaboration. We congratulate DIGI Romania on this significant milestone, which reflects its sustained growth and comes at a pivotal juncture in its European expansion.”

International Regulatory Update 3 – 7 November 2025

Tue, 11 Nov 2025 09:25:45 GMT

International Regulatory Update 27 – 31 October 2025

Tue, 04 Nov 2025 10:10:42 GMT

International Regulatory Update 20 – 24 October 2025

Tue, 28 Oct 2025 09:35:14 GMT

Ukraine: The Latest Global Sanctions and Export Controls

Fri, 24 Oct 2025 09:41:00 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 BST, October 24, 2025.

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.