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EU Member States Approve EU-U.S. Privacy Shield

Client Alert | 1 min read | 07.08.16

Today, the European Union (EU) Member States in their function as the Article 31 Committee approved the final version of the EU-U.S. Privacy Shield, the new framework for transatlantic data transfers. It is set to replace the U.S.-EU Safe Harbor which the European Court of Justice invalidated in October 2015. Today’s vote by the Article 31 Committee, which was an important prerequisite for the formal adoption, paves the way for the European Commission’s adequacy decision, which is expected to take place early next week. The European Commission stated that, “Both consumers and companies can have full confidence in the new arrangement, which reflects the requirements of the European Court of Justice. Today’s vote by the Member States is a strong sign of confidence.” The European Commission also noted that during the adoption process it consulted as broadly as possible, “taking on board the input of key stakeholders, notably the independent [Member State] data protection authorities and the European Parliament.” The Commission likely hopes its final consultations and changes will satisfy potential opponents to the new program.

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Client Alert | 6 min read | 08.11.26

Lending Against Digital Assets: Five Key Takeaways for Lenders After a Year of Regulatory and UCC Change

Over the past 18 months, the federal banking agencies have clarified supervisory expectations for banks’ crypto-asset activities, and several of the largest U.S. banks have announced programs accepting Bitcoin and Ether as loan collateral. Separately, on June 3, 2026, New York’s enactment of the 2022 amendments to the Uniform Commercial Code took effect, changing the rules governing the perfection of a security interest in digital asset collateral in New York, the jurisdiction whose law governs most institutional credit documentation. Together, these developments may create significant opportunities for lenders navigating the complexities to comply with the newly enacted statutes. This alert surveys the current landscape, from regulatory permissibility and perfection through custody, structuring, and compliance, for institutions active in this market or considering entering it....