Enforcement of loans, security and guarantees

This subtopic provides precedents on a letter of demand which can be used by a lender when making demand for repayment from a borrower in Ireland and a letter of demand which

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European Payments Council initiates call for interest in VOP scheme services

The European Payments Council (EPC) has issued a call for interest, inviting organisations to express their interest in providing services as routing and/or verification mechanisms (RVM) that comply with the verification of payee (VOP) scheme. The EPC developed the VOP scheme to help payment service providers (PSPs) in the European Union (EU) and the European Economic Area (EEA) comply with new regulatory requirements for payee verification, which will take effect on 5 October 2025. Responses are sought by 20 December 2024.

COP29 round-up—21 November 2024 (Nature and Biodiversity, Indigenous People, Gender Equality and Oceans and Coastal zones)

On 21 November 2024, the eleventh day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) focused on nature and biodiversity, indigenous people, gender equality, and oceans and coastal zones. The COP29 Presidency published new drafts on key issues, including the new collective quantitative goal on climate finance (NCQG), which was rejected by several countries. In addition, the COP29 Presidency launched the Water for Climate Action, the UK Minister for Nature, Mary Creagh, announced funding for marine protection projects, the Baku Workplan was adopted to enhance Indigenous and local community participation in climate action, and the European Commission convened a press conference on nationally determined contribution (NDC) targets. Annabel Walker, Senior Associate at Freeths, also provides commentary on the eleventh day of COP29.

COP29 round-up—20 November 2024 (Urbanisation, Transport and Tourism)

On 20 November 2024, the tenth day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) focused on urbanisation, transport, and tourism, marking the first time the COP Presidency dedicated a day to tourism. The Presidency Stocktaking Plenary discussed several topics, including the new collective quantified goal on climate finance (NCQG). In addition, the UN Climate Change Executive Secretary, Simon Stiell, delivered a speech on nationally determined contributions (NDCs), and the COP29 Presidency launched declarations on tourism and urban resilience.

ESMA seeks input on active account requirement under EMIR 3

The European Securities and Markets Authority (ESMA) has published a consultation paper on the conditions of the active account requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3). The AAR mandates that EU counterparties active in specific derivatives maintain an operational and representative account with an EU-authorised central counterparty. Responses are sought by 27 January 2025, with ESMA aiming to submit final draft regulatory technical standards (RTS) within six months of EMIR 3's enactment. ESMA plans to organise a public hearing on 20 January 2025.

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