European Union Law News
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The European Parliament will seek greater protection for depositors of crisis-hit banks in the wake of the Cyprus bailout as it weighs changes to proposals aimed at taking taxpayers off the hook for future rescues.
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The International Swaps & Derivatives Association, a financial industry derivatives group, is being probed as part of a European Union antitrust investigation into how data on credit derivatives is shared.
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Finance Minister Michael Sarris sought to muffle calls for Cyprus to weigh a precedent-setting exit from the euro to ease the economic pain inflicted by the country’s 10 billion-euro ($13 billion) bailout.
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Spain said European Union law guarantees bank deposits of as much as 100,000 euros ($129,000), seeking to reassure savers in the euro area’s fourth-largest economy before Cyprus rejected a proposed levy that caused a public backlash.
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Legislation enacted by the Dutch government in 2006, splitting the country’s four largest energy companies into commercial and transmission operations, is in conflict with European law, a court in The Hague ruled today.
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Austria’s financial watchdog will be empowered to regulate accounting practices and financial reports under a government proposal to bring the country into compliance with an eight-year-old European Union law.
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The European Parliament voted to let airlines trade takeoff and landing slots while rejecting a proposed stricter rule on the use of them under draft legislation meant to tackle a “capacity crunch” at airports.
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U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG, Royal Bank of Scotland Group Plc and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
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RWE AG’s U.K. unit expects to decide this year on investment needed to keep Europe’s largest biomass plant running beyond 2013 after it reviews government proposals to support clean energy that are due to be released this month.
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Euro-zone countries plan to make coordination of economic policies mandatory by making it part of European Union law, Handelsblatt reported, citing the latest draft of a new EU contract.
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