Nadia Calviño, president of the European Investment Bank (EIB) Group, presented the 2025 annual results at a press conference in Brussels on 29 January, 2026.   Good morning, and thank you for being here today. I know it's a very busy day in Brussels with the European Union foreign ministers meeting next door. There's a meeting of the College of Commissioners also today, and later a high-level event under the auspices of the European Commission's Executive Vice-president Ribera. And important discussions and decisions will be...

With less than six months before the EU Pay Transparency Directive 2023/970 deadline of 7 June 2026, no member state has yet published a completed piece of legislation. Employers can expect an increase in updates at the member state level in the next few months. Those that do not stay up to date with regulatory developments and evaluate their current practices risk noncompliance.   Quick Hits Despite the EU Pay Transparency Directive having entered into force in June 2023, giving member states three years to...

With ‘No Buy January’ now behind us, it is a good time to examine the performance of commercial mortgage-backed securities (CMBS) loans against regional and superregional malls; not that anyone one month would severely impact the performance. Malls were designed and built around their anchors. The idea: draw shoppers and line the way to the large anchor store with smaller, inline retailers. Those would generate the bulk of malls' rental revenue. CMBS Mall Loan Distress, But Not a Collapse  The $53.23 billion universe...

The U.S. Securities and Exchange Commission staff issued a joint statement on Jan. 28, 2026, providing greater clarity on the application of the federal securities laws to the category of crypto assets commonly referred to as tokenized securities. The staff introduced the statement as guidance on the taxonomies of tokenized securities to assist market participants in complying with federal securities laws and preparing registration statements, proposals, or requests for submission to the staff or the SEC. The statement generally categorizes...

Nadia Calviño, president of the European Investment Bank (EIB) Group, spoke at the European Banking Summit in Brussels, on 28 January, 2026. Thank you, Wim, for your kind words, and for this invitation to share a few thoughts on the main theme of this summit - how European banks can support growth, innovation and security. There are three reasons that I really feel at home discussing this topic here today: First of all, because these goals are at the core of the EIB Group’s investment strategy....

Welcome to the latest, bumper, edition of the Stephenson Harwood Data and Cyber Update, covering the key developments in data protection and cyber security law during both December 2025 and January 2026. In data regulation news, the European Commission and Brazil adopt mutual adequacy decisions; the UK Information Commissioner’s Office (“ICO”) provides a series of updates for the year ahead; and new Commencement Regulations set the commencement date for Section 138 of the Data (Use and Access) Act 2025 (the “DUAA”). In...

Raising capital in the U.S. can accelerate a startup’s growth, but only with the right preparation. Raising funds in the United States can transform a startup’s trajectory. But scaling in America requires operational and strategic rigor that French entrepreneurs often underestimate. Two experts share their advice. With larger checks, sophisticated investors, and a market more open to innovation, the United States represents a powerful accelerator for French startups. But U.S. expansion is not something that can be improvised. “It’s counterproductive to try...