European Union directives

Global E-Signature Market Forecast to 2030: Increasing Adoption of e-Signature Solutions Based on SaaS Delivery Model

Retrieved on: 
Tuesday, October 13, 2020
Computer law, European Union directives, Fields of mathematics, Clickwrap, Compound annual growth rate, Electronic Signatures Directive, Applied mathematics, Electronic signature, Articles

Around the world, the government is offering its support for the uptake of e-signature solutions, for efficiency and security in documentation processes.

Key Points: 
  • Around the world, the government is offering its support for the uptake of e-signature solutions, for efficiency and security in documentation processes.
  • While Directive 1999/93/EC was implemented by the European Union in 1999, the U.S. passed the Global and National Commerce (E-Sign) Act in 2000, to give such solutions legal validity.
  • Such measures are expected to propel the global e-signature market, which generated $951.3 million revenue in 2019, at a 24.6% CAGR between 2020 and 2030 (forecast period).
  • The clickwrap category is expected to grow at the highest CAGR in the e-signature market, of 29.3%, during the forecast period.

ESMA publishes draft rules for third-country firms under new MiFIR and MiFID II regimes

Retrieved on: 
Tuesday, September 29, 2020
European Union directives, Financial regulation, Systemic risk, Finance, Economy, Law in Europe, Directive 2014/65/EU, European Union, Directive (EU) 2016/2341, Draft:Equivalence in financial services, Directive 2011/61/EU

These draft technical standards are published following the changes to MiFIR and MiFID II regimes for the provision of investment services and activities in the EU by third-country firms, introduced by the Investment Firms Regulation (EU) No 2019/2033 (IFR) and Directive (EU) 2019/2034 (IFD).

Key Points: 
  • These draft technical standards are published following the changes to MiFIR and MiFID II regimes for the provision of investment services and activities in the EU by third-country firms, introduced by the Investment Firms Regulation (EU) No 2019/2033 (IFR) and Directive (EU) 2019/2034 (IFD).
  • These changes include new reporting requirements for third-country firms to ESMA on an annual basis, and include the possibility for ESMA to ask third-country firms to provide data relating to all orders and transactions in the EU.
  • New annual reporting requirements from branches of third-country firms to NCAs have also been introduced.
  • In accordance with Article 41(5) of MiFID II, ESMA developed:

    Next Steps

    The draft Technical Standards have been submitted to the European Commission for the adoption of the final legal text.

ESMA UPDATES Q&A's ON MIFIR DATA REPORTING

Retrieved on: 
Tuesday, September 29, 2020
Financial markets, Finance, Money, Financial regulation, Systemic risk, European Union directives, European Union, Financial Instruments Reference Database System, Directive 2014/65/EU, European Securities and Markets Authority, Esma, Issuer

28 September 2020

Key Points: 
  • 28 September 2020

    MiFID - Secondary Markets

    Supervisory convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today updated its Questions and Answersdocument on data reporting under the Market in Financial Instruments Regulation (MiFIR).

  • The newly added Q&A clarifies which LEI should be used to identify the issuer when reporting reference data on funds to FIRDS under MAR Article 4 and MiFIR Article 27.
  • ESMA has observed that the lack of a public Q&A on this matter created uncertainty and resulted in inconsistent reporting of the LEI in the issuer field of the reference data report.
  • It provides guidance to Investment Firms, Trading Venues, ARMs and Systematic Internalisers on compliance with the reporting provisions of MiFIR.

ESMA UPDATES Q&A ON MIFIR DATA REPORTING

Retrieved on: 
Tuesday, September 29, 2020
Financial markets, Finance, Money, Financial regulation, Systemic risk, European Union directives, European Union, Financial Instruments Reference Database System, Directive 2014/65/EU, European Securities and Markets Authority, Esma, Issuer

28 September 2020

Key Points: 
  • 28 September 2020

    MiFID - Secondary Markets

    Supervisory convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today updated its Questions and Answersdocument on data reporting under the Market in Financial Instruments Regulation (MiFIR).

  • The newly added Q&A clarifies which LEI should be used to identify the issuer when reporting reference data on funds to FIRDS under MAR Article 4 and MiFIR Article 27.
  • ESMA has observed that the lack of a public Q&A on this matter created uncertainty and resulted in inconsistent reporting of the LEI in the issuer field of the reference data report.
  • It provides guidance to Investment Firms, Trading Venues, ARMs and Systematic Internalisers on compliance with the reporting provisions of MiFIR.

Press release - MEPs spell out their priorities for the Digital Services Act

Retrieved on: 
Tuesday, September 29, 2020
Articles, European Union directives, European Union, Alex Agius Saliba, Economy, Electronic Commerce Directive, Digital economy, Digital transformation, Online marketplace, Digital Services Act

With the upcoming Digital Services Act (DSA), the EU aims to shape the digital economy not only at European Union level but also to be a standard-setter for the rest of the world, as it did with data protection.

