Overview of the current legal market in France and recent developments

French authorities and regulators have exhibited constant interest for FinTechs, which are driving technological innovation and providing additional financing sources . François Villeroy de Galhau, Governor of the French central bank and Chairman of the French banking regulator, said in 2017 that “the digital revolution is creating challenges but also incredible opportunities that are just waiting to be seized, whether by FinTechs themselves, by the entire financial system – banks and insurers – or by the French and European economy as a whole.” Regulations implemented in the last few years demonstrate French regulators’ commitment to quickly establish appropriate frameworks that foster the development of FinTech companies while ensuring investors’ protection. [Continue Reading]

2018 has seen a series of marked advancements towards the growth, maturity and consolidation of the fintech market, in its many facets – but it is in our view still only in the early stages of its overall growth curve. [Continue Reading]

The legislation regulating public procurement procedures in the EU is the Directive 2014/24/EU, which repealed Directive 2004/18/EC. In Cyprus the Directive has been transposed into national law under the Law no. 73(I)/2016 (hereinafter “the Law”). Under Article 57 the Law refers to public procurement procedures which entail, inter alia, the grounds for exclusion of economic operators. Article 57 of both the EU and national law serves as a guide to national authorities when deciding on the possibility of excluding economic operators who have placed bids on public tenders, whilst concurrently serves as a guidebook to economic operators as to what behaviours to avoid in order not to be excluded. [Continue Reading]

Malta’s proactive approach towards asserting itself as a leader in the regulation of virtual financial assets

Anyone taking even the slightest interest in FinTech over the past few years would be very much aware of the increased adoption of cryptocurrencies, ICOs and utility tokens as alternative methods of raising finance or creating a challenge to the world’s standard ‘fiat’ currencies. These phenomena are not entirely new, with cryptocurrencies having risen from the proverbial ashes of the 2008 financial crisis. However, the increasingly widespread adoption of cryptocurrencies, which ostensibly create a medium of exchange that could challenge regular government issued money, have made them central to national and international efforts to address these phenomena through proper legislation and regulation. Perhaps – many argue – too little too late. [Continue Reading]

Losing the ‘one-stop-shop’: the real cost of a dual UK/EU merger process post-Brexit

With only a matter of months left before the UK officially leaves the EU, the Government is no clearer as to what a deal (if indeed there is one) will look like.  Meanwhile businesses across the country remain largely in the dark as to what Brexit will mean in practice.  This is particularly problematic for companies planning their corporate M&A strategy.  The statistics suggest that Brexit has not resulted in the expected downturn in merger activity.  However, if the UK is no longer a member of the European Economic Area (EEA), then there will be no ‘one stop shop’ for mergers at the EU level and a separate review may need to be carried out by the UK Competition and Markets Authority (CMA).  This means merger notification may be required to both the European Commission (Commission) and the CMA.  Although the UK regime is voluntary, notification is advisable if competition issues are likely to arise.  This will result in a significant increase in transaction costs, time and administration for UK companies faced with an additional merger filing.  There is also potential uncertainty as UK companies face possibly divergent or inconsistent decisions.

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Since late August 2018, against a backdrop of growing concern over the prospects for the Brexit negotiations as the clock ticks down, the UK has published batches of ‘Technical Notices’₁ on the steps it is taking, and what steps organisations and individuals should consider taking, to prepare for the possibility of a ‘no deal’ Brexit. This article assesses the risk of ‘no deal’, when it will be clear whether it will materialise and what steps companies should consider taking to prepare. [Continue Reading]

Clifford Chance’s Claire Freeman, Philip Hill and Jeremy Kosky consider key issues when dealing with claims against directors, including tips for
in-house counsel before and after litigation arises.

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The asymmetric approach

King Pyrrhus of Epirus famously said: ‘If we are victorious in one more battle with the Romans, we shall be utterly ruined.’ He was talking in 279 BC about the large number of soldiers he had lost in the battle of Asculum, but today he could just as easily have been referring to the high cost of litigation, or the pitfalls of winning the legal battle inside the courtroom at the expense of losing the communications war outside it.

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