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EU Regulators Reject Appeal On TV Script Complaint Ruling
Law360, London (January 15, 2021, 11:30 AM GMT) Europe s top regulators have dismissed an appeal for the third time in a case brought by an individual who has accused the bloc s banking watchdog of failing to stop intellectual property violations linked to a television script he wanted to sell to streaming giant Netflix.
The board of appeal of the European Supervisory Authorities said Friday it has dismissed the case, brought by Jeffrey Howerton, because the complaints about intellectual property breaches fall outside the remit of the watchdog, the European Banking Authority. The EBA is one of the three supervisory authorities.
Thursday, January 7, 2021
31 December
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have.
30 December
In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021.
28 December
The Prudential Regulation Authority ( PRA ) published a policy statement (PS29/20) on the implementation of the CRD V Directive (EU/2019/878) (
CRD V ).
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.
With the UK and EU having announced the breakthrough on its Trade and Cooperation Agreement (
TCA) the next steps for financial services firms will be if policymakers will turn to granting a decision on equivalence for a “third country”. From January 1, 2021, the UK will, following the end of the Brexit-transition period and the TCA, be treated by the EU as a “third country”. The EU has been reluctant to indicate whether it would grant an equivalence decision irrespective of the UK having implemented EU financial services legislation but having stated it would diverge in defined areas going forward.
EU legislation refers to those jurisdictions that are not part of the European Economic Area (
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 (“
ESMA announces 10 Year Anniversary Conference 22 December 2020
Corporate Information
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will turn 10 on 1 January 2021 and, as part of our anniversary celebrations, we will host an online conference on 23 March to reflect on the progress the Authority has made as a financial regulator and look to its future.
ESMA starts its second decade as a mature market supervisory authority and a key component of the EU’s regulatory framework together with the other European Supervisory Authorities and the European Systemic Risk Board. Over the last 10 years, ESMA has pursued its objectives of protecting investors and ensuring orderly and stable markets by completing the single rulebook for EU financial markets, supervising EU-wide entities directly, conducting risk assessments and promoting supervisory convergence across EU member states.