On 6 December 2013, the Presidency of the EU Council published its latest compromise proposal (17410/13) with respect to the single resolution mechanism (SRM). Changes to the previous compromise text (17055/13) are highlighted in bold and underlined. The Council has also published a Presidency report (17411/13)  dated 6 December 2013 detailing key outstanding issues relating to the SRM […]

On 2 December 2013, the Council of the European Union published a press release announcing that it has approved the Memorandum of Understanding (MoU) (15963/13) between the Council and the European Central Bank (ECB) relating to the single supervisory mechanism (SSM).  A few days earlier on 30 November 2013, the Inter-institutional Agreement (IIA) between the […]

On 28 November 2013, the Presidency of the EU Council published its latest Compromise Proposal (17055/13) with respect to the Single Resolution Mechanism (SRM).  Changes to the previous compromise text (15503/13) are highlighted in bold and underlined.

On 15 October 2013, the Court of Appeal began a 3-day hearing to examine two separate cases brought against Barclays and Deutsche Bank linked to Libor-rigging.   The UK court will consider whether the banks mis-sold products that were based upon the rate and whether attempted manipulation of Libor can invalidate a loan or other deals.  […]

The Single Resolution Mechanism (SRM) proposed by the EU Commission in July has suffered a fresh blow (see this blog for SRM background).  On 7 October 2013, an opinion from the European’s legal service sheds serious doubt on the legality of giving a new agency wide discretion to close troubled banks under EU treaties, potentially […]

On 12 September 2013, the European Parliament published a press release announcing the adoption of a package of legislative acts to set up a Single Supervisory Mechanism (SSM) for the Eurozone.  The SSM legislation was adopted with very large majorities and will bring the EU’s largest banks under the direct oversight of the European Central […]

The FT reports that the EC has abandoned plans to move LIBOR supervision to the French-based ESMA. The EC legislative proposals regarding benchmark rates are set to be unveiled next week. In their latest incarnation, London will remain the primary authority for LIBOR, although under supervision from a college of member states, itself subject to […]

The FT headlines today with a leaked opinion from the EU’s own legal service, launching a blistering attack on the EU “Tobin Tax” proposal’s extra-territorial presumption. The levy’s key and most controversial feature is the “residence principle” which seeks to tax any trades by anyone with any entity that is headquartered within the 11 subscribing […]

On 16 July 2013, the EU Presidency published a compromise proposal amending the EU Commission’s previous compromise proposal (dated 19 June 2013) relating to the Recovery and Resolution Directive (RRD). As detailed in Annex 2 to the document, the main changes address issues such as: the scope of the bail-in tool; and resolution financing arrangements.