Banking & Finance

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Recent Articles

  •  
    16/05/2024
    United Kingdom

    ESMA releases Final Report on Guidelines for fund names using ESG or sus­tain­ab­il­ity-re­lated terms

    On 14 May 2024, ESMA released its Final Report setting out its finalised guidelines (the “Final Report Guidelines”) on the use of ESG and sustainability-related terms in investment fund names. Following the incorporation of feedback received from stakeholders and market participants to the proposals in the Consultation Paper released on 18 November 2022 (the “Consultation Paper Proposal”), several changes have been made to the Guidelines – which we summarise below.ESMA considers that fund names, as the first information seen by investors, can materially impact investors’...
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  •  
    15/05/2024
    Romania

    Romania unveils state aid scheme to boost private investments

    The Romanian government has introduced a EUR 450 m state aid scheme to incentivise investments across key sectors of the Romanian economy.The core objective of this initiative is to provide non-repayable funding to private enterprises undertaking investments with a substantial impact on the economy. These investments must surpass the threshold of RON 50 million (EUR 10 million) in eligible costs and focus on innovation and sustainability. The scheme is designed to stimulate economic growth by supporting ventures aligned with Romania's long-term development goals.To qualify for funding, companies...
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  •  
    14/05/2024
    Hungary

    EU introduces criminal offences and penalties for sanctions violations

    Criminal offencesUnder the Directive, the following conduct constitutes a criminal offence when committed intentionally and in violation of restrictive measures or a national provision implementing restrictive measures:making funds or economic resources available directly or indirectly to, or for the benefit of, a designated person, entity or body;failing to freeze funds or economic resources belonging to or owned, held or controlled by a designated person, entity or body;enabling designated natural persons to enter into, or transit through, the territory of a EU member state;entering into or continuing...
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  •  
    13/05/2024
    Hungary

    UK's Accession to the 2019 Hague Convention to ensure enforcement of UK court judgments

    In January 2024, the UK acceded to the 2019 Hague Convention, which unequivocally permits the enforcement of UK court judgments, regardless of whether a jurisdiction clause is exclusive/symmetrical.The UK’s accession to the 2019 Hague Convention brings clarity and certainty regarding certain types of jurisdiction clauses and the enforcement of UK court judgments in other countries in the aftermath of the UK’s departure from the EU in 2020.As a reminder, prior to BREXIT on 31 December 2020, the UK through its EU membership was party to the Lugano Convention, which facilitated the enforcement...
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  •  
    07/05/2024
    Luxembourg

    CSSF publishes Q&A on the new requirements for credit institutions on Lombard credit

    On 29 March 2024, the CSSF released a question and answer regarding the provisions of Circular CSSF 22/824 (the “CSSF Q&A”) for the application of the Guidelines of the European Banking Authority on Loan Origination and Monitoring (the “EBA Guidelines”). Under the CSSF Q&A, Lombard loans mean loans collateralised by securities pledged for the benefit of the lending institution, which may enforce the pledge and sell the collateral in the case of a breach of the terms of the loan agreement by the borrower. The pledged securities must be sufficiently diversified...
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  •  
    24/04/2024
    Spain

    Parliamentary proceedings begin to create the Independent Administrative Authority for the Defence of Financial Customers

    On April 5, the draft law for the creation of the Financial Customer Defence Authority was published in the Official Gazette of the Spanish Parliament.1. INTRODUCTIONThe current text being processed includes modifications introduced in the previous legislature´s parliamentary procedure and which were supported by the majority of MPs. These modifications include the financing of the new Authority by financial institutions and the possibility of appealing binding decisions before the civil courts, thus guaranteeing the protection of financial clients.The Authority aims to resolve complaints...
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