Columbia Law School
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European Union
“Centros,” California’s ‘Women on Boards’ Statute, and the Scope of Regulatory Competition
It has been 20 years since the European Court of Justice issued its decision in Centros Ltd. v. Erhvervs – og Selskabsstyrelsen (Centros). Since that time, Centros has been widely understood as shifting the European Union (EU) from …
Protecting Against Protectionism in EU M&A
In a recent paper, we explore EU law covering EU cross-border mergers. These are typically more difficult and costlier than purely national mergers. Additionally, political hurdles can exist. In a time of global political and institutional transformations away from …
The Future of Data Driven Finance: Financial Regulation, Data Regulation, and RegTech
Fifty years ago, banking was a relationship business. Bank managers collected information about depositors and borrowers from all sorts of sources, formal and informal. In recent decades, credit decisions have become far more data-driven, with companies like Amazon and the …
Brexit Fools’ Day
March 29 was meant to be Brexit Day, marking the UK’s departure from the EU. Instead, it was yet another day of Brexit high drama as Prime Minister Theresa May’s Brexit deal was voted down for a third time, leaving …
The Brexit Twilight Zone
More Brexit chaos unfolded last week as the UK Parliament voted (1) for a second time to reject Theresa May’s Brexit deal, (2) to reject a no-deal Brexit and (3) in favor of Brexit delay. Yet these actions seem to …
March Madness – Brexit Edition
The countdown to Brexit on March 29 brings new twists and turns every day. On Wednesday, the UK’s House of Commons voted on amendments to the Brexit process, establishing a March timetable for decisions on whether to seek a deal, …
Debevoise & Plimpton Discusses Responsible Investment as an Opportunity for European Funds
European private equity fund managers are well aware that demonstrating a commitment to responsible investment is becoming an essential component of a smooth and successful fundraising. Regulation is only one of the drivers for that change, but it is an …
Gibson Dunn Discusses Draft Divorce Deal on Brexit
Negotiators for the European Union and the United Kingdom have agreed a 585-page draft withdrawal agreement (the “Withdrawal Agreement”). A copy of the Withdrawal Agreement can be found here.
The draft Withdrawal Agreement sets out how and …
The Identity Challenge in Finance
Identity is fundamental in finance. At a time when huge TechFins like Amazon are making inroads into the financial services industry, major questions are arising as to the most effective methods of customer identification and meeting Know Your Customer obligations …
Skadden Discusses Merger Reviews and Antitrust Inquiries in Case of “No-Deal” Brexit
As the U.K.’s March 29, 2019, exit date from the European Union approaches, companies involved in merger reviews or antitrust investigations should pre-emptively address the risk of a “no-deal” Brexit.
Both the U.K. and EU have antitrust laws that can …
Can Companies and M&A Law in Europe Adapt to the Market for Corporate Control?
Takeover regimes in Europe have been under persistent scrutiny by the public, politicians, and market participants. Sometimes, that is just the nature of the game: Takeovers create winners and losers, and the latter (with the help of their champions and …
Arnold & Porter Compares New California Privacy Law With the EU’s Privacy Regime
On September 23, 2018, the governor of California signed into law an amended version of the California Consumer Privacy Act of 2018 (CCPA),[1] which was originally enacted in late June 2018. The amendments are a partial response to extensive …
Gibson Dunn Discusses How Brexit Will Affect Financing and Documentation
Since the result of the Brexit referendum was announced in June 2016, there has been significant commentary regarding the potential effects of the UK’s withdrawal from the EU on the financial services industry.
As long as the UK is negotiating …
Gibson Dunn on Why the UK Is Heading for a “Soft Brexit”
Our discussions with politicians, civil servants, journalists and other commentators lead us to believe that the most likely outcome of the Brexit negotiations is that a deal will be agreed at the “softer” end of the spectrum, that the Conservative …
Covington & Burling on the UK’s “No-Deal” Competition and Merger Guidance
The UK Government published its highly-anticipated technical guidance on merger review and anti-competitive activity on 13 September 2018 which will apply in the case of a ‘no-deal’ Brexit (the ‘Guidance’). Although brief, it provides market players with some form of …
Addleshaw Goddard Discusses a “Hard” Brexit’s Implications and Practical Solutions
At 11 pm on March 29, 2019, the United Kingdom will leave the European Union. In the absence of a material change of trajectory in the Brexit negotiations, it is likely that the investment management industry will find itself grappling …
How to Achieve Equivalence of Financial Regulation in the EU and UK Post-Brexit
As the March 29, 2019 deadline approaches, the United Kingdom prepares its withdrawal from the European Union amidst political turbulence that would suit a television drama.[1] Center stage is what to do about the financial services industry. For the …
Debevoise Discusses the U.S. CLOUD Act and Europe’s Response
Electronically stored data play a vital role in criminal investigations. The framework for the transfer of such data across national borders continues to be difficult to navigate. Recent legislative developments in the United States and the European Union signal a …
Legal Insider Trading in Europe Makes the Case for Enforcement
Evidence about the relative importance of private and public enforcement of securities laws for financial markets is inconclusive. The recently introduced Market Abuse Directive (MAD) (2003/6/EC) sets a European Union (EU) standard for regulation of insider dealing and market manipulation. …