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View from Europe

Opinion piece

Using artificial intelligence to fight financial crime - a legal risk perspective - Feb 2018

Other threats and opportunities for banks  



- Internal investigations documents seised in lawful law firm raid (October 2018)

- Getback - reform of Polish corporate bond market (October 2018)

- Cautious progress from EU on crypto-assets and ICOs in wide-ranging Fintech Action Plan (May 2018)

- GDPR and data protection issues in cross-border regulatory investigations (May 2018)

- Increased enforcement risk in intra-EU investment treaty arbitration (May 2018)

- Coordinated foreign direct investment screening proposed for EU Member States - Nov 2017

- View from Europe: Countdown to the application of the Benchmarks Regulation (Jul 2017)

- The Recast European Insolvency Regulation (Jul 2017)

- Corporate criminal liability risk increases for financial services (Nov 2016)

- Benchmark compliance shifts up a gear: the EU Benchmarks Regulation enters into force (Jul/Aug 2016)

- Alternative Performance Measures (APMs): Impact of Omnibus II and ESMA Guidelines on debt prospectuses and timing of transactions (Jul/Aug 2016)

- European freezing orders over bank accounts – coming soon (Jul/Aug 2016)

- PRIIPS (May 2016)

- Cross-border recognition of resolution stays - significant compliance challenges on the horizon (May 2016)

- Cybersecurity and risk management (May 2016)

- New financial consumer protection rules (May 2016)

- Get ready for new data protection rules: EU General Data Protection Regulation (Jan 2016)

- Cybersecurity: New EU rules (Jan 2016)

- Debt programme and standalone prospectuses: modernization of the Prospectus Directive (Jan 2016)

- Mandatory clearing under EMIR: are you ready? (Jan 2016)

- SFTR: New EU regulation set to hit securities financing and wider collateral markets (Jan 2016)

- Continuing uncertainty regarding hybrid jurisdiction clauses in Europe (Jan 2016)

- PRIIPs – the new frontiers of disclosure (Jan 2015)

- EMIR – one step closer to clearing (Jan 2015)

- New European Regulation on the freezing of bank accounts (Oct 2014)

- The end of the road for "one-way" jurisdiction and arbitration clauses? (June 2014)

- The new European Account Preservation Order – a nightmare for defendants and a litigant's dream? (Jan/Feb 2014)

- Europe Plans for a pan-European Freezing Order – an update (Oct 2013)

- Debt programme updates/establishments and the new Prospectus Directive (PD) regime - an update (July 2013)

- Regulation on OTC derivatives, central counterparties and trade repositories ((EMIR) (May 2013)

- EU transaction tax (May 2013)

- Margin requirements for non-centrally cleared derivatives (May 2013)

- Regulation on OTC derivatives, central counterparties and trade repositories ((EMIR) (May 2013)

- Debt programme updates / establishments and the new Prospectus Directive (PD) regime - an update (May 2013)


- Distribution of PRIIPS in Belgium - Advance notification of the KID to the Belgian FSMA (Feb 2018)

- New oversight regime for payment transactions processing entities operating in Belgium (Jul 2017)

- FSMA provides guidance on the application of rules on unfair contract terms to investment instruments offered or distributed to consumers in Belgium (Apr 2017)

- Belgium: More bans on the distribution of derivative financial instruments to retail clients (Dec 2016)

- Insurance, business continuity and anti-money laundering (May 2016)

- Consumer and mortgage credit providers and intermediaries: new regulatory and supervisory regime (Jan 2016)

- FSMA new guidelines on self placements by financial institutions (Oct 2015)

- Scope investor protection rules extended to include alternative investment products (Jan 2015)

- New rules on marketing financial products to consumers and a new Banking Law (Oct 2014)

- Belgium Essentials on Twin Peaks II (Oct 2013)

- Twin Peaks II announced by Belgian government: plans to increase consumer protection and strengthen supervisory powers of the Financial Services and Markets Authority (FSMA) (May 2013)

Czech Republic

- Proposal to introduce class actions into Czech law (Feb 2018)

- Appeals of fines imposed by Czech regulators may result in worse penalties (Nov 2017)

- Reduced risk relating to OTC derivatives with public sector entities (Nov 2017)

- Changes for creditors in Czech insolvency proceedings (Apr 2017)

