Our Eurozone Team and Banking Union Monitoring Centre

Transcription

1 Our Eurozone Team and Banking Union Monitoring Centre 2017 allenovery.com

2 2 Our Eurozone Team and Banking Union Monitoring Centre 2017 Europe s next three big regulatory topics the impact on the Eurozone Banking Union ECB Single Supervisory Mechanism (SSM) est Direct 130 banks >EUR30 billion balance sheet, or among the three largest/systemic banks in the member states Indirect ~5,500 banks <EUR30bn balance sheet Direct bank recapitalisation (ESM) est up to EUR60bn (not used yet) Single Resolution Board (SRB) est Resolve banks, EUR55bn fund over eight years Single Rulebook One Rulebook for more than 8,300 banks European Deposit Insurance Scheme (EDIS) Guarantee EUR100,000 deposits for all Eurozone banks Capital Markets Union Build a U.S. like capital market More venture capital, private equity, IPOs and capital markets financing New rules on securitisation Boost securitisation market Modernisation of Prospectus Regime Issue equity and debt under similar rules in 28 European countries Develop covered bonds market Reduce and simplify cumulative impact of financial legislation Increase cross-border capital investments Deepening Economic & Monetary Union Five Presidents Report Tie everything together using Banking Union and Capital Markets Union as catalysts EUR315bn investment plan for growth & jobs Complete Banking Union and Eurozone integration Launch Capital Markets Union Fiscal council on Eurozone Strengthen Euro Area Governance Set up a macroeconomic stabilisation function for the Eurozone Integrate ESM in the EU Framework Set up a Eurozone treasury Allen & Overy LLP 2017

3 3 Our offering Allen & Overy launches an Eurozone Team focusing on Banking Union regulatory matters and a Banking Union Monitoring Centre in Frankfurt in order to assist clients in responding to new challenges arising in complex European Central Bank and European Supervisory Authority matters. The complexity of financial market rulemaking, supervision, integration trends and unprecedented monetary policy activity conducted across the Eurozone has increased dramatically since the 2008 financial crisis. The Banking Union s current pillars of a Single Supervisory Mechanism (SSM) led by the European Central Bank (ECB) in Frankfurt and a Single Supervisory Mechanism (SRM) led by the Single Resolution Board (SRB) in Brussels, has also reinforced the dynamic whereby EU, rather than national authorities, lead on and exercise rulemaking powers in supervising banking, capital markets and insurance activity in the Eurozone. Banking Union together with the Single Rulebook upon which it is built, coupled with the effects of greater Eurozone integration and Eurosystem stimulus has fundamentally reshaped the business and supervision of banking for those engaged in or doing business through the Eurozone. In response to this new environment, Allen & Overy has launched its Eurozone Team. The Eurozone Team brings together the local-market insight from each of its Eurozone and other key global offices supported by a Banking Union Monitoring Centre based in Frankfurt. The Banking Union Monitoring Centre will permit to be best placed to assist in coordinating solutions and knowledge-sharing for clients across the Eurozone. It also assists with engagement and facilitating dialogue with the following relevant policymakers and supervisors in the Eurozone: competent authorities at the national and SSM and SRM level, the ECB in both its supervisory and monetary policy roles and the European Supervisory Authorities (ESAs) responsible for the Single Rulebook as it applies to Banking Union. Specifically, the Eurozone Team assists clients with transactional, advisory and dispute resolution matters that require specialist input including: navigating the SSM s and SRB s supervisory priorities including the application of the Single Rulebook to SSM supervised entities as well as the impact of the ECB Regulation eliminating Eurozone national options and discretions in prudential supervision (NODE Regulation and Guide); assistance with the SSM s Supervisory Review and Evaluation Process (SREP) and the ECB-led Comprehensive Assessments, including Asset Quality Reviews (AQRs); regulatory authorisations and approvals relating to capital adequacy, liquidity and/or Eurosystem eligibility of financial instruments with the rules of the ECB s General Documentation, including in the context of Eurosystem monetary policy driven collateral operations or the ECB-led asset purchase programme (APP); legal assistance in structuring and issuance of financial instruments for prudential capital purposes or to meet loss-absorbency requirements in compliance with Banking Union provisions; legal entity optimisation and regulatory reform implementation projects whether as change the business or run the business projects in response to the Single Rulebook as it applies in the Banking Union; designing and delivering governance, risk and compliance processes to meet Banking Union requirements; regulatory and transactional support in relation to management of non-performing exposures and divestments; and providing specialist regulatory investigations and dispute resolution assistance including explaining and defending files to the SSM s Joint Supervisory Teams where necessary. The Eurozone Team s integrated and cross-functional set-up means that clients have access to specialists focusing on the entirety of the Banking Union s impact through the operation of the ECB, SRB and ESAs across the Eurozone and in individual jurisdictions. For further information please get in touch with our key contacts or visit our website: allenovery.com

