Publication
Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
Global | Publication | September 2015
Welcome to our latest Financial Services Newsflash, our alert service that details the latest information and news on areas affecting:
and all other significant news relevant to the financial services sector. In particular, we cover recent European and national legislative proceedings as well as key regulatory developments.
As of 1 October 2015 European branches of EU credit institutions (EU-Branches) providing harmonised activities under the so-called European Passport shall no longer be subject to host-state supervision relating to liquidity coverage requirements.
This means that EU-Branches will no longer have to comply with the national liquidity regimes of their respective host-state, i.e. in Germany with Sec. 11 of the German Banking Act (Kreditwesengesetz – KWG) and the corresponding Liquidity Regulation (Liquiditätsverordnung – LiqV). Instead, they shall be covered by the liquidity coverage rules applicable to the credit institution as a whole, i.e. at the head office level in the respective home Member State.
This is due to the fact that the EU Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 will apply as of 1 October 2015.
The corresponding changes in the KWG have not yet been implemented, but are already subject of on-going legislative proceedings (Draft of the Act on Resolution Mechanisms – Abwicklungsmechanismusgesetz). However, it is reported that the competent German supervisory authority (the BaFin) will not require compliance with the German host-state liquidity requirements as of 1 October 2015.
The Financial Services Team will keep you updated on further developments and is happy to assist you in the course of the implementation of the new requirements.
Publication
The last several years have seen rapid growth in the Middle East.
Publication
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