Key Points: 
  • With the upcoming Digital Services Act (DSA), the EU aims to shape the digital economy not only at European Union level but also to be a standard-setter for the rest of the world, as it did with data protection.
  • Quote The Internal Market Committee rapporteur on the DSA, Alex Agius Saliba (S&D, MT), said: We live in a digital world where digital services have become the new utilities of our time.
  • Key demands What should be covered: The EU legal framework for digital services - the e-commerce directive - was adopted 20 years ago; it therefore needs to be updated to reflect the rapid digital transformation.
  • The committee recommends distinguishing between economic and non-economic activities, and between different type of digital services hosted by platforms rather than focusing on the type of the platform.
  • All digital service providers established in third countries must adhere to the rules of the DSA when directing their services to consumers or users in the EU, MEPs say.
  • Platforms and online intermediation services will need to improve their efforts to detect and take down false claims and tackle rogue traders, e.g.
  • Consumers should also be promptly informed by online marketplaces once a non-compliant product they have purchased has been removed from their site.
  • For more details on these and other recommendations, see the compromise amendments approved in the committee.

ESMA UPDATES Q&A ON MIFIR DATA REPORTING

Retrieved on: 
Tuesday, September 29, 2020
Financial markets, Finance, Money, Financial regulation, Systemic risk, European Union directives, European Union, Financial Instruments Reference Database System, Directive 2014/65/EU, European Securities and Markets Authority, Esma, Issuer

28 September 2020

Key Points: 
  • 28 September 2020

    MiFID - Secondary Markets

    Supervisory convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today updated its Questions and Answersdocument on data reporting under the Market in Financial Instruments Regulation (MiFIR).

  • The newly added Q&A clarifies which LEI should be used to identify the issuer when reporting reference data on funds to FIRDS under MAR Article 4 and MiFIR Article 27.
  • ESMA has observed that the lack of a public Q&A on this matter created uncertainty and resulted in inconsistent reporting of the LEI in the issuer field of the reference data report.
  • It provides guidance to Investment Firms, Trading Venues, ARMs and Systematic Internalisers on compliance with the reporting provisions of MiFIR.

Simpson Thacher Adds Leading UK and EU Financial Regulation Lawyer Owen Lysak

Retrieved on: 
Monday, September 21, 2020
Legal, Professional services, European Union directives, Law firms, Economy, Simpson Thacher & Bartlett, Finance, Thacher, Directive 2014/65/EU, Directive 2011/61/EU, Simpson

Simpson Thacher & Bartlett LLP announced today that Owen Lysak will join as a Partner in the London office.

Key Points: 
  • Simpson Thacher & Bartlett LLP announced today that Owen Lysak will join as a Partner in the London office.
  • Owen has extensive experience advising private funds and alternative asset managers on complex U.K. and EU financial regulatory matters, and we are very pleased to welcome him to Simpson Thacher, said Bill Dougherty, Chairman of Simpson Thachers Executive Committee.
  • Owen advises private funds, asset managers and financial institutions on U.K. and EU financial market regulations and transactions, including in relation to AIFMD, MiFID II and MiFIR.
  • Simpson Thacher & Bartlett LLP ( www.simpsonthacher.com ) is one of the worlds leading international law firms.

Transactions in own shares

Retrieved on: 
Friday, September 18, 2020
European Union law, European Union directives, Corporate governance, Transparency Directive, Corporate law, United Kingdom company law

Following the settlement of the above purchases, the Company holds no ordinary shares in treasury and has 679,726,620 ordinary shares in issue, each carrying the right to one vote.

Key Points: 
  • Following the settlement of the above purchases, the Company holds no ordinary shares in treasury and has 679,726,620 ordinary shares in issue, each carrying the right to one vote.
  • This figure should be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).

Transactions in own shares

Retrieved on: 
Tuesday, September 15, 2020
European Union law, European Union directives, Corporate governance, Transparency Directive, Corporate law, United Kingdom company law

Following the settlement of the above purchases, the Company holds no ordinary shares in treasury and has 680,251,620 ordinary shares in issue, each carrying the right to one vote.

Key Points: 
  • Following the settlement of the above purchases, the Company holds no ordinary shares in treasury and has 680,251,620 ordinary shares in issue, each carrying the right to one vote.
  • This figure should be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).

Fibralign Announces CE Mark Approval for BioBridge®

Retrieved on: 
Monday, September 14, 2020
Biotechnology, Surgery, Medical devices, Health, Oncology, CE marking, European Economic Area, European Union directives, Lymphedema, Certification mark, Medical device, Medical Devices Directive, Branches of biology, Articles, Consumer protection, BioBridge Collagen Matrix, Lymphedema, Fibralign Corporation

Fibralign Corp., a Stanford spin-out and developer of therapeutic biomedical devices, today announced that it has received CE mark for its first product, the BioBridge Collagen Matrix.

Key Points: 
  • Fibralign Corp., a Stanford spin-out and developer of therapeutic biomedical devices, today announced that it has received CE mark for its first product, the BioBridge Collagen Matrix.
  • CE mark is a certification symbol in Europe that signals conformity to patient safety and device performance standards applicable in the region.
  • The certification mark confirms that BioBridge meets the requirements of the European Medical Devices Directive, which now allows Fibralign to market BioBridge across the European Union and other CE mark countries.
  • Published preclinical studies and early clinical usage have shown that BioBridge supports the repair of damaged lymphatic vessels that causes lymphedema.