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Industries - Financial Services
Non-performing loan (NPL) transactions in Europe: Key legal and financial aspects

27 September, 12:00 – 1:00 PM CEST (GMT +2)

Host: Andrei Burz Pinzaru

Presenters: Andrei Burz Pinzaru, Guerino Cipriano, Ingrid Dubordieu, Ignacio Echenagusia, Albrecht Kindler, and Will Newton

A number of banks in Europe are still experiencing high levels of non-performing loans (NPLs). These NPL levels have a negative impact on bank lending, internal resources, and capital constraints of a bank. The last two years we have seen a flurry of political and supervisory activities focused on tackling the overhang on NPLs in the European market which have led in disposals of loan portfolios by many banks. According to the "Transparency Exercise" of the European Banking Authority just over Euro 1 trillion of NPLs are still on bank's books in the Eurozone. We will give an overview about regulatory and political initiatives and discuss this with a focus on transaction specifics in Central Europe, Spain, Germany, Luxembourg and Italy:

• Deleveraging the European banking sector: outline of current regulatory and political initiatives.
• Key legal issues in NPL transfer documentation in Central Europe.
• Legal features of NPL acquisitions in Spain.
• Legal due diligence in NPL deals in Germany: main aspects to be considered.
• Structuring the acquisition: using Luxembourg securitization vehicles in NPL acquisitions.
• Structuring NPL deals to maximize value extraction from an Italian perspective.

Enhance your understanding of the specific features and legal issues of NPLs in various key European countries that may impact your company.

Insights from Deloitte's 2017 Human Capital Trends: Flexible employment in the gig economy

The Deloitte's Human Capital Trends 2017 shows that the future of work has arrived now. Companies can no longer consider their workforce to be only the employees on their balance sheet, but must include interim workers, freelancers, "gig economy" workers, and crowds. These on- and off-balance sheet workers are being augmented with machines and software. Further, both companies and employees are increasingly demanding flexibility in terms of rewards, working time, and work location. We'll discuss:

• The concept of flexible resources, with focus on types of flexible resources, legal conditions, and points of attention.
• The flexibilities that companies have to change their resources' function, location, and working time in order to meet changing demands

Learn more to get practical ideas on how to shape the workforce of the future.

Restrictive covenants and competition clauses in European employment contracts: A hindrance or protection?

Restrictive covenants are one of the only limitations on the freedom to provide services to workers. In order to keep such clauses valid and applicable, it is necessary to comply with a series of relevant legal requirements that may vary according to the jurisdiction in question. The difference between the validity or invalidity of a clause may be motivated by failure to comply with a statutory requirement. We will analyze the content of the restrictive covenants with special attention in the followings:

• Analysis of the legal requirements.
• Maximum terms.
• Compensation requirements.
• Types of restrictive covenants.
• Application of the restrictive covenants in the different jurisdictions.

Learn and benefit from the Deloitte experts to get practical ideas for employers dealing with restrictive covenants issues across a number of countries.

Global regulatory crisis management: New trends and future best practices

The regulatory framework for corporations and corporate executives is becoming more and more complex. With liability expanding from direct involvement in regulatory violations or criminal activities to indirect or circumstantial "complicity", there is an increasing tendency for regulatory authorities to not only focus on business entities, but also on "targeting" corporate executives. Business-driven integrity is what makes legally compliant behavior on the part of the company's management bodies and employees possible. While prohibition-driven compliance programs serve the purpose of avoiding punishment and are therefore often viewed as a hindrance or a cost center, the business-driven integrity approach aims at adding value and therefore, at achieving a competitive advantage. Which are the key elements of business-driven integrity and how can they support an effective regulatory crisis management? We'll discuss:

• Introduction – the need for international risk management.
• An integrated approach – managing "dawn raid" situations and internal investigations.
• Market abuse: new European legislation and the need for compliance programs.
• Fraud: an international perspective.

Hear from the Deloitte's inter-disciplinary team of experts about new trends and future best practices to have a better understanding of how to truly manage regulatory crisis situations, and thus minimize liability risks for corporate entities and executives.

Posted Workers Directive: New employers' obligations across Europe

Directive 2014/67/EU is implemented in several European countries and will have high impact on companies' international mobility plans and procedures across Europe. We will cover the main attention points with a special focus on the legal environment in targeted countries (Italy, Poland, Spain, The Netherlands, etc.):

• Local labour conditions to be applied to seconded employees.
• New secondment declarations / notifications.
• New compliance requirements (social documents, contact person, etc.) and liability mechanisms.
• Employers' sanctions for non-compliance.

Gain insights from the Deloitte experts and have a better understanding of your new liabilities as sending employer.

Brexit from the Legal perspective: Are you ready?

Brexit will have a huge impact on a number of very important aspects of doing business within or with the UK. Strategic decisions need to be made by international businesses and organizations on how they should respond to the changing environment. Legal questions are at the core of the strategic implications and practical implications. What legal areas are impacted by the UK leaving the EU? How can companies prepare for "Brexit" turning into a reality? What challenges lie ahead? Have you identified and covered the risks and unlocked the opportunities that might arise? This Dbriefs will make "Brexit" tangible for you, by highlighting the following points:

• Different scenarios for Brexit: What would a "hard" Brexit look like? Will the UK end up in a trade position (with the EU) like Norway or Canada?
• Legal implications, for example:

–    What consequences will Brexit have on certain legal forms or
cross-border reorganizations?

–    What restrictions on the free movement of workers are to be expected and how can multinationals prepare?

–    Will the UK be a "third country" with regard to personal data and data protection?

• Possible responses and implementation.

Gain insights on these issues and be prepared for the upcoming challenges.

Certificate of Attendance

A standard Certificate of Attendance will be made available to participants of the Dbriefs Legal webcast programme. Please be advised that participants will consult their CLE / CPD / CPE accrediting agency to determine whether self-study credit can be earned for viewing our webcast programme.