Memorandum on European Council Adoption of New Rules on Credit Rating Agencies, Bank Capital Requirements, Cross-Border Payments and e-Money, and A Program to Support the Effectiveness of EU Policies

On July 27, 2009, the European Council adopted a number of new laws relating to the regulation of financial services in the European Union. The adoption of these measures represents an important step in the completion of the framework of new and updated EU measures regulating the European financial system, as laid out in the European Commission’s Communication of March 4, 2009 (the “Spring Communication”).