The phrase "State Aid" is used every day in business. But the phrase has a technical meaning in European Union law. So what does the concept mean in EU law?
EU, Competition & ProcurementIreland’s government has said it will empower the country’s antitrust enforcer to fine companies for anticompetitive conduct, although it still faces significant opposition and constitutional challenges.
EU, Competition & ProcurementAmendments to the UCITS and AIFMD legislative frameworks have been proposed on sustainability risks and sustainability factors to be taken into account for UCITS and AIFMs.
Asset Management & Investment Funds
By dramatically curtailing many economic activities in Ireland and across the world, COVID-19 has had significant consequences for consumers and financial service providers.
COVID-19
Following political and media focus on insurers' approach to COVID-19 business interruption claims, the Central Bank of Ireland has published its COVID-19 and Business Interruption Insurance Supervisory Framework.
COVID-19Domestically, the CBI published an updated guidance note on completing an application for authorisation as a retail intermediary; At European level, the European Commission has launched a public consultation as part of its review of the key elements of Solvency II.
Financial RegulationDomestically, the CBI has published a notice of intention in relation to the application of the ESMA guidelines on liquidity stress testing in UCITS and AIFs; At European level, the European Commission has published an updated notice to stakeholders concerning Brexit and EU rules in the area of post-trade financial services.
Financial RegulationDomestically, there was strong focus on the impact of COVID-19 on the financial sector generally, in the immediate and longer term, as well as the impact of COVID-19 on the wider economy; At European level, the European Commission also published a roadmap for sustainable finance.
Financial RegulationDomestically, the CBI has published its regular markets update; At European level, ESMA postponed a number of implementation dates due to COVID-19, such as the implementation date for the CSDR settlement scheme. ESMA also published a number of reports and updates as the half-year mark has passed.
Financial RegulationDomestically, the banking sector is focused on COVID-19 as the pandemic continues; At European level, here was a focus on MREL this month, culminating in the publication of final draft ITS on 3 August 2020. COVID-19 continues to be prominent, with authorities issuing a number of statements and guidelines aimed at combatting the economic fallout of COVID-19
Financial RegulationMany employers have recently been reviewing their annual leave policies and addressing employees' annual leave requests, in circumstances where travel restrictions have been in place during the current pandemic.
Pensions & IncentivesThe scheme of arrangement of Nordic Aviation Capital DAC had a number of innovative features and is another clear endorsement the scheme process can be used to implement complex, cross border restructurings.
Restructuring & Insolvency