4 4 Our Eurozone Team and Banking Union Monitoring Centre 2017 Locations and responsibilities of ESAs European Supervisory Authorities EBA ESMA EIOPA London European Banking Authority (EBA) Advising and drafting regulatory measures relating to banking business as part of the Single Rulebook for financial services. Responsible for prevention of regulatory arbitrage or incorrect application of EU law in member states and can overrule national competent authorities. Banking Union Regulatory Bodies Paris European Securities and Markets Authority (ESMA) Advising and drafting regulatory measures relating to financial markets as part of the Single Rulebook for financial services. Regulates credit rating agencies. Frankfurt European Insurance and Occupational Pensions Authority (EIOPA) Advising and drafting regulatory measures relating to insurance and pensions business as part of the Single Rulebook for financial services. Responsible for prevention of regulatory arbitrage or incorrect application of EU law in member states and can overrule national competent authorities. ECB Frankfurt European Central Bank (ECB) Lead prudential supervisory authority for systemically significant entities and responsible for direct supervision of nearly 130 credit institutions. Indirect prudential supervisor for the approximately 5,500 credit institutions in the Eurozone that are categorised as less systemically significant entities. SRB AND SRF Brussels Single Resolution Board (SRB) and Single Resolution Fund (SRF) Directly responsible for resolution of credit institutions, systemically important investment firms and financial institutions established in the Banking Union. ESRB Frankfurt European Systemic Risk Board (ESRB) Responsible for identification and action on macro-prudential and systemic risks. Banking Union and Capital Markets Union Policymakers DG-FISMA Brussels European Commission s DG-FISMA Policy decision makers in relation to banking and finance markets generally as well as Banking Union and Capital Markets Union (CMU) specifically. Allen & Overy LLP 2017

5 5 Our footprint in the Eurozone and Europe London Brussels Frankfurt Paris ALLEN & OVERY EUROZONE OFFICES EUROZONE MEMBERS EU MEMBERS ALLEN & OVERY OFFICE LOCATIONS SUPER-REGULATORS Our Global Markets Group has established close partnerships with independent relationship law firms in European and global jurisdictions where we do not currently have an office. allenovery.com

6 6 Our Eurozone Team and Banking Union Monitoring Centre 2017 Our key contacts Allen & Overy s dedicated and integrated Eurozone Team is composed of lawyers from across the Eurozone and other continental EU member states. The Eurozone Team and Banking Union Monitoring Centre will support internal counsel, regulatory and compliance teams with smarter, more efficient solutions in the evolving European regulatory and supervisory landscape. Please do get in contact with our Eurozone Team contacts or our Banking Union Monitoring Centre in Frankfurt or any of the wider network with any queries you may have. Our Eurozone Team and our Banking Union Monitoring Centre in Frankfurt eurozone@allenovery.com Non-contentious regulatory experts Dr Alexander Behrens (German Rechtsanwalt) Tel alexander.behrens@allenovery.com Dr Stefan Henkelmann (German Rechtsanwalt) Tel stefan.henkelmann@allenovery.com Dennis Kunschke Counsel (German Rechtsanwalt previously seconded to the ECB) Tel dennis.kunschke@allenovery.com Elena Bachmann Associate (German Rechtsanwältin) Tel elena.bachmann@allenovery.com Allen & Overy LLP 2017

