Marcel Hörauf

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The EU has a comprehensive legal framework, in which many of the rules are regulatory and implementing standards (RTS and ITS, Level 2) that supplement or specify the EU Regulations and Directives (Level 1). In the last legislature, Level 1 legal acts empowered the Commission to adopt around 430 Level 2 measures. A high volume…

Recent geopolitical developments have catalysed a reordering of European defence policy. The European Union has initiated significant efforts to revitalise and consolidate its defence and security industrial base through the Permanent Structured Cooperation, the European Defence Fund, the Strategic Compass for Security and Defence, the European Defence Industrial Strategy and the proposed European Defence Industry…

Sustainable debt issuances by Brazilian companies in both domestic and international markets have steadily increased. Abroad, the combined volume of green, social, and sustainability bonds issued by Brazilian corporates, financial institutions, and the federal government rose from approximately USD 15.5 billion in 2023 to approximately USD 17.6 billion in the first nine months of 2024.

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Mayer Brown’s Capital Markets Team invites you to our 30 minutes Know-How Webinar Series. Over the course of this series, we will report on the main developments in 2025 relevant to capital markets, structured products…

Many US and other non-EU financial institutions which lend or undertake trade finance business on a cross border basis into Europe do so in reliance upon exemptions under local law.  These exemptions typically permit these non-EU entities to undertake such business without the need to obtain authorisation or licence from the local regulator (the “…

On 26 February 2025, the European Commission (“Commission”) published its “Omnibus I” or “Sustainability Omnibus” package as part of its mission to improve the competitiveness of the European Union. The Omnibus Package foresees changes to several EU instruments pertaining to sustainability reporting under the Corporate Sustainability Reporting Directive (“CSRD”) and Taxonomy Regulation, sustainability…

The Basel III standards comprise a package of reforms that were largely agreed by the Basel Committee on Banking Supervision (“BCBS”) in December 2017 and set out in the BCBS standard “Basel III: Finalising post-crisis reforms” (BCBS 424).

To implement these standards, the European Commission has amended the Capital Requirements Regulation (Regulation (EU) 575/2013, as…

On 14 May 2024, the European Securities and Markets Authority (“ESMA“) published its final report on “Guidelines on funds’ names using ESG or sustainability-related terms” (the “Guidelines“). The Guidelines aim to provide fund managers with clear and measurable criteria to assess their ability to use ESG and/or sustainability-related terms…

In order to harmonize the regulatory framework governing the European fund market, the European Commission has revised the existing Alternative Investment Fund Manager Directive – Directive 2011/61/EU (the “AIFMD”), with the introduction of the Alternative Investment Fund Manager Directive II (“AIFMD II”).  

The European Commission sees a particular need for change in the areas of…

Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating this year from numerous governmental authorities and non-governmental organizations. This Mayer Brown white paper offers a thumbnail sketch of key features and differences of a dozen authorities, followed by considerations for boards concerning…