As discussed in our previous Clients and Friends Memo
First Update”), on 24 July 2020 the European Commission (the “
Commission”) published proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “
Securitisation Regulation”)
[2] with the intention of bolstering economic recovery from the COVID-19 pandemic. The Council of the EU has now published the final text in respect of those amendments, as agreed with the EU Parliament and the Commission (the “
Final Text”)
[3]. The purpose of this Clients and Friends Memo is to highlight certain new provisions of the Final Text of general significance for the securitisation market.
The amendments to the Securitisation Regulation: (i) remove some regulatory obstacles to the securitisation of non-performing exposures (“
EU extends duty-free scheme for fruit & veg imports from Western Balkans to 2025
The European Union has extended the duty-free scheme for the import of fruits and vegetables from the countries of the Western Balkans until the end of 2025. According to the previous amendment to the regulation, the duty-free regime for imports of fruits and vegetables from the Western Balkans was to expire at the end of 2020.
In a notice in the December 21 edition of the
Official Journal of the European Union , it was stated that fruits and vegetables from Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia shall be admitted for import into the EU without quantitative restrictions and with exemption from customs duties until December 31, 2025.
Background
The Directive on representative actions for the protection of
the collective interests of consumers (2020/1828) (Directive) was
published in the Official Journal of the European Union (OJ) on 4
December 2020. It enters into force on 24 December 2020. EU
member states have until 25 December 2022 to transpose the
Directive with a further six months to apply it, meaning that
widespread collective redress procedures should be available after
25 June 2023. The Directive was presented in April 2018 by the
European Commission and is part of the EU s New Deal for
Consumers.
The Directive effectively introduces a right of collective
redress across the EU, which we previously reported on here. Once Ireland transposes the Directive,
Declaration by the High Representative on behalf of the European Union on the alignment of certain countries concerning serious human rights violations and abuses consilium.europa.eu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from consilium.europa.eu Daily Mail and Mail on Sunday newspapers.
Tuesday, December 22, 2020
[1] (the “
First Update”), on 24 July 2020 the European Commission (the “
Commission”) published proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “
Securitisation Regulation”)
[2] with the intention of bolstering economic recovery from the COVID-19 pandemic. The Council of the EU has now published the final text in respect of those amendments, as agreed with the EU Parliament and the Commission (the “
Final Text”)
[3] The purpose of this Clients and Friends Memo is to highlight certain new provisions of the Final Text of general significance for the securitisation market.
The amendments to the Securitisation Regulation: (i) remove some regulatory obstacles to the securitisation of non-performing exposures (“