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On February 22, the European Banking Authority ("EBA")
published its handbook on valuation for purposes of
resolution under the Bank Recovery and Resolution
Directive (2014/59/EU)
("BRRD").
The handbook is addressed to EU resolution authorities and is
intended to be a support document relating to valuations requested
before resolution and after resolution under Articles 36 and 74 of
the BRRD respectively. The handbook is non-binding and is
subordinate to the text of the BRRD itself and regulatory
technical standards ("RTS")
relating to valuations under the BRRD set out in Commission
Delegated Regulation (EU)
2018/344 and Commission Delegated Regulation (EU) 2018/345.
Although the handbook covers all types of valuations to be
performed for the purposes of resolution, it focuses on the
valuation informing resolution authorities' decision on the
adoption of the resolution tool(s) (referred to by the EBA as
"Valuation 2"). It also deals with the valuation process,
including the appointment and interaction with the valuer, the
conditions for its independence and suggestions about potential
contents of the valuation report.
Chapter 10 of the handbook, on management information systems
("MIS"), is currently in development. The EBA intends to
complete this chapter at a later date.
The EBA consulted on a draft version of the handbook in November
2018.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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25 Mar 2019, Speaking Engagement, New York, United States
Employment partner and Chair of Orrick’s Global Employment Law Practice, Mike Delikat will be participating in 2019 SIFMA Compliance & Legal Society Annual Seminar.
This seminar addresses the issues founders face when they move beyond their initial partnership and take steps to institutionalize the private equity firm they founded by admitting new general partners.
Our case study is centered on a private equity firm, but issues identified can be generalized to any fund management company—indeed, to any growing private company.
It's been three years since California kicked off a wave of new pay equity laws around the country. Additional states and municipalities continue to roll out additional requirements, and the Office of Federal Contract Compliance Programs (OFCCP)'s new compensation directive indicates sustained focus from the federal government as well.
In this webinar, members of Orrick's Pay Equity Task Force will share insights from advising clients on some of the most challenging new equal pay issues, as well as litigating pay equity and compensation discrimination claims at the cutting edge of the law.
Regulators have cautioned that LIBOR—which serves as a reference rate for approximately $35 trillion dollars of debt and derivatives—will be phased out as early as the end of 2021.
The end of LIBOR is in sight. Working groups in different industry sectors and geographic regions are developing protocols to transition to new benchmark rates.
In a recent letter, the New York Department of Financial Services provided guidance for insurers who use third party data to help with their underwriting decisions.
Executive Vice President and General Counsel of the Federal Reserve Bank of New York ("New York Fed") Michael Held urged firms to prepare for the transition from LIBOR to an alternate interest rate.
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