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Dutch Supreme Court rules on applicability of participation exemption in the context of uncovered call options and benefits from German cum/ex trades Recently, the highest court in the Netherlands ruled that (a) uncovered call options cannot be regarded as a participation, and (b) benefits derived from German cum/ex trades cannot be regarded as originating from a participation. Market Maker's trades Af... SRB publishes guidance on bank mergers and acquisitions On 7 December 2020, the Single Resolution Board (SRB) published a paper outlining its expectations for ensuring the resolvability of banks engaging in mergers and acquisitions (M&A) and other corporate transactions, building upon the SRB's Expectations fo... An (out)source of systemic risk? The Financial Stability Board (FSB) published a discussion paper in November 2020, which seeks to facilitate a broad discussion on current regulatory and supervisory approaches to the management of outsourcing and third-party risks. The paper doesn't prop... A New Dawn for Digital Markets: the European Commission’s new Digital Services Package In a previous post (see here) we discussed that the European Commission (the “Commission”) has launched three consultations on new regulation that would form part of the proposed Digital Services package. Following these consultations, on 15 December 2020... More questions than answers in the Gallaher appeals The Upper Tribunal has decided in the Gallaher case that a number of questions should be referred to the CJEU prior to the end of the transition period on 31 December 2020, although Judge Beare in the First-tier Tribunal (FTT) had decided such a reference... CDEI publishes review into bias in algorithmic decision-making On 27 November 2020, the Centre for Data, Ethics and Innovation (CDEI) published its review into bias in algorithmic decision-making. While the report focusses on case studies in the financial services, local government, policing and recruitment sectors, ... Mass claims in the data sphere: what will 2021 bring? While there is plenty of uncertainty on the horizon, one thing we can expect in 2021 is some big developments in relation to collective action claims for data law breaches. These mass claims from large groups of aggrieved individuals for breaches of their... Valueclick Case: French Administrative Supreme court rules in favor of a broad interpretation of “dependent agent” In a decision dated 11 December 2020 (no 420174), the French Administrative Supreme Court (Conseil d’Etat) overturned the decision of the Paris Administrative Court of Appeal in the “Valueclick” case, which had rejected the characterization of a French se... A resilient future? European Commission proposes a new regulation on digital operational resilience for the financial sector Resilience is a buzzword on the up. According to Google Trends its popularity as a search term in the UK has steadily climbed since 2015 as the concept of resilience—the ability to recover and adapt in the face of adverse conditions—has taken root in our ... KISS - Keep it Strong and Simple Sam Woods, CEO of the UK's Prudential Regulation Authority (PRA), gave a speech in November 2020 introducing plans for a 'simpler' regime of prudential regulation for small banks and building societies. Mr Woods explained that Brexit allows the PRA to wor...