European Union
Why not bank loans to EU startups?
One way to boost the digital economy in the EU would be to help banks making loans to new businesses. To do this, the institutions themselves need to know about venture debt and other possible products, and the European and national authorities need to support a stable legal framework adapted to the business environment including the area of bank finance.Spanish Ministry of Finance opens public consultation period for intra-Community VAT amendments set to come into force on January 1
Ministry of Finance has published a draft law and a preliminary bill for a royal decree to implement in Spain the EU provisions introducing changes in relation to VAT in intra-Community trade in goods and opens the period for comments and public information. The time limit for sending comments on the instruments is October 18.The outcome of the IRPH litigation against Spanish banks could have European-wide consequences
On September 10, the Advocate General (AG) issued his opinion on a preliminary ruling to be rendered by the Court of Justice of the European Union (CJEU) regarding a lawsuit in Spain over the validity, under the European directive on unfair terms in consumer contracts (Directive 93/13), of a contractual clause referencing a local interest rate benchmark in floating rate residential mortgage loans. The press has regarded the opinion as unfavorable to the banks. If upheld by the CJEU, it could mark a turning point in the underlying lawsuits. A final negative outcome could provoke massive losses for a number of Spanish banks with the possibility to accelerate a wave of domestic and European bank mergers.No deal Brexit: towards a 50 billion euros international lawsuit?
A no deal Brexit could prompt legal action by the European Union against the UK to claim payment of the financial obligations it assumed before its exit. This massive lawsuit, over a sum possibly in the region of 50 billion euros, could have extremely serious implications for the UK as a sovereign state.EURIBOR: the worst has been avoided, though much remains to be done
Two crucial steps for orderly implementation of a new EURIBOR benchmark compliant with the European Benchmarks Regulation (BMR) have just taken place. One is the authorization of EURIBOR administrator EMMI, and the other, the recent publication of the official statement describing the methodology and other technical specifications for the benchmark. These milestones are very important, but there continue to be legal risks and everyone would be well advised to pay more attention than ever before to how things unfold in the coming months.The European Commission initiates an infringement proceeding against Spain due to form 720
On Thursday, June 6, 2019, the European Commission decided to refer Spain to the Court of Justice of the European Union for “imposing disproportionate penalties on Spanish taxpayers for the failure to report assets held in other EU and EEA States (Modelo 720)”, according to a press release just published.Brussels approves CRD V containing new legislation on remuneration
On May 20, 2019, the presidents of the European Parliament and the European Council signed the Directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (CRD V). The final version of CRD V is available here.