Market in Energy The directive on the internal market in electricity establishes common rules for the generation, transmission, and distribution of electricity. It sets rules relating to the organization and functioning of the electricity sector, access to the market, criteria and procedures applicable to calls for tenders, and the granting of authorizations for the operation […]
Single Energy Market The All-Ireland single electricity market is the wholesale electricity market for the island of Ireland. It is regulated jointly by the Commission for Regulation of Utilities in the Republic of Ireland and the Utilities Regulator in Northern Ireland The single energy market was the first of its kind and commenced on 1 […]
Harmonised Market The European Union has made directives with a view to harmonizing the internal markets for natural gas, electricity, and equivalent utilities. The purpose of the legislation is to provide for the opening up of the markets to competition. The Directive on the gas market is designed to complete the opening of the national […]
General Targets An EU Directive seeks to achieve the Union’s energy efficiency target of 20% by 2020 compared to 1990 levels and to pave the way for further energy efficiency improvements beyond that date. It includes a requirement for all Member States to set indicative national energy efficiency targets for 2020. The Directive promotes energy efficiency across […]
Household Appliances The EU has made legislation in relation to the publication of information on energy consumption by household appliances. This enables consumers to choose appliances based on energy efficiency. The directive applies to household appliances even where sold for non-household uses including Refrigerators, Freezers, Washing machines, dryers, Dishwashers, Ovens, Water heaters and hot water […]
Paul McMahon Financial Services [EU]
Supervisory Authorities Three European supervisory authorities (ESAs) were formed as part of the European Union banking reforms following the financial crisis. The ESAs are part of the ESFS (European System of Financial Supervision) together with the national regulators and the ESRB (European Systematic Risk Board). Each is a separate legal entity with significant autonomy. The […]
Paul McMahon Financial Services [EU]
Financial Collateral A Directive on financial collateral seeks to reduce credit risk in collateral financial transactions between financial institutions. The purpose is to provide for the rapid and informal enforcement of financial collateral. States may not make the creation, protection, enforceability or admissibility of financial collateral arrangement dependent on the performance of any formal act. […]
Paul McMahon Financial Services [EU]
Regulation of Credit Institutions Credit institutions authorised in one EU state may provide services in other EU states. An institution established in one state may establish a branch in another state. The institution which wishes to provide services or establish a branch in EU another state must notify the authorities of its home state giving […]
Paul McMahon Financial Services [EU]
UCITS UCITS are undertakings for collective investment in transferable securities. UCITS are usually undertakings with the sole object of collective investment in transferable securities or other liquid financial assets, capital raised from the public and which operate on the principle of risk spreading, units of which are repurchased or redeemed out of the undertaker’s assets. They […]
Paul McMahon Financial Services [EU]
Regulation The European Union has legislated in relation to insurance services. As part of the freedom of movement of capital and freedom to provide services, there is legislation setting down common principles of insurance regulation. An insurance company established and regulated in the state may provide services across borders or may establish itself in other […]
Paul McMahon Financial Services [EU]
Investment Services The granting and the renewal of authorisations for investment firms is undertaken in the home member state. The competent authority (the central bank) must ensure that the investment firm has sufficient additional resources for its activities that the persons directing it have sufficient integrity professional experience and that the holders of interests in […]
Paul McMahon Financial Services [EU]
AIF Managers Authorisation A 2011 directive regulates managers of alternative investment funds. The purpose is to ensure an internal market for these managers while putting in place a harmonized regulatory framework. Alternative investment fund managers are entrusted with portfolio management and risk investment of alternative investment funds (AIFs). They may additionally perform the duties of […]
Paul McMahon Financial Services [EU]
Listing of Securities EU directives have laid down common standards for stock exchange listing requirements. The rules provide for the information that must be published when companies are first admitted to the exchange and their ongoing publication obligations. The documents are provided and published in the country where the issuer of the shares has its […]
Paul McMahon Financial Services [EU]
Consumer Credit Directive EU states must ensure persons offering credit obtain authorisation. They must be regulated and inspected; Bodies must be established to provide information and advice to consumers in relation to credit agreement and complaints. The EU directive on consumer credit harmonises many of the general conditions and information obligations in the area of […]
Paul McMahon Financial Services [EU]
Payments Market Framework An EU directive aims to establish a framework for the creation of an integrated payments market. It covers payment service providers established in the EU. It covers payments in euro and other national currencies of the EU. It does not apply to cash or cheque payments. The directive establishes a number of […]
EEIG Requirements A European regulation provides for the establishment of European Economic Interest Grouping (EEIG). The purpose of an EEIG is to facilitate and develop economic activities of members by pooling of resources, activities or skills. It is not intended the grouping should make profits for itself. If it does make any profits they will […]
Mergers of Public Companies The third council Directive deals with mergers of public liability companies. In order to be subject to the merger, there must be a full absorption of one company in another or the formation of a new company. Whether mergers by acquisition or the formation of a new company the process consists […]
Shareholders’ Voting Rights I A Company law directive establishes minimum requirements to facilitate the exercise of shareholder rights at a general meeting of listed companies, particularly on a cross-border EU basis. It takes account of the possibilities offered by modern technology. The Directive applies to all companies with registered offices within the EU and shares […]
Requirements of Accounts The fourth company Directive deals with the annual accounts of limited companies. The annual accounts are to comprise a balance sheet, profit and loss account, and notes to the accounts. The Directive lays down principles governing the contents of the documents. The directive provides for two balance sheet layouts leaving it to […]
General An EU Directive on takeover bids sets minimum guidelines for the conduct of takeover bids involving the securities of companies governed by the law of an EU state or where the securities are admitted to trading on a regulated EU market. It seeks to provide an adequate level of protection for holders of securities […]
Market in Sea Transport An EU regulation provides for freedom to supply services, competition and free access to the market in sea transport. A separate directive deals with the freedom to provide services in sea transport between states. EU nationals and non-EU companies registered in the EU and controlled by EU nationals have the right […]
Standards I An EU Directive provides a legal framework for prescribing harmonised safety rules and standards for passenger ships. The Directive applies to both passenger ships and crafts engaging on domestic voyages. It deals with new passenger ships, existing passenger ships of 24 m or more and high-speed passenger crafts. Each EU state which registers […]
