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EU developments

Dec 2016 - View from Europe: Europe-wide asset freezing to increase – banks must be ready
From 18 January 2017 claimants will be able to apply for a European Account Preservation Order (EAPO), a new, and potentially potent, weapon in their litigation armoury.

July 2016 - English jurisdiction agreement in bond prospectus: does it bind a secondary market purchaser?
The Court of Justice of the European Union (CJEU) has considered the circumstances in which an English jurisdiction clause contained in a prospectus concerning the issue of bonds might be enforceable against a purchaser of those bonds in the secondary market. In Profit Investment Sim SpA (in liquidation) v Ossi (C-366/13), 20 April 2016 the CJEU provides some interesting observations as to what constitutes an effective exclusive jurisdiction clause for the purposes of Article 23 of EC Regulation No. 44/2001(Brussels Regulation).

Mar 2016 - Hybrid jurisdiction clauses
This article assesses the impact of a series of French Supreme Court decisions on hybrid jurisdiction clauses: Mme X v Rothschild (2012),1 ICH v Credit Suisse (2015)2 and eBizcuss v Apple Sales International (2015)3 and considers whether, as a result of these decisions and other legal developments, such clauses will be perceived as too risky and simplified exclusive jurisdiction clauses will increasingly become the norm in finance contracts.4

July 2015 - The Start of Trilogue - What the Benchmark Regulation will mean for you 
Ever since the scandals involving the alleged manipulation of the “-IBORs”, regulatory reform of benchmarks has been high up on the national and international regulatory reform agenda.

Mar 2015 - CJEU rules on jurisdiction in prospectus liability claim
Request for Preliminary Ruling: Kolassa v Barclays plc [2015] EUECJ C-375/13, 28 January 2015. The Court of Justice of the European Union (Fourth Chamber) has ruled on jurisdiction in a prospectus liability claim, concerning index certificates issued by a UK bank, and purchased by an Austrian investor (consumer) via a professional intermediary.

Mar 2015 - UK successfully challenges European Central Bank policy on location of clearing houses:
T-496/11: United Kindgom v ECB. The
 General Court of the European Union has ruled that the European Central Bank (ECB) was wrong to insist that euro clearing houses should be based in the single currency area.

Mar 2015 - Resolution of consumer disputes - ADR Directive and ODR Regulation
We will be covering in the next edition the EC directive on the alternative dispute resolution of consumer disputes (the ADR Directive) as well as the related regulation on the online dispute resolution of consumer disputes that arise from online transactions (the ODR Regulation).

June 2014 - European Commission's proposal for a pan-European freezing order
A number of clauses frequently used in financial contracts have received judicial scrutiny in various European courts recently.

Feb 2014 European Regulation on the Freezing of Bank Accounts 
The EAPO procedure marks a significant development in European law.

June 2013 - Whistleblowers: risks and response
Increasing employment protection and strong financial incentives for whistleblowers mean that firms can expect a steady rise in whistleblower complaints and a higher risk of regulatory investigations based on complaints to regulators.

June 2013 - Private antitrust damages actions and collective redress: Commission takes charge
The Commission has published its much awaited proposals on private damages actions. Once transposed some measures, such as a presumption that cartel conduct leads to harm, will make it easier for claimants to bring antitrust damages actions against parties who have breached competition laws, including financial services providers.

June 2013 - ISDA drafts model arbitration clauses for use with Master Agreements
The International Swaps and Derivatives Association (ISDA) (advised by Allen & Overy) has published six alternative model arbitration clauses for use with the 1992 and 2002 ISDA Master Agreements, along with guidance about incorporating an arbitration clause successfully into a Schedule to a Master Agreement.

June 2013 - Green light for EU bonus cap proposals
EU legislators have given the green light for EU-level rules to cap bankers’ bonuses as part of the “CRD4” reform package. The bonus cap will be set at 100% of fixed pay, with the possibility to allow bonuses of up to 200% of fixed pay with shareholder approval.

Mar 2013 - European Sanctions Regime set-back 
The EU General Court annulled the EU targeted financial sanctions regime in so far as it applied to Bank Mellat. In one of a growing number of similar cases, the European Council (the Council) was unable to satisfy the court that it had sufficient reasons and evidence against Bank Mellat on which to justify its decision to impose sanctions. This decision, and other similar cases, may have major consequences for the European sanctions regime.

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