July 02, 2020
Cadwalader Financial Services special counsel Michael Sholem last week participated on a panel hosted by the Centre for the Study of Financial Innovation (CSFI) to discuss key developments regarding European financial regulation.
Sholem, based in Cadwalader’s London office, was joined by panelists Graham Bishop, chairman of the National Council of the European Movement; Salomé Cisnal de Ugarte, a managing partner at Hogan Lovells in Brussels; and moderator Andrew Hilton, director of the CSFI.
Addressing recent activities related to the European Commission (EC), the panel mentioned the key recommendations that were recently released by the High-Level Forum on the EU Capital Markets Union project. While acknowledging the lengthy report, Sholem noted that it will be left to the EC to propose specific legislation in the coming months. The discussion also focused on the EU’s rapid and encouraging progress in making “quick fix” amendments to the Capital Requirements Regulation to support banks amid the economic turmoil arising from COVID-19.
The panel also discussed the UK Government’s announcement of proposed changes to the UK regulatory regime post-Brexit, as outlined in its forthcoming Financial Services Bill, and the possible impact on completing equivalence determinations to ensure reciprocal access for UK and EU financial markets participants.
“There are some departures from EU law here,” Sholem said. “I can see these becoming more of a factor in future negotiations, despite equivalence having been a relatively quiet area in the negotiations, so far, as compared with issues like state aid or commercial fishing rights.”
To listen to the entire panel discussion, please visit here.
Sholem’s practice focuses on the supervision and regulation of banks, investment firms, payment institutions and asset managers, including in connection with new authorisations, changes of control, corporate governance and regulatory investigations. He also has extensive experience advising clients on developments in European Union laws and Brexit issues.