Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
As we start the new year, it is worthwhile to take a look back at what was driving the restructuring environment in 2019. The world economies were favorably impacted by supportive monetary policy in the United States and other countries and buoyed as well by strong consumer and government spending. The most negative factors were the uncertainty created by the lack of resolution of Brexit in the UK and the continued trade tensions between the US and China. These issues are likely to persist in the new year. The take-away for 2019 was that no recession occurred (at least in the US) but growth in gross domestic product globally slowed and slipped to 2.3% from 3% in 2018.
What to expect in 2020 is anybody’s guess. Political uncertainty abounds, with impeachment proceedings and a presidential election looming in the US and instability and tension globally, particularly now in the Middle East. At the very least, US chief executives are getting worried about a recession. As recently reported in The Wall Street Journal, according to a recent survey, “fear of economic decline” topped their list of concerns for 2020. CEOs reported uncertainty around a host of issues, from trade to climate change, which has exacerbated their anxiety.
This global economic uncertainty for 2020 only makes it more imperative to stay on top of restructuring developments throughout the world. In this issue we look at restructuring changes across the Norton Rose Fulbright network: in the Netherlands, Canada, Australia and the UK, not to mention an article on further revisions to India’s bankruptcy laws.
All the best for 2020 and enjoy the issue.
Financial Restructuring and Insolvency
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).