- New law brings uncertainty in relation to OTC derivatives and certain other contracts concluded with public sector entities (Jul/Aug 2016)

- Automatic notifications from the Czech Insolvency Register not to be relied upon (Oct 2015)

- Security for future and contingent debts ineffective on Czech insolvency (Jan 2015)

- New Czech Civil Code and Act on Business Corporations – old risks replaced by new ones (Jan 2014)


- France: New rules for the prosecution of market abuse and tougher sentences for insider trading (Dec 2016)

- France catches up with UK and U.S. anti-bribery laws: significant reform underway (Jul/Aug 2016)

- Changes to French contract law – key points for negotiators and drafters (May 2016)

- Application of the double jeopardy prohibition to a deferred prosecution agreement in the Oil For Food case (Oct 2015)

- Landmark decision in French market abuse cases (June 2015)

- Validity of one-way jurisdiction clauses: the French Supreme Court confirms the Rothschild decision (June 2015)

- The proposed French banking resolution rules and their impact on derivatives (May 2013)


- Internal investigations documents seised in lawful law firm raid (October 2018)

- Risk disclosure obligations - new leverage for borrowers of structured loans (May 2018)

- Amount of corporate fines depends on existence of effective compliance systems and reaction to misconduct (Nov 2017)

- German courts dismiss Greek government bondholders’ claims against Greece on state immunity or jurisdiction grounds (December 2016)

- BaFin reduces risks under BGH judgment on netting agreements (July/August 2016)

- Germany Federal Court defines exceptions from disclosure obligations regarding swaps (May 2016)

- Disclosure obligations: swaps and municipalities (June 2015)

- New German Investment Ordinance passed: what has changed? (June 2015)

- Loan origination and loan restructuring by German AIFs - BaFin's new approach (June 2015)

- German draft act: contractual recognition of resolution authorities' powers and changes to insolvency waterfall (June 2015)

- German Federal Court of Justice decides on limitation period for consumers reclaiming administrative fees in loan agreements (Jan 2015)

- Plans to implement MiFID II product governance rules including for EU/EEA branches in Germany (Oct 2014)

- Federal Court of Justice confirms banks now obliged to disclose all commissions when advising clients (Oct 2014)

- Requalification risk of infrastructure vehicles (ProjectCos) as Alternative Investment Funds (AIFs) - consequences for financing arrangements (June 2014)

- Federal Court of Justice: banks must disclose that open-ended property investment companies may suspend the redemption of units (June 2014)

- Federal Court of Justice finds administrative fee clauses in consumer loan agreements to be invalid (June 2014)

- Federal Court of Justice: termination clauses in case of insolvency are invalid (July 2013)


- FX loans in Hungary – invalidity of FX gap and beyond (Oct 2013)


- New whistleblowing rules in Italy (Feb 2018)

- MiFID II and MIFIR (Nov 2017)

- New laws in force – close-out netting in wholesale energy markets (Nov 2017)

- New Italian legislation prohibiting local authorities from entering into derivatives contracts (Jan/Feb 2014)


- Changes to the Luxembourg professional secrecy regime (May 2018)

- Luxembourg securitisation vehicles: new exemption threshold for statistical reporting obligations (Jan/Feb 2014)

- New “cooperative” covered bonds introduced under the amended covered bond framework (Oct 2013)

The Netherlands

- Changes to the Dutch third country regime resulting from MiFID II (Feb 2018)

- Changes to rules on public warnings and publication of administrative sanctions (Nov 2017)

- Enhanced scrutiny of trust offices and forthcoming amendments to the Dutch Trust Offices Supervision Act (Jul 2017)

- Obligation to notify serious cybersecurity incidents might expose banks to new risks (Apr 2017)

- Draft legislative proposal to increase the transparency of financial supervision ("naming and shaming") (December 2016)

- Changes in the procedure for suitability and integrity screening by financial institutions' policymakers (July/August 2016)

- Expansion of Dutch renumeration rules: applicability to branches in the Netherlands (May 2016)

- What's new in the Dutch mortgage credit market? (Jan 2016)

- New legislation protecting holders of derivatives positions against bankruptcy of an intermediary (Oct 2015)

- Expected 20% bonus cap for all staff (Oct 2014)

- Update on the position of Dutch Group Finance Companies (June 2014)

