Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
When can a state claim immunity from legal proceedings and enforcement of a judgment in courts that are not its own? Most legal systems recognize that, at least in some circumstances, the courts are not the appropriate forum for resolving disputes involving states. In the worst case scenario, this can leave a creditor without a remedy against a defaulting state.
We have produced a global guide to ‘State immunity’ as part of our NRF Institute, which sets out the essential information needed by financial institutions lending to, or by corporates transacting with, sovereign entities. It contains answers to the key questions presented country by country and in a comparative format.
You can use the guide to:
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On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).