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Global | Publication | April 8, 2016
The new bail-in rules that generally took effect in January 2016 are the European Union’s response to the 2008 global financial crisis and the “too big to fail” regime. The EU Bank Recovery and Resolution Directive (2014/59/EU) requires that EU member states implement a similar legal framework whereby failing financial institutions will not look to public stakeholders for a “bail-out.” European regulatory authorities can force these failing institutions to cancel or severely dilute shareholder equity or to cancel, write-down or convert unsecured liabilities to equity. Such regulatory action is referred to as a “bail-in.”
Publication
On 26 January 2023, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA Digital Asset Derivatives Definitions (the Digital Asset Definitions) together with the Exhibits to the Digital Asset Definitions (the Digital Asset Confirmations and, together with the Digital Asset Definitions, the Digital Asset Derivatives Documentation).
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In this third issue of our Compliance Quarterly, we continue to inform our clients about the global and local compliance rules and regulations which impact Turkish businesses.
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On 10 January 2023, the European Commission (Commission) published draft guidelines on the application of a new EU antitrust exemption for sustainability agreements involving producers of agricultural products (the draft Guidelines).
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