LIBOR Transition Newsletter – Issue 3

By Oscar Stephens, Graeme McLellan, Arleen A. Nand, Sylvie A. Durham and Susan E. D. Neuberg on Posted in GT Alert, LIBOR

Welcome to the third issue of Greenberg Traurig’s LIBOR Transition Newsletter, where we provide updates, analysis, and occasional commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – less than two years from now. This issue covers the following:

  • ARRC Releases a Consultation on Potential Spread Adjustment Methodologies
  • Bank of England, FCA and Sterling Working Group Joint Statement
  • Other Recent Developments, including comments from Federal Reserve Chairman Jerome Powell
  • Most-Favored Nation Clauses in LIBOR Fallback Provisions

Read the full GT Libor Transition Newsletter.

Obligation to Operate: Retail Contracts in the Netherlands

By Jeroen van den Hamer on Posted in Dutch Real Estate Law, real estate, retail

The rapidly changing retail market has not yet created a new reality. The preference for online shopping and the increasing costs of wages and production continue to threaten the margins of retailers and, indirectly, rent prices. As a result, rent for retail space has been dropping for six consecutive years. Due to the increased costs of wages and production, more bankruptcies may follow the ones we have seen already in the Netherlands, and more retailers may decide to stop operating their shops to minimize losses.

In this blog post, we will focus on the obligation to operate retail space and recent verdicts relating to interoperating retail space contracts. Continue Reading

Recent ‘Shared-Housing’ Developments in Amsterdam

By Jeroen van den Hamer on Posted in Dutch Property Law, Dutch Real Estate Law, governing law, property law, real estate

The topic of ‘shared-housing’ is increasingly becoming of interest for clients who invest in residential real estate portfolios. In short, shared-housing can be described as the use of a residential unit by several people who are using a single room for private use and who share the bathroom and the kitchen (and possibly a living-room) with their co-tenants.

From a legal standpoint, shared-housing defers from letting rooms because of the fact that the landlord does not let out single rooms to each person, but lets out the whole unit to several people under one lease agreement or to one person who is granted the right to sublet single rooms in the unit. Continue Reading

Outlook 2020: Gambling Legislation and Enforcement in the Netherlands

By Marijn Bodelier, Jacomijn Christ and Jan Herfkens on Posted in Gaming, GT Alert

The Dutch government is updating its legislation and policy on both online gambling and land-based gambling. In GT Alert, we briefly describe the most relevant legal developments of 2019 in this area, and also look forward to 2020.

Online gambling’s illegality in the Netherlands notwithstanding, the number of people in the Netherlands who participate in online gambling has increased steadily over the last few years. According to research of Motivaction (link in Dutch), 1.8 million Dutch people admitted to having participated in an online gambling game (at least) once. Most gambling websites operate in other countries (such as Isle of Man, Gibraltar, Malta) and are accessible to Dutch gamblers from these locations. To regulate and control online gambling, the Dutch Senate (Eerste Kamer) approved the Remote Gambling Act (Wet kansspelen op afstand) in February 2019. This new legislation legalizes online gambling for providers that have obtained a permit.

Read the full GT Alert.

New Dutch Act on Collective Damages in Class Actions Effective 1 January 2020

By Monisha Sardjoe on Posted in Class Action Litigation, Dutch Code of Civil Procedure

Introduction

On 1 January 2020, the Dutch Act on the Resolution of Mass Claims in Collective Action (Wet afwikkeling massaschade in collectieve actie) (Dutch acronym: WAMCA) will enter into effect, introducing the possibility of claiming damages on a collective basis under an opt-out regime for Dutch residents and an opt-in regime for parties residing abroad. Continue Reading

The Dutch Supreme Court Obliges the Dutch Government to Reduce Greenhouse Gas Emissions

By Marijn Bodelier, Jacomijn Christ and Jan Herfkens on Posted in climate change, Dutch Supreme Court, European Union Law

On 20 December 2019 the Dutch Supreme Court delivered its judgment in the case of Urgenda against the Dutch State. In 2013, the NGO Urgenda started a civil law procedure against the Dutch State for “knowingly exposing its own citizens to danger” by not taking sufficient measures to prevent climate change and therefore not preventing the foreseeable harm caused by climate change. The Dutch government acknowledged the potentially harmful consequences of climate change, but argued it could not be ordered to act via a court procedure. Continue Reading

European Court of Justice’s Landmark Decision on the Resale of E-Books

By Radboud Ribbert on Posted in Copyright, Court of Justice of the European Union (CJEU), GT Alert, intellectual property, Intellectual Property Litigation

The European Court of Justice (ECJ) issued a landmark decision on Dec. 19, 2019, that effectively restricts the resale of legally purchased e-books. The case involved the Dutch company Tom Kabinet and the Dutch Publishers Society (Nederlands Uitgeversverbond). Tom Kabinet offered second hand e-books for sale through a “Book Club.” The e-books were either purchased by Tom Kabinet or donated by members of the club. Members who donated e-books provided a download link together with a statement that the donor had not previously made a copy of the e-book.

Read the full GT Alert, which summarizes the ECJ’s decision.

LIBOR Transition Newsletter – Issue 2

By Oscar Stephens, Sylvie A. Durham, Arleen A. Nand and Graeme McLellan on Posted in GT Alert, LIBOR

Welcome to the second issue of Greenberg Traurig’s LIBOR Transition Newsletter, which contains updates, analysis, and commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – barely two years from now. This issue covers the following:

  • LSTA – Concept SOFR Credit Agreement
  • Recent Developments
  • Parting Shot – What if Someone Finds the Proposed LIBOR Replacement Fallback Language “Too Long”?

Read the full LIBOR Transition newsletter – Issue 2.

EU Sanctions: European Commission President Pushes for Greater Resilience, Proper Enforcement

By Kara M. Bombach, Erik de Bie, Barry Vitou, Anne-Marie Ottaway and Gareth Hall on Posted in Brexit, EU, European Union Law, GT Alert

Ursula von der Leyen, the new president of the European Commission, has called for ‘new proposals to ensure Europe is more resilient to extraterritorial sanctions by third countries and to ensure that the sanctions imposed by the EU are properly enforced…throughout its financial system.’ See September 2019 Mission Letter from President von der Leyen to Valdis Dombrovskis, Executive Vice-President responsible for the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA). A portfolio-allocation document published early December 2019 confirms that responsibility for sanctions has formally been moved from the EU’s Foreign Policy Instrument Service (FPI) to FISMA.

FISMA’s work includes:

  1. Presenting new policy initiatives to ensure that financial markets are well-regulated and supervised;
  2. Monitoring financial-sector developments and structures in the Member States and ensuring satisfactory implementation of EU legislation at the national level; and
  3. Working closely with international partners to promote consistent regulation and the implementation of agreed standards and principles around the world.

Click here to read the full GT Alert.

UK Election Results: Brexit, but in What Form?

By Gillian Sproul, Addiped Cheng and Simon Harms on Posted in Brexit, EU, GT Alert

The substantial gains made by the ruling UK Conservative Party in the general election on 12 December 2019 mean that, barring the unexpected, the UK will leave the EU on 31 January 2020.

The Conservative government now has sufficient majority to drive parliamentary approval of the draft withdrawal agreement renegotiated with the EU by UK Prime Minister Boris Johnson in October 2019. Mr Johnson campaigned in the run-up to the election for a mandate to “get Brexit done”.

Getting Brexit done is, however, only the first step in the process of redefining the UK’s new relationship with the EU.

To read more about how Brexit could take form, click here to read the full GT Alert.

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