- Ban on inducements for investment firms in the Netherlands (Jan/Feb 2014)

- Proposal for the 2015 Financial Markets Amendment Act published for consultation (Oct 2013)

- New Dutch regulator (AFM) policy rule on notification obligation for gross short positions (July 2013)

- Third party inducement bans in the Netherlands (May 2013)


- Getback - reform of Polish corporate bond market (October 2018)

- Recent developments in the regulation of the cryptocurrency exchanges and cryptocurrency trading in Poland (May 2018)

- Higher risk weighting for exposures secured by mortgages on residential properties (Feb 2018)

- Client transaction execution services in Poland – risk of reclassification and increased duties (Jul 2017)

- Poland: Concerns regarding the Polish implementation of BRRD (December 2016)

- The short selling regime in Poland - an update (June 2015)

- Implementation of Corporate Governance Rules for Polish regulated entities (Jan 2015)

- CRD4 implementation on the way in Poland (June 2014) 

- First steps towards implementation of the AIFMD in Poland (Jan/Feb 2014)

- The reform of open pension funds in Poland (Oct 2013)

- Legislative proposals aim to change the Act on Trading in Financial Instruments (July 2013)

- Polish implementation of the 2010 Amending Directive to the Prospectus Directive (May 2013)


- Lending to green energy producers in Romania – rule changes (Jul 2017)

- Giving in Payment law affects enforcement of consumer loans (Apr 2017)

- Real estate lending – enhanced protection for consumers (December 2016)

- Legal Developments (July/August 2016)

- Legal developments (Jan 2016)

- Legal Developments (Oct 2015)

- Amendment of the Banking Ordinance - reintroduction of prohibition on tied sales (June 2015)

- Municipalities in financial difficulties may benefit from a more lenient enforcement regime (Jan 2015)

- Legal developments (Oct 2014)

- Legal developments In Romania (Jan/Feb 2014)

- Legal developments In Romania (Oct 2013)

- New insolvency regime for local governments (July 2013)

- New financial supervisory authority (FSA) (May 2013)

Russian Federation

- Ukraine crisis and sanctions (June 2014)

- Reform of Russian Supreme Court system – creation of an integrated Supreme Court (Jan/Feb 2014)

- Derivatives under Russian law – a new risk area? (July 2013)


- Increased risk for non-Slovak finance parties doing business with Slovak public entities


- Reopening floor clause mortgage claims in Spain

Key people

Fabrice Faure-Dauphin
Fabrice Faure-Dauphin
Telephone icon+33 (0)1 40 06 53 93
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Brice Henry
Brice Henry
Telephone icon+33 (0)1 40 06 55 51
Send email
View officeView profile

Previous opinion pieces

Europe-wide asset freezing to increase – banks must be ready Contributed by Sarah Garvey and Christabel Constance, Dec 2016

CMU- securitisation - the real challenges of legislative proposals Contributed by Fabrice Faure-Dauphin and Nicole Rhodes, Jan 2016

Greek financial crisis - what next?
Contributed by Yannis Manuelides & Marialeta Moumtzoglou, Jun 2015

Improper information exchange: fending off the unwanted advances
Contributed by Philip Mansfield, John Roberti & John Terzaken, Jan 2015

All change: BRRD, SRM and ring-fencing of risks – significant amendments to the German bank recovery and resolution regime
Contributed by Bernd Geier & Laura Druckenbrodt, Oct 2014

Banking Union: not quite a way to Damascus but a good path to Brussels
Contributed by Fabrice Faure-Dauphin, Jun 2014

The European System of Financial Supervision (ESFS) was initiated five years ago and has now been in operation for two years
Contributed by Fabrice Faure-Dauphin, Mar 2014

Marketing investment funds in the EU after AIFMD – a door ajar?
Contributed by Brice Henry , Oct 2013

CRA III and the over-reliance on rating in question
Contributed by Fabrice Faure-Dauphin & Hortense Atthenont , July 2013

The alternative French de minimis Liikanen approach
Contributed by Brice Henry, Jan 2013

Banks single supervisory mechanism
Contributed by Fabrice Faure-Dauphin, Jan 2013

Proposal to reshape banking supervision in the euro area
Contributed by Fabrice Faure-Dauphin, Oct 2012

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