On 15 May 2013, the regulator of the funds industry in Ireland, the Central Bank of Ireland (the “Central Bank”), announced that it is now accepting applications under the Alternative Investment Fund Managers Directive (the “AIFMD”). The Central Bank also published the relevant Application Forms, as well as its AIF Rulebook, making it the first regulator in Europe to provide such clarity on its approach to applications under AIFMD. The AIF Rulebook details the requirements relating to alternative investment funds...

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Cybersecurity: EU-U.S. Cooperation Large-scale attacks against information systems and various other forms of cybercrime, such as online identity theft or online child abuse, are subject to rapidly evolving technological developments. The EU’s responses to such crimes are equally innovative and flexible, ranging from support for cross-border cyber-investigations and police training to legislative measures. The EU established a dedicated European Cybercrime Center within Europol that began operations in January 2013. Because cybercrime knows no borders and is increasingly a global threat, the EU...

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The European Union’s founding fathers reacted to the bloodshed and destruction of World War II by concocting a scheme designed to inextricably link Europe’s coal and steel industries and prevent wars from ravaging the European continent in the future. On May 9, 1950, French Foreign Minister Robert Schuman announced a plan—in a speech inspired by French businessman-turned-advisor Jean Monnet—that proposed pooling European coal and steel production under a common authority. While contributing to postwar economic recovery, this plan would also control...

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The Directorate-General for Economic and Financial Affairs (DG ECFIN) of the European Commission is pleased to inform you about its newest publications for your free download as PDF: The future of EMU Economic growth perspectives for Europe These two Economic Briefs provide an overview of the broad range of economic research papers on the two topics written by leading scholars under the auspices of DG ECFIN's Fellowship Initiative 2012 - 13. The two papers outline the issues addressed in the...

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ESMA published its Final Report Draft Regulatory Technical Standards on Types of AIFM. The final report sets out in its Annex IV the draft regulatory technical standards (RTS) required by Article 4(4) AIFMD. The draft RTS in Annex IV will now be submitted to the Commission for endorsement or rejection within 3 months of receipt. It will also be forwarded to the European Parliament and Council. If adopted, the RTS will take the form of a Commission Regulation. It will enter...

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The European Parliament's Committee on Economic and Monetary Affairs (ECON) published its draft report on the proposal for a Council directive implementing enhanced cooperation in the area of the Financial Transaction Tax (FTT). The committee suggests: closing a loophole of the issuance principle as far as OTC derivatives are concerned; reintroducing the ownership principle, according to which a financial transaction in relation to which no FTT has been levied is not legally enforceable and does not result in a transfer of legal...

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