7 7 Litigation, dispute resolution and regulatory investigation experts Wolf Bussian (German Rechtsanwalt) Tel Jan Erik Windthorst (German Rechtsanwalt) Tel Our Eurozone Team lead partner contacts across Allen & Overy s footprint in the Eurozone Belgium Sylvia Kierszenbaum (Belgian Advocaat/Avocat) Willem van de Wiele Senior Associate (Belgian Advocaat/Avocat) Joost Everaert (Belgian Advocaat/Avocat) Nanyi Kaluma Senior Associate (Belgian Advocaat/Avocat) Tel sylvia.kierszenbaum@allenovery.com Tel willem.vandewiele@allenovery.com Tel joost.everaert@allenovery.com Tel nanyi.kaluma@allenovery.com Netherlands Niels Van de Vijver (Dutch Advocaat) Gerard Kastelein (Dutch Advocaat) Bas Jennen Counsel (Dutch Advocaat) Tel niels.vandevijver@allenovery.com Tel gerard.kastelein@allenovery.com Tel bas.jennen@allenovery.com allenovery.com

8 8 Our Eurozone Team and Banking Union Monitoring Centre 2017 Luxembourg Italy Henri Wagner (Luxembourgish Avocat) Thomas Berger Counsel (Luxembourgish Avocat) Lisa Curran Senior Counsel (English Solicitor) Craig Byrne (English Solicitor) Tel henri.wagner@allenovery.com Tel thomas.berger@allenovery.com Tel lisa.curran@allenovery.com Tel craig.byrne@allenovery.com France Brice Henry (French Avocat) Florent Bonnard Senior Associate (French Avocat) Denis Chemla (French Avocat) Dan Benguigui Counsel (French Avocat) Tel brice.henry@allenovery.com Tel florent.bonnard@allenovery.com Tel denis.chemla@allenovery.com Tel dan.benguigui@allenovery.com What the team is known for: offers strong financial regulatory offering. Chambers Europe 2014 (Banking & Finance: Europe-wide) They have a strong team ethic. It s a firm that is not just a collection of individuals. Chambers Europe 2015 (Capital Markets: Europe-wide) Allen & Overy LLP 2017

9 9 Spain Salvador Ruiz Bachs (Spanish Abogado) Tel Alvaro Pereda Senior Associate (Spanish Abogado) Tel Miguel Corbacho Associate (Spanish Abogado) Tel Slovakia Renatus Kollar (Slovakian Advokat) Tel renatus.kollar@allenovery.com Peter Jedinak Senior Associate (Slovakian Advokat) Tel peter.jedinak@allenovery.com Our Global Markets Group has established close partnerships with independent relationship law firms in European and global jurisdictions where we do not currently have an office. Allen & Overy are market leaders. (Clients) Chambers Europe 2016 (Regulatory: Financial Services: Europe-wide) gmb_chair@allenovery.com allenovery.com

10 10 Our Eurozone Team and Banking Union Monitoring Centre 2017 Our Eurozone Team lead partner contacts in Europe outside the Eurozone UK Kate Sumpter (English Solicitor) Tel Etay Katz (English Solicitor) Tel Damian Carolan (English Solicitor) Tel Czech Republic Hungary Poland Petr Vybiral Senior Associate (Czech Advokat) Tel Karoly Foti Counsel (Hungarian Ügyvéd) Tel karoly.foti@allenovery.com Piotr Lesinski (Polish Lawyer) Tel piotr.lesinski@allenovery.com Romania Russia Turkey Victor Padurari (Romanian Avocat) Tel victor.padurari@rtprallenovery.com Anton Konnov (Russian Lawyer) Tel anton.konnov@allenovery.com Hakki Gedik (Turkish Avukat) Tel hakki.gedik@allenovery.com Allen & Overy LLP 2017

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12 GLOBAL PRESENCE Allen & Overy is an international legal practice with approximately 5,400 people, including some 554 partners, working in 44 offices worldwide. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi Amsterdam Bucharest (associated office) Budapest Ho Chi Minh City Hong Kong Moscow Munich Seoul Shanghai Antwerp Casablanca Istanbul New York Singapore Bangkok Barcelona Doha Dubai Jakarta (associated office) Johannesburg Paris Perth Sydney Tokyo Beijing Düsseldorf London Prague Warsaw Belfast Bratislava Frankfurt Hamburg Luxembourg Madrid Riyadh (cooperation office) Rome Washington, D.C. Yangon Brussels Hanoi Milan São Paulo Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP s affiliated undertakings. Allen & Overy LLP 2017 CS1602_CDD-44564_ADD-71535_Short Version allenovery.com