Two crucial steps for orderly implementation of a new EURIBOR benchmark compliant with the European Benchmarks Regulation (BMR) have just taken place. One is the authorization of EURIBOR administrator EMMI, and the other, the recent publication of the official statement describing the methodology and other technical specifications for the benchmark. These milestones are very important, but there continue to be legal risks and everyone would be well advised to pay more attention than ever before to how things unfold in the coming months.
The Libra Association, founded by Facebook and 27 other organizations, intends to promote the construction of a global financial infrastructure and issue from it a new cryptocurrency called Libra, enabling operators to carry out payment transactions and other financial solutions for consumers and businesses throughout the world.
The Portuguese Data Protection Agency (CNPD, pursuant to its Portuguese acronym) has imposed a 400,000 euro fine on Centro Hospitalario Barreiro-Montijo due to two breaches of the General Data Protection Regulation (GDPR) which has been in force since May 25, 2018.
Many important decisions at law firms and organizations depend on whether or not Brexit will deprive English law of its importance in Europe, and which, if any, legal system will take its place. New York law and French law are positioning themselves. But there are other options including a European regulation on obligations and contracts.
Euribor reform is still in motion and will bring changes with an impact on the financial wholesale and retail markets, from financial, operating and systems, and commercial standpoints. Care is also needed to avoid serious legal risks.